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Política monetaria en tiempos complejos
Durante los últimos años la economía chilena ha sufrido shocks importantes que han implicado un gran desafío para la conducción de la política monetaria. El fin del súper ciclo de las materias primas y condiciones financieras internacionales más estrechas junto con una caída importante en los niveles ...
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 ...
An anatomy of credit booms and their demise
Episodes in which credit to the private sector rises significantly above its long-run trend (that is 'credit booms') are often associated with periods of economic turbulence. Until recently however efforts at developing methodologies for identifying credit booms and characterizing the economic ...
Descalce cambiario del sector corporativo no financiero chileno y su efecto en resultados
Esta nota presenta una metodología para estimar los efectos del descalce cambiario en los resultados del sector corporativo no financiero chileno. El procedimiento utiliza una caracterización por tipo de moneda de los activos del balance individual de las firmas en base a información de apéndices ...
Why do countries have fiscal rules?
Professor Vittorio Corbo in whose honor this conference is organized has an outstanding academic and professional career that spans teaching research policy making and advice provided to the private sector international institutions and governments. In the latter capacity of government advisor he ...
Un análisis de la capacidad predictiva del precio del cobre sobre la inflación global
Esta nota utiliza una familia manejable de modelos de series de tiempo para comparar la capacidad predictiva entre un componente principal ad hoc de inflación global y el precio del cobre, al predecir la tasa de inflación interna de una muestra de 53 países que cubre períodos mensuales entre 1995 y ...
Acceso a la educación superior ¿tiene un efecto disuasivo sobre el crimen juvenil? Evidencia para Chile
Este trabajo explora si el acceso a la educación superior en Chile tiene un efecto disuasivo sobre el crimen juvenil. Para esto, se analiza los efectos de una reforma implementada en el 2006 que ha mejorado considerablemente las oportunidades de acceso a instituciones de educación superior: el Crédito ...
Recessions and financial disruptions in emerging markets: a bird's eye view
The global financial crisis of 2008–09 led to massive interruptions in cross-border financial and trade flows. As a result of the crisis virtually all of the advanced economies and many emerging market countries experienced recessions over the past two years. These recessions coincided with various ...
Capital inflows and books in asset prices: evidence from a panel of countries
Policymakers and academics often believe that large capital inflows are associated with booms in asset prices and therefore with a higher risk of financial crisis. The belief is supported by the theoretical works of Krugman (1998) Caballero and Krishnamurthy (2006) Aoki Benigno and Kiyotaki (2009) ...
Leverage restrictions in a business cycle model
We seek to develop a business cycle model with a financial sector which can be used to study the consequences of policies to restrict the leverage of financial institutions (banks). Because we wish the model to be consistent with basic features of business cycle data we introduce our banking system ...