Mendoza, Waldo2021-05-042021-05-042019http://repositorio.pucp.edu.pe/index/handle/123456789/176218Documento de trabajo; 477A popular model in the teaching of macroeconomics of open economies at the undergraduate level is the Mundell-Fleming (MF). This model assumes that there is free capital mobility and takes into account two extreme exchange rate regimes: fixed and freely floating. But there is a third regime, currently of relevance to many central banks, which is not addressed in the MF: one in which the central bank sets the short-term interest rate and maintains a dirty-float exchange-rate regime. In this paper, an MF with these characteristics is presented. It is a simple, practical and userfriendly model that can be used to address contemporary issues, making it suitable for central banks or the teaching of macroeconomics at undergraduate level as a complement ―or even a substitute― for the traditional MF.enginfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-nd/2.5/pe/Mundell-FlemingDirty floatImperfectCapital mobilityinfo:eu-repo/semantics/workingPaperhttp://purl.org/pe-repo/ocde/ford#5.02.00http://doi.org/10.18800/2079-8474.0477