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  From micro to macro hysteresis: long-run effects of monetary policy 

  Alves, Felipe; Violante, Giovanni L. (Banco Central de Chile, 2024)

  The traditional view of macroeconomic dynamics is that aggregate time series can be decomposed into a long-run component (the trend, or the deterministic steady state) and an orthogonal short-run component (the business ...
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  Estimating HANK for central banks 

  Acharya, Sushant; Del Negro, Marco; Gleich, Aidan; Matlin, Ethan; Sarfati, Reca; Chen, William; Dogra, Keshav; Goyal, Shlok; Lee, Donggyu; Sengupta, Sikata (Banco Central de Chile, 2024)

  Central banks are very interested in investigating questions surrounding inequality and its relationship with monetary policy. This is arguably for very good reasons. First of all, inequality has become a central issue in ...
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  The bank lending channel across time and space 

  Corbae, Dean; D’Erasmo, Pablo (Banco Central de Chile, 2024)

  We build a model of banking industry dynamics with imperfect competition to address the following question: How does monetary policy affect lending outcomes across time, given the spatial expansion of the banking industry? ...
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  Measuring the redistributive effects of monetary policy: an application to the chilean economy 

  Luttini, Emiliano; Pastén, Ernesto; Rubbo, Elisa (Banco Central de Chile, 2024)

  Active recent literature shows that monetary policy has heterogeneous effects on workers in different demographic groups.1 In this paper, we build on the framework in Rubbo (2023) to estimate how monetary policy affects ...
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  Haok and hank models 

  Sargent, Thomas J. (Banco Central de Chile, 2024)

  Accounting for and managing heterogeneities in economic agents’ preferences, information sets, and opportunities have always been central to macroeconomic theory. Long before macroeconomics existed as a distinct field, ...

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