Buscar
Mostrando ítems 111-120 de 507
Monetary policy under financial turbulence
The financial crisis that started in 2007 brought the global economy to the brink, and in many respects it is still unfolding, especially in Europe. While a fierce debate continues on how to understand and deal with the crisis, a consensus is emerging with regard to the originating shocks, the mechanisms ...
Endogenous exchange-rate pass-through and self-validating exchange rate regimes
Un dilema de larga data en las economías abiertas se refiere a la moneda en que se denominan los precios nominales y los contratos. Este trabajo analiza la interacción entre los precios de exportación de las empresas y la política monetaria, y sus posibles implicancias macroeconómicas en la sincronización ...
A toolkit for analyzing alternative policies in the chilean economy
As noted by Leeper (1995) “the business pages of leading newspapers give the impression that the effects of alternative monetary policies on the macroeconomy are well understood and predictable.” They tend “to write with great certainty that when the monetary authority raises interest rates it slows ...
It's not factor accumulation: stylized facts and growth models
The central problem in understanding economic development and growth is not, in fact, to understand the process by which an economy raises its savings rate and increases the rate of physical capital accumulation. Many development practitioners and researchers continue to target capital accumulation ...
U.S. monetary spillovers to Latin America: the role of long-term interest rates
The economic situation in emerging markets has deteriorated in recent years. Perhaps the single most important event especially for Latin America has been the end of the so called commodity supercycle which intensified with the collapse in oil prices in late 2014. But the trend of weaker currencies ...
Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile
Following the influential work of Christiano, Eichenbaum, and Evans (2005) and Smets and Wouters (2003), many central banks are building and estimating dynamic stochastic general equilibrium (DSGE) models with nominal rigidities and are using them for policy analysis. This new generation of sticky ...
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 ...
Fiscal deficits debt and monetary policy in a liquidity trap
The dramatic policy response to the 2008-09 global economic crisis from many countries has revived some old debates about the use of fiscal and monetary policy in fighting recessions. The central dilemma for policy-makers in Japan North America and Europe has been to try to counter a large recession ...
Under what conditions can inflation targeting be adopted? The experience of emerging markets
Inflation targeting has become an increasingly popular monetary policy strategy, with 21 countries (8 industrial and 13 emerging market economies) targeting inflation and others considering following in their footsteps. Numerous studies of inflation targeting in industrial countries have been conducted, ...
The war of ideas in economic development: a historical perspective
In the early 1970s when he had barely turned thirty years old Vittorio Corbo was already a legend of sorts among development economists. His dissertation at M.I.T. became an instant classic a work that had to be read by anyone interested in understanding the dynamics of inflation in developing nations. ...