El diseño de la política fiscal de un país como Chile, en que el Estado es dueño de un recurso no renovable que aporta medios significativos al financiamiento del gasto gubernamental, puede ser considerablemente más complejo que el de un país en que el aparato fiscal sólo cobra impuestos como forma ...

Until recently, the debate on the relationship between monetary and fiscal authorities centered on the inflationary consequences of mentary financing of the fiscal deficit. The moderately high inflation of the 1970s in some industrialized countries and, particularly, the recurring episodes of very ...

The fiscal developments around the global financial crisis of 2007-2009 and its aftermath are undoubtedly a major factor behind that comeback. The large fiscal stimulus packages adopted by many countries in the face of large adverse shocks have triggered an unusually heated debate among academics, ...

Prepared for the Proceedings of the XXV Annual Conference of the Central Bank of Chile, held in November 2022. We are grateful for helpful comments and suggestions from Jenny Chan, Sebastián Edwards, Jordi Galí, Peter Ganong, Pierre-Olivier Gourinchas, Jonathan Heathcote, Oleg Itskhoki, Enisse Kharroubi, ...

For a small open economy, maintaining a stable exchange rate and moderate levels of inflation is often a goal of primary importance. At the same time, the profession has recognized the tight link between fiscal and monetary policies in determining inflation dynamics. Thus, the goal of a stable exchange ...

Monetary policies leave a fiscal footprint. When the central bank cuts the policy interest rate, this footprint comes through multiple channels: The demand for currency rises, so the central bank prints more banknotes to accommodate it, and this creates seignorage revenues. Inflation unexpectedly ...

Professor Vittorio Corbo in whose honor this conference is organized has an outstanding academic and professional career that spans teaching research policy making and advice provided to the private sector international institutions and governments. In the latter capacity of government advisor he ...

It is very well known that growth rates play a role in debt dynamics. Despite this widespread knowledge real world narratives of public debt crises often focus almost exclusively on budget deficits and neglect the role of growth. This paper presents the simplest arithmetic possible to illustrate how ...

El fuerte aumento de la deuda pública de la Zona Euro, generado por las políticas fiscales expansivas —paquetes de estímulo económico y efectos cíclicos sobre los ingresos fiscales—, es un riesgo central presente actualmente en los mercados financieros internacionales, que causa preocupación por la ...

Históricamente, una de las variables más relevantes para la economía chilena ha sido el precio del cobre. Con una participación del 42% en el total de las exportaciones del país y una representación, en promedio, del 17% del PIB durante los últimos cuatro años1 , la producción y exportación de cobre ...