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Política monetaria en el límite cero: la experiencia de Chile
Se analizan los efectos de la Facilidad de Liquidez a Plazo (FLAP), ejecutado por el Banco Central de Chile en respuesta a la crisis financiera de 2008-2009. Encontramos que el anuncio de esta política reduce significativamente los rendimientos nominales en el horizonte de política de dos años. Estos ...
Modelo y pronóstico del precio del cobre: un enfoque de cambio de regímenes
Los precios de las materias primas generalmente sufren cambios grandes y persistentes, con períodos de relativa estabilidad y tiempos de alta volatilidad. El precio del cobre no es una excepción a esta caracterización general, tal como puede apreciarse en el gráfico, donde se muestra el logaritmo del ...
Domestic financial frictions and the transmission of foreign shocks in Chile
In the early 90’s a literature emerged emphasizing the role of external factors in explaining business cycle fluctuations in emerging countries. In particular changes in the terms of trade and world interest rates are generally viewed as the main external factors affecting these economies. Additionally ...
Heterodox central banking
In response to the current global crisis the U.S. Federal Reserve and other central banks around the world have implemented diverse policy measures including purchasing a wide range of securities lending to financial institutions intervening in foreign exchange markets and paying interest on reserves. ...
Monetary policy at the zero lower bound: the Chilean experience
The global financial crisis that started in 2008 dramatically changed the analysis and implementation of monetary policy worldwide. Central banks were at the center of the stage during that time implementing both conventional and unconventional policies. Not only were monetary policy rates drastically ...