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Shocks de oferta persistentes: ¿un dolor de cabeza para los bancos centrales?
pensaba cuando se iniciaron y llevaron la tasa de inflación a niveles muy superiores a la meta establecida por el Banco Central En este contexto, el objetivo de este artículo es analizar y cuantificar las implicaciones de shocks de oferta más persistentes...
The chilean experience in completing markets with financial indexation
For a Chilean capital market participant, it may be hard to imagine a world without the indexation unit, the Unidad de Fomento (UF). Most market participants would probably agree that the UF played a central role in the creation of a local capital market and also that it has had a positive impact on ...
Una revisión del comportamiento y de los determinantes del ahorro en el mundo
Las tasas de ahorro varían ampliamente en el mundo: en promedio, el este de Asia ahorra sobre 30% del ingreso nacional bruto disponible (INBD), mientras que África del sub-Sahara ahorra menos de 15%. Es más, las diferencias regionales han ido aumentando: durante las últimas tres décadas las tasas de ...
Inflation targeting and the inflation process: lessons from an open economy
Inflation targeting in an open economy insolves a number of complexities that do not arise with inflation targeting in a clises economy. One of these is that central banks in open economies have to decide how to repond to changes in the exchange rate.
Emerging market fluctuations: the role of interest rates and productivity shocks
Business cycles in emerging markets are characterized by high levels of volatility in income, investment, and net exports. Consumption is more volatile than income, and net exports are highly countercyclical (see Aguiar and Gopinath, 2007). Furthermore, the interest rates faced by these economies are ...
Global information spillovers
The amount of information produced in an economy varies over time. Stock prices in particular are informative but their degree of informativeness changes over time. Agents do not produce the same amount of information in every macroeconomic state of the world or in anticipation of every state. Although ...
Unemployment dynamics in Chile: 1960-2015
Como proxy del mercado laboral de Chile, analizamos los flujos del mercado laboral de la Región Metropolitana de Santiago a lo largo de los últimos cincuenta años. Siguiendo la literatura, calculamos las tasas con que se encuentra y se pierde un empleo (tasas de riesgo) en los movimientos desde y hacia ...
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 ...
Microeconomic flexibility in Latin America
Latin American economies have begun to leave behind some of the most primitive sources of macroeconomic fluctuations. Policy concern is gradually shifting toward increasing microeconomic flexibility. This is a welcome trend since microeconomic flexibility, which facilitates the ongoing process of ...
Teorías y métodos de medición del producto de tendencia: una aplicación al caso de Chile
Este artículo presenta una revisión de las teorías de determinación del producto de tendencia. Se discuten alternativas metodológicas para derivar el producto de tendencia de la economía Chilena, utilizando información histórica trimestral para el período 1986-2001. Entre los métodos considerados ...