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Current account deficits: the Australian debate
Large and persistent current account deficits are frequently raised as a cause for concern for a number of reasons. Perhaps the key concern is that countries in this situation could be on a path to insolvency, building up excessive net foreign debt, raising the prospects of default or a sharp reversal ...
Monetary policy and key unobservables: evidence from large industrial and selected inflation-targeting countries
In recent years, the design of monetary policy has focused on gaps—the output gap, the interest rate gap, and the unemployment rate gap have all played a role in policy discussions. Standard models used for policy analysis are either specified in terms of such gaps or imply important roles for these ...
Imperfect labor mobility, urban unemployment and agricultural trade reform in Chile
A component of agricultural policy in Chile is the use of price bands to stabilize domestic price movements in selected agricultural crops and processed agricultural commodities. In the 1990s, the use of price bands for wheat, fats and oils, and sugar resulted in the equivalent of roughly a 22 percent ...
What drives the current account in commodity exporting countries?: the cases of Chile and New Zealand
As capital markets have become increasingly integrated, savings and investment within countries have tended to become less correlated, in what is known as the Feldstein-Horioka (1980) correlation, with the corollary that savings-investment gaps (that is, current accounts) have tended to become more ...
Testing real business cycle models in an emerging economy
One of the most dynamic areas of macroeconomic research in recent decades is that of real business cycle (RBC) models. Since the seminal work by Kydland and Prescott (1982), a number of papers have tested the ability of neoclassical general equilibrium models to account for economic fluctuations. The ...
New keynesian models for Chile in the inflation-targeting period
Dynamic stochastic general equilibrium (DSGE) models with nominal rigidities have become a popular tool for monetary policy analysis in recent years. The basic sticky price model has been enriched to include additional sources of nominal and real rigidities. These additional elements have been introduced ...
Experiences with current account deficits in Southeast Asia
In the 1990s, Southeast Asia experienced very rapid growth associated with large and persistent current account deficits. The episode lasted from 1990 to around 1996, ending with the outbreak of the Asian crisis in 1997–98. Current account deficits peaked at around 10 percent of gross domestic product ...
New frontiers for menetary policy in Chile
Inflation targeting can be broadly defined as a framework for the conduct of MONETARY POLICY in which the central bank guides its instruments in order to hold inflation near a preannounced target or to bring back to the target. Although understanding the framework is straightfoward, its practical ...