Managua, Nov 13 (EFE) .- The Guatemalans Carlos Castillo Maldonado and Edson Ortiz Cardona were awarded today with the "Economy, Finance and Development Award 2017", which is granted by the Central Bank of Nicaragua (BCN).

Maldonado and Cardona, who are officials of the Central Bank of Guatemala (BCG), won the first place in this contest for their research entitled "Evaluation of the Combination of Forecasts for Nicaraguan Inflation", explained during the award the head of the BCN, Ovidio Reyes.

The research developed the algorithm "Nica", which allows us to more accurately diagnose data on inflation in the Central American country, Reyes said.

The work presented by the Guatemalans complied with the requirements in "the presentation, originality, quality of the argument, theoretical and methodological rigor", according to the jury.

The second place was handed over to the Nicaraguan Ovielt Antonio Baltodano López, official of the Inter-American Development Bank (IDB), for his work "Alternative closures for open economy models in a consistent framework of balances and flows. "

The Nicaraguan analyzed whether the adjustment of products in the Central American region is determined by supply or demand, according to the information.

The third place was awarded to Nicaraguan José Teodoro Noguera García for his research "Seeking the engines of growth: a model with a demand-driven growth approach for Nicaragua. "

The purpose of this work was to demonstrate that the Nicaraguan economy responds positively to demand, said the head of the State's issuing bank.

The three best were chosen from among nine proposals that were participating in the contest.

The winner of the first place received 100,000 córdobas (about $ 3,270), the second 75,000 córdobas (about $ 2,450), and the third 50,000 córdobas (about $ 1,635).

The "Economy, Finance and Development Award 2017" aimed to promote research on issues that contribute to the development and implementation of economic policies in the country.