Buscar
Mostrando ítems 1-10 de 11
Optimal monetary policy rules when the current account matters
Policymarkers and the academic community have reached an increasing consensus during the last two decades: the primary objective of monetary policy should be to control inflation (see, for example, King, 1999). A less settled issue is the appropriate role of the central bank regarding other, secondary ...
New keynesian models for Chile in the inflation-targeting period
Dynamic stochastic general equilibrium (DSGE) models with nominal rigidities have become a popular tool for monetary policy analysis in recent years. The basic sticky price model has been enriched to include additional sources of nominal and real rigidities. These additional elements have been introduced ...
What drives the current account in commodity exporting countries?: the cases of Chile and New Zealand
As capital markets have become increasingly integrated, savings and investment within countries have tended to become less correlated, in what is known as the Feldstein-Horioka (1980) correlation, with the corollary that savings-investment gaps (that is, current accounts) have tended to become more ...
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 ...
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 ...
Dinámica del mercado laboral en Chile: el rol de los términos de intercambio
En este trabajo exploramos algunos de los canales a través de los cuales los términos de intercambio afectan las variables del mercado laboral en una economía emergente como la Chilena. Para ello analizamos las propiedades cíclicas de las variables laborales y usamos un vector autorregresivo para ...
Exceso de optimismo, ciclos de auge y caída y política económica en economías pequeñas y abiertas
El artículo analiza los ciclos económicos en las economías emergentes generados por errores de percepción respecto de la productividad futura. Utilizando un modelo DSGE para economía pequeña y abierta, se demuestra que las noticias que no se materializan respecto de mejoras de productividad futuras ...
Overoptimism boom-bust cycles and monetary policy in small open economies
In the 1990s several emerging market economies such as Chile Mexico and a number of southeast Asian countries displayed episodes of peaking growth rates combined with increasing current account deficits and appreciating currencies which ended with abrupt reversions in capital flows and recessions. In ...
Dinámica de ajuste de precios: evidencia de datos microeconómicos para Chile
Este trabajo caracteriza la dinámica de ajustes de precios en Chile usando datos a nivel de establecimientos para los productos de la canasta del IPC. Nuestros resultados muestran que las rigideces nominales son más bajas cuando están medidas a nivel microeconómico que cuando están estimadas con datos ...
Modelos neokeynesianos para Chile durante el período de metas de inflación: un enfoque estructural
Conocer las fricciones que están presentes en la economía es de fundamental importancia para el diseño de políticas. En particular, las rigideces de precios y salarios determinan el grado de tradeoff entre la estabilización del producto o de la inflación que enfrentan los bancos centrales. En este ...