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Tales of two recessions in Chile: financial frictions in 1999 and 2009
During 2007-2009 the world underwent a deep economic crisis that has been termed the Great Recession where total output is estimated to have decreased 0.6%. This event has had two salient characteristics: it was a financial shock that originated in advanced economies and in the end most of the economies ...
Fiscal policy and macroeconomic performance: an overview
After two decades of relative neglect fiscal policy is back at the center of the economics research agenda. The fiscal developments around the global financial crisis of 2007–09 are undoubtedly a major factor behind that comeback. The large fiscal stimulus packages adopted by many countries in the ...
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 ...
Measuring and managing macrofinancial risk and financial stability: a new framework
The vulnerability of a national economy to volatility in the global markets for credit, currencies, commodities, and other assets has become a central concern of policymakers. The responsibility for managing these risks at the national level is often given to the central bank. However, the conventional ...
Exchange rate puzzles and policies
What is the optimal exchange rate policy? Should exchange rates be optimally pegged, managed, or allowed to freely float? What defines a freely floating exchange rate? Do open economies face a trilemma constraint in choosing between inflation...
Distress dependence and financial stability
The proper estimation of distress dependence amongst the banks in a system is key to monitoring the stability of the banking system. Financial supervisors recognize the importance of assessing not only the risk of distress i.e. large losses and possible defaults by a specific bank but also the impact ...
Monetary policy and global spillovers: mechanisms, effects and policy measures
Central Banks in emerging markets have been forced in the last decade to deal with spillovers from the crises in the United States and Europe and from the extraordinary measures respectively taken by the Federal Reserve and the European Central Bank. This volume provides a comprehensive study of the ...
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 ...
The sources of economic growth: an overview
The importance of economic growth cannot be overstated. Income growth is ssential for achieving economic, social, and even political development. Countries that grow strongly and for sustained periods of time are able to reduce their poverty levels significantly, strengthen their democratic and political ...
Fiscal policy debt crises and economic growth
It is very well known that growth rates play a role in debt dynamics. Despite this widespread knowledge real world narratives of public debt crises often focus almost exclusively on budget deficits and neglect the role of growth. This paper presents the simplest arithmetic possible to illustrate how ...