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Monetary policy and financial stability: transmission mechanisms and policy implications: an overview
Financial stability understood as a situation when the financial system smoothly performs its function of allocating capital and adverse shocks are unlikely to be amplified has been for long a key concern for policymakers and in particular for monetary authorities. However until 10 years ago most ...
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 ...
Monetary policy functions and transmission mechanisms: an overview
Monetary policy comprises the rules and actions adopted by the central bank to achieve its objectives. In most countries the primary goal of monetary policy is price stability. However, the mandate of many central banks also encompasses other objectives, including attainment of fullemployment, domestic ...
Sterilized foreign exchange interventions under inflation targeting
Inflation targeting needs exchange rate flexibility. If the policy interest rate is geared to achieving the inflation target the central bank must be willing to accept the resulting exchange rate. Simply put if the central bank has both an inflation target and an exchange rate target the private sector ...
Financial stability monetary policy and Central Banking: an overview
The financial developments of the last decade had a large impact on the management of risk providing more diversified portfolios to investors. Based on these complex financial contracts investors were able to shift the investment possibilities frontier outward however that movement generated intricate ...
Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile
Following the influential work of Christiano, Eichenbaum, and Evans (2005) and Smets and Wouters (2003), many central banks are building and estimating dynamic stochastic general equilibrium (DSGE) models with nominal rigidities and are using them for policy analysis. This new generation of sticky ...
Inflation target transparency and the macroeconomy
Over the last twenty years, many central banks have adopted increasing standards of transparency in communicating their monetary policy objectives, in particular regarding the explicit definition and quantification of their price stability objective or inflation target. One important benefit of increased ...
El primer quinquenio: el Banco Central bajo el régimen de padrón oro
El régimen de padrón oro estuvo vigente en Chile entre comienzos de 1926 y julio de 1931. Coincidió entonces con la apertura del Banco Central y se prolongó hasta la crisis económica y política que culminó en julio de 1931 cuando se suspendió la libre convertibilidad del peso y cayó el gobierno de ...
Profundización de las políticas intervencionistas: 1939-1945
Este capítulo cubre un período de la historia del Banco que coincidió con al menos cuatro circunstancias que identificaron marcadamente los contextos político y económico del país. En lo político destacó el inicio de la era que tuvo como eje al partido Radical con dos gobiernos que no terminaron sus ...
Balance de cuarenta años: objetivos funciones autonomía y responsabilidades
En este balance final se hará un resumen de la evolución del Banco desde el punto de vista de algunos aspectos o atributos que son particularmente interesantes para apreciar las fortalezas y debilidades de su trayectoria institucional. No se intenta probar ninguna hipótesis sino básicamente destacar ...