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Denominación de la deuda del gobierno de Chile: una perspectiva de manejo de riesgos
Este trabajo propone un marco de análisis para evaluar la conveniencia de la denominación actual de la deuda del Gobierno Central de Chile, a través del efecto en el riesgo asociado al resultado fiscal. Se propone una metodología tipo VaR (Valor en riesgo) para comparar denominaciones alternativas de ...
Respuestas de política a shocks externos en Australia, Brasil y Chile
Las economías abiertas, especialmente las emergentes y las exportadoras de productos primarios, tienen que hacer frente a grandes shocks externos. Las reacciones de política y el marco de política económica pueden potencialmente amplificar o atenuar las consecuencias de estos shocks. En este trabajo ...
Testing real business cycle models in an emerging economy
One of the most dynamic areas of macroeconomic research in recent decades is that of real business cycle (RBC) models. Since the seminal work by Kydland and Prescott (1982), a number of papers have tested the ability of neoclassical general equilibrium models to account for economic fluctuations. The ...
Imperfect labor mobility, urban unemployment and agricultural trade reform in Chile
A component of agricultural policy in Chile is the use of price bands to stabilize domestic price movements in selected agricultural crops and processed agricultural commodities. In the 1990s, the use of price bands for wheat, fats and oils, and sugar resulted in the equivalent of roughly a 22 percent ...
How well does a monetary dynamic equilibrium model account for chilean data?
Since Kydland and Prescott published their influential work in 1982, the literature on monetary real business cycle models has proved its ability to account for regularities in the data for developed countries. Few works, however, attempt to do so for emerging Latin American economies. The aim of this ...
Response to external and inflation schocks in a small open economy
Monetary policy design has experienced major changes over the last twenty years. These changes had their origin in changes in macroeconomic theory, a better understanding of the importance of achieving and maintaining low inflation, and the abandonment of fixed pegs in favor of floating exchange rate ...
Tax incentives for retirement savings: simulation results in the presence of liquidity constraints and heterogeneous consumers in an OLG-GE model
The overlapping generations general equilibrium (OLG-GE) framework constitutes an important tool for policy evaluation. One of its strengths is that it considers that at any given time the population is composed of workers of different ages and, therefore, whith different time horizons. This has two ...
Ochenta años de historia del Banco Central de Chile
El Banco Central de Chile se creó en 1925, para 'dotar al país de una institución que estabilice la moneda y regule las tasas de intereses y descuentos, para evitar perturbaciones en el desenvolvimiento industrial y financiero de la Nación y fomentar su progreso económico' (Decreto Ley Nº 486, 22 de ...
On the determinants of chilean economic growth
If looked at since the mid-1980s, Chile’s economic performance has been fairly impressive compared not only with the rest of Latin America, but also with most of the countries in the world. From a long-run perspective, however, Chile did not display such an outstanding performance in the 1960s and ...
Diagnóstico y propuestas para la educación chilena
La educación juega un rol preponderante en el crecimiento económico. Las reformas estructurales emprendidas en Chile en este frente aportaron un poco más de un punto porcentual de mayor crecimiento durante los noventa. Si continuamos en la actual senda de desarrollo del capital humano o mejor aun ...