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General equilibrium models for the Chilean economy
General equilibrium theory and modeling have proved to be useful for understanding economic interactions between markets and agents and the determination of prices and quantities. Applied general equilibrium models (GEM) have been developed and used to address a wide range of theoretical questions and ...
Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
The global financial crisis of 2008 and its aftermath brought many new challenges for the world’s central banks. These new challenges have resulted, in turn, in bold experimentation—not just the vigorous application of traditional policy tools, but the use of new ones, or at least ones that were rarely ...
Independence, credibility, and communication of central banking
The three topics covered in the title of this volume have proved to be critical in the remarkable success of modern central banks around the globe in the fight to control inflation and smooth macroeconomic fluctuations. Despite these achievements...
Fiscal policy and macroeconomic performance
The fiscal developments around the global financial crisis of 2007-2009 and its aftermath are undoubtedly a major factor behind that comeback. The large fiscal stimulus packages adopted by many countries in the face of large adverse shocks have triggered an unusually heated debate among academics, ...
Monetary policy and financial stability: transmission mechanisms and policy implications
The global financial crisis that broke out 10 years ago uncovered the buildup of risks during a period of price and output stability. It challenged the previous consensus that preserving price stability was the optimal way to ensure financial stability, and led to a surge of interest in the multiple ...
Global liquidity, spillovers to emerging markets and policy responses
The Book Series on "Central Banking, Analysis, and Economic Policies" of the Central Bank of Chile publishes new research on central banking and economics in general, with special emphasis on issues and fields that are relevant to economic policies in developing economies. The volumes are published ...
Indexation, inflation, and monetary policy
Although indexation policies and practices are common in many markets and economies, their implications for market efficiency and price stabilization remain controversial. This book contributes to the literature on indexation and inflation by including nine articles that are at the research frontier ...
Economic growth: sources, trends and cycles
The importance of economic growth cannot be overstated. Income growth is essential for achieving economic, social, and even political development. In recent years, an enormous amount of talent and effort has been invested in understanding the process of economic growth, making it one of the most dynamic ...
Monetary policy under uncertainty and learning
Huge swings in oil, food, and other commodity prices and the global financial crisis are at the core of current monetary policy discussion. The latter events are vivid reminders of how uncertainty, imperfect knowledge, and the need to learn affect macroeconomic behavior and the conduct of monetary ...
Financial stability, monetary policy, and Central Banking
The financial developments of the last decade have had a large impact on the range of risk diversification contracts available to investors. Based on these complex instruments, the investment possibility frontier was shifted outward and increasingly intricate networks were created. At the same time, ...