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Mostrando ítems 71-80 de 1898
Saving distortions undervalued exchange rates and protectionism
Policies that distort domestic saving decisions have general equilibrium effects on trade flows and the real exchange rate. In particular increasing domestic savings keeps the real exchange rate undervalued depressing imports and increasing exports. However there are important differences between ...
Presentación realizada en la Conferencia sobre los 25 años de autonomía del Banco Central de Chile
Pienso que no deberíamos estar conmemorando solo la independencia del Banco Central: deberíamos estar celebrando su éxito. Permítanme un vistazo rápido al pasado para ilustrar lo que digo. Cuando aún era un joven estudiante de economía a mediados del siglo veinte participé en demostraciones callejeras ...
Optimal monetary policy rules under inflation range targeting
Central banks resort to a variety of alternative arrangements in formulating, conducting, and communicating monetary policy. One increasingly popular type of arrangement is based on a target range for inflation. In this setup the conduct of monetary policy is oriented to keeping inflation withing ...
Do development considerations matter for exchange rate policy?
Chile was one of the world’s fastest-growing economies in the 1990s. Its growth rate of 6.8 percent per year from 1990 to 2000 (inclusive) was the seventh highest in the world, and by far the highest in Latin America. Poverty was halved, and while this was overwhelmingly due to growth rather than a ...
A prize worth having: the IMF and price stability
It is always a pleasure to be in Santiago and I am especially pleased to be able to join you at this annual conference which in its nine years has established a high reputation for the quality of the papers and the discussion. This year’s conference is focusing on the subject of inflation targeting. ...
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 ...
Public trust and central banking
Central bank independence is one of the most remarkable pieces of institutional architecture fostered by economic thinking in the last half century. Theoretical studies in the 1980s stressed central bank independence as a precondition to bringing inflation under lasting control, and support for reform ...
Equity market spillovers in the Americas
Many aspects of financial markets merit monitoring in risk management and portfolio allocation contexts, including (and perhaps especially) in contexts of interest to central banks. Much recent attention, for example, has been devoted to measuring and forecasting return volatilities and correlations, ...
Indexation, inflation, and monetary policy: an overview
Indexation policies and practices are common in many markets and economies. In most cases, price adjustment mechanisms arise in private contracts as a consequence of high and pervasive inflation. Sometimes governments also play an important role in promoting the use of indexation in their issues of ...
Reviewing the evidence against absolute convergence
Few subjects in applied economic research have been studied as extensively as the convergence hypothesis advanced by Solow (1956) and documented by Baumol (1986). In simple terms, the hypothesis states that poor countries or regions tend to grow faster than rich ones. In its strongest version (known ...