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The wealth distribution in developed and developing economies: comparing the United States to Chile using survey data from 2007
Este estudio examina las distribuciones de ingreso, activos, endeudamiento y riqueza en Chile, utilizando datos de la Encuesta Financiera de los Hogares de 2007. Se detalla la desigualdad a nivel agregado y también por una variedad de subgrupos, tales como edad, género, tipo de hogar, tipo de empleo ...
The macroeconomic conseguences of wage indexation revisited
Since the mid-1970s, the macroeconomic consequences of wage indexation has been the subject of considerable research. Starting with an enthusiastic proposal for indexation by Friedman (1974) and two influential papers by Gray (1976) and Fischer (1977), the academic literature has examined the effects ...
La demanda de dinero por motivo transacción en Chile
Este artículo analiza la demanda de dinero por motivo transacción en Chile entre los años 1986 y 2000. Utilizando el método de cointegración propuesto por Johansen (1995), se encuentra que, pese a que los datos macroeconómicos en Chile muestran una fuerte estacionariedad en tendencia, es posible ...
Monetary policy in Chile: institutions objectives and instruments
Inflation seemed to be an endemic disease of the Chilean economy for most of the 20th century with its presence being felt even before the creation of the Central Bank in 1925. However things seemed to change drastically in the mid 1990s when the country began to experience a sustained process of ...
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 ...
Ciclo económico, riesgo y costo del crédito en Chile desde una perspectiva de modelos VAR estructurales
Este trabajo estudia la interacción entre el ciclo económico y el mercado de crédito en Chile. Los resultados se obtienen con la identificación de shocks mediante un modelo VAR estructural que reproduce el mecanismo de transmisión estándar empírico de la política monetaria que se ha encontrado en otros ...
Under what conditions can inflation targeting be adopted? The experience of emerging markets
Inflation targeting has become an increasingly popular monetary policy strategy, with 21 countries (8 industrial and 13 emerging market economies) targeting inflation and others considering following in their footsteps. Numerous studies of inflation targeting in industrial countries have been conducted, ...
Large hoardings of international reserves: are they worth it?
Several Asian economies have accumulated large stocks of international reserves over the last few years. This motivates the question we address in this paper from an empirical point of view. Are these large increases in reserves an efficient crisis-prevention strategy? Or are they second-best to other ...
Respuesta del rendimiento de los bonos soberanos a la política monetaria de Estados Unidos
Este trabajo compara los efectos de la política monetaria convencional de EE.UU. sobre el rendimiento de los bonos de gobiernos extranjeros con los de las medidas no convencionales adoptadas luego de que la tasa de los fondos federales alcanzara su límite inferior efectivo. Para dicho período, ...