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Incorporating financial sector risk into monetary policy models: application to Chile
This article analyzes whether market-based financial stability indicators (FSIs) should be included in monetary policy models and, if so, how. Since the economy and interest rates affect financial sector credit risk, and the financial sector affects the economy, this article builds a model of financial ...
The response of sovereign bonds yields to U.S. monetary policy
To provide further stimulus to the economy in response to a cascade of shocks that roiled financial markets in the latter part of 2008 the U.S. Federal Reserve started to aggressively employ unconventional monetary policy measures after the Federal Open Market Committee (FOMC) lowered the target for ...
Commodity prices fluctuations and monetary policy in small open ecomomies
Increased volatility in the world prices of commodities such as oil and food which are basic imports for many countries has rekindled interest on the question of how monetary policy should best adjust to external commodity price movements. Recent studies have analyzed the issue in the New Keynesian ...
Capital mobility and monetary policy: an overview
The papers that comprise the different chapters of this volume were presented in the XVII Annual Conference on Central Banking that took place at the Central Bank of Chile Santiago during November 14 and 15 2011. While the global economic environment has changed considerably from the end of 2011 to ...
Monetary policy in the grip of a pincer movement
Monetary policy has come under strain since the global financial crisis (GFC) of 2007–09. Once the GFC broke out central banks’ swift and determined response was essential to stabilise markets and to avoid a self-reinforcing downward spiral between the financial system and the real economy. But putting ...
Negative interest rates: lessons from the Euro area
In June 2014 the European Central Bank (ECB) decided to cut the rate on its deposit facility (DFR) by 10 basis points (bp) into negative territory an unprecedented move as no major central bank had used negative rates before. This decision was part of a more comprehensive monetary policy easing package ...
Monetary policy at the zero lower bound: the Chilean experience
The global financial crisis that started in 2008 dramatically changed the analysis and implementation of monetary policy worldwide. Central banks were at the center of the stage during that time implementing both conventional and unconventional policies. Not only were monetary policy rates drastically ...
Monetary policy responses to external spillovers in emerging market economies
Despite the remarkable progress made in many emerging and middle-income economies over the last few decades the continuing liberalization in financial markets and the integration into the global financial system these countries remain highly vulnerable to real and financial shocks coming from the U.S. ...
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 ...
Risk premium shifts and monetary policy: a coordination approach
Our understanding of crisis propagation and the telling of the crisis narrative have been heavily influenced by the events surrounding the 2008 crisis which has focused on the leverage of banks and other financial intermediaries. Since then the focus has shifted from banks to financial market liquidity ...