“There is evidence that the level of activity and inflation in Uruguay have shown, in recent years, more stable than observed two decades ago. This paper analyzes whether the management of monetary policy contributed to the achievement of macroeconomic stabilization, quantifying its contribution, using the methodology proposed by Ceccetti et al. (2005) based on the estimation of a frontier of product volatility and inflation (also known as the Taylor curve) based on Optimal Control techniques … ”