Active recent literature shows that monetary policy has heterogeneous effects on workers in different demographic groups.1 In this paper, we build on the framework in Rubbo (2023) to estimate how monetary policy affects real incomes across demographic groups in the Chilean economy. Specifically, ...

The institution of central-bank independence is often lauded as a great conquest of the accumulation of knowledge and the sensible setting of policy. The economic literature is filled with arguments for why an independent central bank would lead to better outcomes. To this prior, the experience of ...