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    Fiscal inflation and cosmetic defaults in a small open economy 

    Bianchi, Francesco (Banco Central de Chile, 2021-10)
    For a small open economy, maintaining a stable exchange rate and moderate levels of inflation is often a goal of primary importance. At the same time, the profession has recognized the tight link between fiscal and monetary ...
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    Central banking with many voices: the communications arms race 

    Vissing-Jorgensen, Annette (Banco Central de Chile, 2021-10)
    Around the world, most central banks set policy by committee. This is motivated in part by the idea that groups reach better decisions than individuals and in part by a desire for representation of different geographical ...
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    The three E’s of central-bank communication with the public 

    Haldane, Andrew; Macaulay, Alistair; McMahon, Michael (Banco Central de Chile, 2021-10)
    Central banks used to ask, “Shall we communicate this?” Now, as a rule, they ask, “Why wouldn’t we communicate this?” This first wave of the revolution in central-bank communication is giving rise to a second wave. The ...
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    Central banking with many voices: the communications arms race 

    Cecchetti, Stephen G.; Schoenholtz, Kermit L. (Banco Central de Chile, 2021-10)
    The job of central bankers is to use the monetary powers granted to them to promote price stability, sustainable growth, and a stable financial system. They do this in an environment fraught with unavoidable uncertainties. ...
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    Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile 

    Albagli, Elías; Calani Cadena, Miguel Mauricio; Hadzi-Vaskov, Metodij; Marcel Cullel, Mario; Ricci, Luca Antonio (Banco Central de Chile, 2021-10)
    Chile offers an example of a country that has overcome the fear of floating by reducing balance-sheet mismatches; enhancing financial-market development; and improving monetary, fiscal, and political institutions; while ...

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