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Alternative monetary rules in the open-economy: a welfare-based approach
How do central banks choose among alternative monetary polocies? In this paper we analyze that question for an open economy following an interest rate rule. Many issues remain controversial in the design of such a rule. If inflation is targeted, as it presumably is, should the domestic interest rate ...
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 ...
The financial accelerator under learning and the role of monetary policy
The financial crisis that unraveled after the Lehman Brothers collapse affected in different degrees almost all countries around the world independently of the direct exposure of their financial institutions to toxic assets. Most countries saw a sharp drop in demand together with sudden increases in ...
Primera memoria anual presentada a la Superintendencia de Bancos
En cubierta: Primera memoria anual y su traducción inglesa.
Inflation targeting in financially stable economies: has it been flexible enough?
The international financial crisis and Great Recession of 2008- 09 called for a range of significant policy measures by central banks beyond aggressive interest rate cuts. Measures have ranged from improving international coordination to purchasing local private loan portfolios and direct intervention ...
Metas de inflación en economías financieramente estables: ¿un sistema suficientemente flexible?
La crisis financiera y la recesión de 2008-2009 exigieron importantes medidas de política de parte de los bancos centrales. Entre los países con metas de inflación, surge la pregunta natural sobre si sus esquemas de política monetaria mostraron la flexibilidad necesaria para hacer frente a estos ...
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 ...
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 ...