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Has the U.S. wage phillips curve flattened? A semi-structural exploration
The deep and prolonged recession triggered by the global financial
crisis of 2007–2009 led to a large increase in the unemployment rate in
most advanced economies. Ten years later, at the time of writing this
paper, the recession has long ended, and the subsequent recoveries
have brought the ...
Capital mobility and monetary policy
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 ...
Global drivers and macroeconomic volatility in EMEs: a dynamic-factor, general-equilibrium perspective
A common view held by academics as well as policymakers assigns an important role to global factors as drivers of fluctuations in economic activity in emerging market economies (EMEs). This follows naturally from the fact that these economies...
Changing inflation dynamics, evolving monetary policy
Empirical models have failed to explain inflation behavior over the last 20 years in most developed economies. The unusual inflation dynamics—the ‘missing deflation’ during recessions and the ‘missing inflation’ during recoveries—points to a failure of Phillips curve predictions. Several hypotheses ...
Quantitative easing and financial stability
Since the global financial crisis of 2008–09 many of the leading central banks have dramatically increased the size of their balance sheets and have shifted the composition of the assets that they hold toward larger shares of longer-term securities (as well as toward assets that are riskier in other ...
Integrated annual report 2022
This was a complex year for the Central Bank. Inflation vastly exceeded our 3% target, which forced our institution to make drastic monetary policy decisions, as part of a cycle of rate increases that began the previous year.
Between January and October, the monetary policy rate (MPR) rose from 4.0% ...
Integrated Annual Report 2021
The Central Bank faced multiple challenges in 2021, especially due to the consequences of the worst period of the pandemic, which continued to affect the normal functioning of the economy. The persistence of the health crisis substantially changed the ways in which people, institutions, and the financial ...
The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets
The global environment for emerging market economy (EME) bond markets has changed dramatically over the past few decades. Local currency bond markets (LCBMs) have developed especially in EMEs with low inflation stronger institutions and well defined creditor rights (see Burger and Warnock 2003 2006 ...