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La brecha de producto en Chile: medición y evaluación
El presente trabajo estima la brecha del producto y del crecimiento del producto potencial para Chile durante 1986-2007 con tres diferentes metodologías: (i) función de producción, (ii) aproximación por el filtro de Kalman (univariado y multivariado) y (iii) VAR estructural. Las estimaciones de brecha ...
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 ...
Política monetaria y mecanismos de transmisión: nuevos elementos para una vieja discusión
El presente trabajo comienza revisando la literatura existente sobre transmisión monetaria, con especial atención en la evidencia disponible para Chile. Luego aborda dos temas que no han recibido la debida atención en estudios previos, como son i) la evolución del impacto de la política monetaria sobre ...
Inflation targeting and the inflation process: lessons from an open economy
Inflation targeting in an open economy insolves a number of complexities that do not arise with inflation targeting in a clises economy. One of these is that central banks in open economies have to decide how to repond to changes in the exchange rate.
Policy biases when the monetary and fiscal authorities have different objectives
Until recently, the debate on the relationship between monetary and fiscal authorities centered on the inflationary consequences of mentary financing of the fiscal deficit. The moderately high inflation of the 1970s in some industrialized countries and, particularly, the recurring episodes of very ...
Inflation targets in a global context
Inflation targeting has become a global framework. There is an inflation-targeting country on every continent, and many other countries have introduced particular characteristics of inflation targeting into their monetary framework. Inflation targets have thus far proved to be durable: no country has ...
Does inflation targeting make a difference?
Inflation targeting is the new kid on the block of monetary regimes. Since New Zealand and Chile first adopted the regime in 1990, a growing number of industrial and developing countries have followed suit, anchoring their monetary policy to explicit targets for inflation.
Inflation targeting in the context of IMF-Supported adjustment programs
For the last few years, the staff of the Iternational Monetary Fund (IMF) has been engaged in assessing the functioning and effectiveness of inflation targeting in IMF member countries that have adopted this scheme as their monetary policy anchor. This involvement was restricted to the IMF's surveillance ...
Optimal monetary policy in a small, open economy: a general-equilibrium analysis
The two central issues in monetary policy are separated by time horizon. The first relates to the short run: what is the appropriate monetary policy across the business cycle? The second relates to the long run: waht is the optimal long-run rate of inflation? This paper explores these classic issues ...
Lessons from inflation targeting in New Zealand
The number of central banks that have adopted formal inflation targeting regimes expanded over the past decade from only one to eight. The number increases even further when central banks that set policy consistent with a formal inflation target are included. Commesurate with the formal or informal ...