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Complementariedad entre un impuesto de tasa plana y subsidios monetarios para mejorar la distribución del ingreso en Chile
Este estudio analiza políticas redistributivas de Chile asociadas al establecimiento de un impuesto a la renta del tipo flat tax, y la ampliación del 'ingreso ético familiar', utilizando un modelo de equilibrio general computable dinámico combinado con microsimulaciones. Los resultados muestran que, ...
Quantitative easing and financial stability
Since the global financial crisis of 2008–09 many of the leading central banks have dramatically increased the size of their balance sheets and have shifted the composition of the assets that they hold toward larger shares of longer-term securities (as well as toward assets that are riskier in other ...
Capital flows macroprudential policies and capital controls
Understanding the determinants and patterns of international capital flows is of crucial importance for the design of policies that enhance macroeconomic stability. Traditionally capital flows have been very volatile in developing economies with large inflows in times of economic booms and large sudden ...
Inflation targeting versus price-path targeting: looking for improvements
The world’s central banks have undergone dramatic changes in the past fifteen years. Increases in independence and transparency have been coupled with a shift in focus. Price stability is now the paramount objective for the vast majority of modern central bankers. Combined, these changes in central ...
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 ...
Tightening tensions: fiscal policy and civil unrest in South America 1937–95
On 1 May 2010 the Greek Prime Minister George Papandreau announced a set of drastic austerity measures. May Day itself saw clashes between police and demonstrators. On 5 May a general strike paralyzed the country armed demonstrators fought street battles with police. A bank burned down and numerous ...
Spillovers to emerging markets during global financial crisis
At the heart of the debate on how the 2007–09 global financial crisis spread from the United States to the rest of the world lies the global banks. Using a large sample composed of advanced and emerging economies since the 1980s Abiad and others (2013) show that the effect of financial linkages on ...
Valuation effects and external adjustment: a review
Ever since David Hume introduced his price-specie flow mechanism in 1752, the question of external adjustment has been a classic issue for international macroeconomists. In 1968 Robert Mundell asked “To what extent should surplus countries expand, to what extent should deficit countries contract?” ...
The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets
The global environment for emerging market economy (EME) bond markets has changed dramatically over the past few decades. Local currency bond markets (LCBMs) have developed especially in EMEs with low inflation stronger institutions and well defined creditor rights (see Burger and Warnock 2003 2006 ...
Procyclicality of fiscal policy in emerging countries: the cycle is the trend
Economic research on fiscal policy has shown that while developed economies tend to run countercyclical fiscal policies Latin American countries have been characterized by procyclical policies. One of the explanations given to this phenomenon is that high external debt causes severe constraints on the ...