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Assessing the flexibility of the labor market in Chile: An international perspective
The unemployment rate in Chile averaged slightly over 6.5 percent throughout a ten-year period of high economic growth that ended in 1997. Unemployment then rose significantly at the outset of the Asian crisis, reaching levels near 11 percent. This broadly coincided with the implementation of a set ...
Evaluación de la flexibilidad del mercado laboral chileno desde una perspectiva internacional
En este artículo clasificamos a Chile en términos de la flexibilidad de su mercado laboral entre economías con distintos grados de desarrollo, incluyendo países emergentes y pertenecientes a la Organización para la Cooperación y el Desarrollo Económico. Para ello usamos un indicador deflexibilidad ...
Monetary policy in Latin America in the 1990s
For decades until the early 1990s, Latin America was the region of the world with the highest average level of inflation. High inflation was the cumulative result of a long history of activist economic policies based on a disregard for macroeconomic stability. These policies culminated in large ...
Why are capital flows so much more volatile in emerging than in developed countries?
One of the most studied subjects in open macroeconomics is what determines capital flows. In general, most papers are concerned with estimating the following regression. where the left-hand side is some measurement of capital flows, either as a percentage of gross domestic product (GDP) or as changes, ...
Sovereign debt, volatility, and insurance
International capital inflows should, in theory, enable emerging market economies to reduce the volatility of private and public consumption in the presence of income volatility, in addition to allowing foreign savings to finance domestic capital accumulation. Access to international financial markets ...
'25 Años de Autonomía del Banco Central de Chile'
Cuando a mediados de los noventa tomé mis primeros cursos de monetaria la autonomía del Banco Central ya era parte fundamental del paisaje económico de Chile. Para ese entonces como había señalado Roberto Zahler algunos años antes al asumir la presidencia del Banco Central ya se observaba 'entre los ...
Sesgo de sustitución en el índice de precios al consumidor
Este trabajo presenta una revisión de los distintos sesgos de medición de la inflación con énfasis en el llamado sesgo de sustitución. Este sesgo se presenta porque los índices que habitualmente se utilizan (incluyendo el de Laspeyres empleado en la medición del IPC) suponen la inexistencia de sustitución ...
Monetary policy under flexible exchange rates: an introduction to inflation targeting
Both policymakers and economists increasingly accept that the main medium- to long-run goal of monetary policy is the pursuit of price stability, defined as maintaining a low and stable rate of inflation. A high and variable inflation rate is socially and economically costly.
El mapa de la descentralización fiscal en Chile
A partir de una propuesta de Boex y Simatupang (2008) esta investigación estima un indicador de 'empoderamiento fiscal' municipal para Chile (EF) que combina un índice de autonomía fiscal con una medición del grado de control de los residentes sobre el gasto municipal (voice). La principal conclusión ...
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 ...