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Mostrando ítems 11-20 de 141
Forecasting Chilean inflation with the hybrid new keynesian phillips curve: globalisation, combination, and accuracy
Este artículo analiza el poder predictivo multihorizonte de la Curva de Phillips Híbrida Neokeynesiana (HNKPC) en la economía Chilena, para el período comprendido entre enero del 2000 y diciembre del 2014. Un elemento distintivo de este artículo es el uso de una especificación de Vector Autoregresivo ...
Measuring the effects of unconventional monetary policy on asset prices
On 16 December 2008 the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) lowered the federal funds rate—its traditional monetary policy instrument—to essentially zero in response to the most severe U.S. financial crisis since the Great Depression. Because U.S. currency carries an interest ...
Foreign exchange intervention redux
Arguably no issue in International Macroeconomics exhibits more dissonance between academic research and policy practice than foreign-exchange intervention. The dominant view from academia is that sterilized foreign-exchange (FX) intervention has a tiny if any impact on real variables which makes it ...
Recessions and financial disruptions in emerging markets: a bird's eye view
The global financial crisis of 2008–09 led to massive interruptions in cross-border financial and trade flows. As a result of the crisis virtually all of the advanced economies and many emerging market countries experienced recessions over the past two years. These recessions coincided with various ...
Private information in the mortgage market: evidence and a theory of crises
The securitization boom in the United States mortgage market from 2000 to 2005 was enormous (figure 1). According to the Securities Industry and Financial Markets Association (SIFMA) new issuance of securities backed by mortgages that were not insured by the U.S. government rose by a factor of twelve ...
A system for forecasting Chilean cash demand – the role of forecast combinations
Las autoridades monetarias tienen que planificar cuántas unidades de monedas y billetes necesitan comprar o producir para satisfacer las necesidades de la economía. Este documento presenta un sistema que contiene modelos de series de tiempo, así como algunos con variables fundamentales para proyectar ...
Dinámica de tasas de interés de mercado en tiempos de turbulencia financiera
La importante baja de la tasa de política monetaria (TPM) durante el año 2009 ha compensado el alza de las tasas de colocación causada por la mayor incertidumbre nacional e internacional. Este artículo concluye lo anterior al examinar la evolución de las tasas de interés de colocación de consumo y ...
The global financial crisis
Financial crises have been pervasive for many years. Bordo and others (2001) find that in recent decades their frequency has doubled that of the Bretton Woods period (1945–71) and the gold standard era (1880–1993) becoming comparable only to the period during the Great Depression. Nevertheless the ...
Short-term interest rates and bank lending terms: evidence from a survey of U.S. loans
The long period of low interest rates that followed the global financial crisis has rekindled interest in how short-term interest rates affect bank behavior. In particular it has led to a debate on how low policy rates influence bank risk-taking. This risk-taking channel of monetary policy corresponds ...
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.