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  The role of progressivity on the economic impact of fiscal transfers: a HANK for Chile 

  García, Benjamín; Giarda, Mario; Lizama, Carlos (Banco Central de Chile, 2024)

  During the Covid-19 pandemic, the Chilean government provided unprecedented economic assistance to households. Direct fiscal transfers through stimulus checks amounted to nine percent of the country’s GDP. Aditionally, ...
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  On the optimal use of fiscal stimulus payments at the zero lower bound 

  McKay, Alisdair; Wolf, Christian K. (Banco Central de Chile, 2024)

  For much of the decade following the Great Recession, central banks across the world remained constrained by a binding zero (or effective) lower bound (ZLB) on nominal interest rates. Much academic and policy interest ...
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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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