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Macroprudential policy: promise and challenges
The developments that led to the 2008 global financial crisis raised a new awareness amongst central banks and financial regulators in advanced economies about the need to approach financial regulation and surveillance from a macroeconomic (i.e. systemic) and prudential (i.e. pre-emptive) perspective. ...
Interest rate policies banking and the macroeconomy
The debate over the effectiveness of monetary policy often centers around the benefits of low interest rates as a stimulus for the real economy. The idea is that low interest rates encourage spending either in the form of consumption or investment and this promotes employment and production. The ...
Monetary policy in Chile: a black box?
During the 1990s the Chilean economy gradually cut its inflation rate from figures in the thirties to 4.7 percent in 1998. Central bank authorities have declared that the main objective of monetary policy is to reduce inflation to levels comparableto those in industrial countries. The desgnated ...
Banking market structure and monetary policy
This volume contains several macroeconomic and microeconomic works on the subjects of monetary policy transmission and the regulation of the banking industry. The reason to consider both issues in the same volume lies in the fact that some channels whereby monetary policy reaches the real sector hinge ...
Commodity prices and macroeconomic policy
The Book Series on “Central Banking, Analysis, and Economic Policies” of the Central Bank of Chile publishes new research on central banking and economics in general, with special emphasis on issues and fields that are relevant to economic policies in developing economies. The volumes are published ...