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Monetary policy in Chile: institutions objectives and instruments
Inflation seemed to be an endemic disease of the Chilean economy for most of the 20th century with its presence being felt even before the creation of the Central Bank in 1925. However things seemed to change drastically in the mid 1990s when the country began to experience a sustained process of ...
Inflation targets in a global context
Inflation targeting has become a global framework. There is an inflation-targeting country on every continent, and many other countries have introduced particular characteristics of inflation targeting into their monetary framework. Inflation targets have thus far proved to be durable: no country has ...
Does inflation targeting make a difference?
Inflation targeting is the new kid on the block of monetary regimes. Since New Zealand and Chile first adopted the regime in 1990, a growing number of industrial and developing countries have followed suit, anchoring their monetary policy to explicit targets for inflation.
Inflation globally
The fortunes of the Phillips curve have ebbed and flowed ever
since it was proposed by Phillips (1958). Although its origins are
primarily as an empirical regularity, there is now a vast literature
that provides more formal justification. In recent times, the Great
Moderation and the modern era ...
Inflation targeting in the context of IMF-Supported adjustment programs
For the last few years, the staff of the Iternational Monetary Fund (IMF) has been engaged in assessing the functioning and effectiveness of inflation targeting in IMF member countries that have adopted this scheme as their monetary policy anchor. This involvement was restricted to the IMF's surveillance ...
Política monetaria en tiempos complejos
Durante los últimos años la economía chilena ha sufrido shocks importantes que han implicado un gran desafío para la conducción de la política monetaria. El fin del súper ciclo de las materias primas y condiciones financieras internacionales más estrechas junto con una caída importante en los niveles ...
Optimal monetary policy in a small, open economy: a general-equilibrium analysis
The two central issues in monetary policy are separated by time horizon. The first relates to the short run: what is the appropriate monetary policy across the business cycle? The second relates to the long run: waht is the optimal long-run rate of inflation? This paper explores these classic issues ...
The nonpuzzling behavior of median inflation
For decades, textbooks have explained inflation behavior with
Friedman (1968)’s Phillips curve: the inflation rate depends on
expected inflation and the deviation of unemployment from its natural
rate. Yet this theory has always been controversial, and skepticism
has been rampant in the decade ...
Lessons from inflation targeting in New Zealand
The number of central banks that have adopted formal inflation targeting regimes expanded over the past decade from only one to eight. The number increases even further when central banks that set policy consistent with a formal inflation target are included. Commesurate with the formal or informal ...
Régimen de metas de inflación y credibilidad de la política monetaria en Chile
En este artículo presentamos nueva evidencia de cambios recientes en la dinámica inflacionaria en Chile. Mostramos que las rigideces de precios han aumentado, mientras el grado de indexación a la inflación pasada ha decrecido a lo largo del tiempo. También mostramos que el traspaso del tipo de cambio ...