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Inflation targeting under political pressure
Historically, many emerging economies, particularly in Latin America, battled against persistently high and volatile inflation. Today, emerging economies continue to experience higher inflation than developed ones, and their central banks deviate more frequently from inflation targets. These patterns ...
The passthrough of large-cost shocks in an inflationary economy
This paper surveys and modestly extends the theory of menu-cost
models of the behavior of the aggregate price level after large-cost
shocks. It does so in the context of an economy with a high underlying
rate of inflation. It concentrates on the effect of large permanent and
unexpected increases ...
Cross-border corporate control: openness and tax havens
Cross-border corporate control is a major facet of globalisation. In roughly one out of four listed controlled companies in 2012, control was exercised by a foreign entity or family/individual. Controlling—and passive—ownership stakes are often hidden in complex structures, involving pyramids and ...
Integrated annual report 2022
This was a complex year for the Central Bank. Inflation vastly exceeded our 3% target, which forced our institution to make drastic monetary policy decisions, as part of a cycle of rate increases that began the previous year.
Between January and October, the monetary policy rate (MPR) rose from 4.0% ...
Central banking with many voices: the communications arms race
The job of central bankers is to use the monetary powers granted to them to promote price stability, sustainable growth, and a stable financial system. They do this in an environment fraught with unavoidable uncertainties. But, in conducting policy, there is one uncertainty that policymakers can and ...
Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile
Chile offers an example of a country that has overcome the fear of floating by reducing balance-sheet mismatches; enhancing financial-market development; and improving monetary, fiscal, and political institutions; while strengthening policy credibility. Under the floating regime, Chile’s economic ...
Memoria Anual Integrada 2022
El año 2022 fue complejo para el Banco Central porque su meta de inflación de 3% se vio absolutamente sobrepasada, lo que obligó a nuestra institución a tomar drásticas decisiones de política monetaria, como parte de un ciclo de alzas que ya había comenzado el año anterior.
Entre enero y octubre, la ...
Integrated Annual Report 2021
The Central Bank faced multiple challenges in 2021, especially due to the consequences of the worst period of the pandemic, which continued to affect the normal functioning of the economy. The persistence of the health crisis substantially changed the ways in which people, institutions, and the financial ...
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, some old challenges have come back in recent years and ...
Memoria Anual Integrada 2021
El año 2021 abrió con múltiples desafíos para el Banco Central, especialmente por las consecuencias del periodo más duro de la pandemia, que continuó alterando el funcionamiento normal de la economía. La crisis sanitaria y su persistencia modificaron sustancialmente las formas de relacionamiento entre ...