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The liquidity approach to bubbles, crises, jobless recoveries, and involuntary unemployment
El trabajo muestra que las consideraciones de liquidez entregan un fundamento sencillo para la creación y destrucción de burbujas y los trastornos relacionados en el mercado de crédito, en particular la pérdida de valor de las garantías. Se presenta un marco en el que las perturbaciones del crédito ...
Movilidad de capitales y política monetaria: consideraciones generales
Este artículo es una mirada a la conferencia XV del Banco Central de Chile 'Movilidad de Capitales y Política Monetaria'. En su conjunto, los estudios presentados en ella tratan diversos aspectos de las causas, consecuencias y desafíos de política, relacionados con los ciclos de auge y caída que han ...
Endogenous exchange-rate pass-through and self-validating exchange rate regimes
Un dilema de larga data en las economías abiertas se refiere a la moneda en que se denominan los precios nominales y los contratos. Este trabajo analiza la interacción entre los precios de exportación de las empresas y la política monetaria, y sus posibles implicancias macroeconómicas en la sincronización ...
Laudatio of Vittorio Corbo
Vittorio Corbo is one of Latin America’s outstanding economists and like some of his peers in the region his contributions and his influence includes academia but goes well beyond academia. While academic economists in developed countries tend to focus more narrowly on research and teaching the diversity ...
Global imbalances and external adjustment after the crisis
Over five years have passed since the most intense phase of the global financial crisis. As has been widely documented the pre-crisis period was characterized by increased dispersion in current account deficits and surpluses facilitated by a benign global financial environment characterized by low ...
Desafíos del manejo de la liquidez y de los activos internacionales en latinoamérica
Analizamos la creciente importancia de los fondos soberanos y la difusión de las metas de inflación y reglas de Taylor aumentadas y su impacto sobre el ajuste de los países latinoamericanos a los desafíos planteados por shocks financieros y de términos de intercambio post crisis. Confirmamos que la ...
Exchange rate structural fiscal balance and copper price: a puzzle
Chile’s exchange rate shows a strong volatility to copper price fluctuations. This correlation is essentially because copper is our main export product therefore increases in the price of copper imply higher returns from copper export volumes both for private and the stateowned mining company Codelco. ...
Asset bubbles and sudden stops in a small open economy
One of the most striking features of the world economy over the last twenty-five years has been the sharp decline in the real interest rate from approximately 4% in the early 1990s to -1.5% in 2013 (figure 1). During this period there have been two waves of large capital inflows into emerging economies ...
A caricature (model) of the world economy
This paper provides an extremely stylized model of the workings of a global economy where one of its key driving factors is economic agents’ continuous struggle to find assets to park financial resources. This struggle naturally comes with euphoria and disappointments as many of the 'parking lots' are ...
Financial reforms and capital flows: insights from general equilibrium
How are capital flows affected by financial reforms that relax credit constraints and raise the ability of domestic firms to borrow? At first glimpse one might be tempted to dismiss the question as trivial. If some domestic firms are credit constrained (which we assume to be the case!) relaxing their ...