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An econometric analysis on survey-data-based anchoring of inflation expectations in Chile
is understood as another central bank instrument, in the sense that it helps to promote price stability through the ability of policy makers to influence inflation expectations. Thus, expectations anchoring comes out as a result of policy actions. I provide...
Revisiting the price puzzle in Chile
Economic theory argues that a contractionary monetary policy has a negative impact on inflation. Despite this, evidence from the empirical literature frequently finds that the estimated impulse-response function of a vector autoregressive (VAR...
Risk premium shifts and monetary policy: a coordination approach
Our understanding of crisis propagation and the telling of the crisis narrative have been heavily influenced by the events surrounding the 2008 crisis which has focused on the leverage of banks and other financial intermediaries. Since then the focus has shifted from banks to financial market liquidity ...
Monetary policy and global spillovers: mechanisms, effects and policy measures
Central Banks in emerging markets have been forced in the last decade to deal with spillovers from the crises in the United States and Europe and from the extraordinary measures respectively taken by the Federal Reserve and the European Central Bank. This volume provides a comprehensive study of the ...
Economic policies in emerging-market economies: festschrift in honor of Vittorio Corbo
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 ...
The great recession and the great depression: reflections and lessons
My Economics Department colleagues are fond of telling me that as an economic historian I have the advantage that I don’t have to update my lectures in response to events. My history lectures don’t become outdated as quickly as their lectures on say the Great Moderation. The fallacy of this view is ...
Floats pegs and the transmission of fiscal policy
One of the most popular pieces of wisdom in economic policy is the idea that fiscal policy is more effective in a fixed exchange rate regime or a currency union than in a flexible exchange rate regime. In this paper we revisit the theoretical foundations of the conventional wisdom on the relative ...