For decades until the early 1990s, Latin America was the region of the world with the highest average level of inflation. High inflation was the cumulative result of a long history of activist economic policies based on a disregard for macroeconomic stability. These policies culminated in large ...

Monetary policy design has experienced major changes over the last twenty years. These changes had their origin in changes in macroeconomic theory, a better understanding of the importance of achieving and maintaining low inflation, and the abandonment of fixed pegs in favor of floating exchange rate ...

En una economía pequeña y abierta como la chilena, el tipo de cambio (TC) es una variable fundamental para la determinación de la inflación y la actividad. Una buena comprensión de los movimientos pasados y futuros del TC parece esencial para una política monetaria adecuada. La presente minuta analiza ...

With the end of intermediate exchange rate regimes, countries are either abandoning domestic monetary policy (by choosing super-hard pegs or relinquishing their national currencies altogether) or strengthening independent monetary policymaking (by adopting floating exchange rates, of either the clean ...

Durante los últimos años la economía chilena ha sufrido shocks importantes que han implicado un gran desafío para la conducción de la política monetaria. El fin del súper ciclo de las materias primas y condiciones financieras internacionales más estrechas junto con una caída importante en los niveles ...

Monetary policy in small open economies is typically cast as a choice between an exchange rate anchor (fixed or predetermined exchange rates) and a money anchor (floating exchange rates). Under such regimes, the growth rate of the nominal anchor is set according to the desired long-run inflation rate. ...

Since the mid-1970s, the macroeconomic consequences of wage indexation has been the subject of considerable research. Starting with an enthusiastic proposal for indexation by Friedman (1974) and two influential papers by Gray (1976) and Fischer (1977), the academic literature has examined the effects ...

Both policymakers and economists increasingly accept that the main medium- to long-run goal of monetary policy is the pursuit of price stability, defined as maintaining a low and stable rate of inflation. A high and variable inflation rate is socially and economically costly.

En este artículo presentamos nueva evidencia de cambios recientes en la dinámica inflacionaria en Chile. Mostramos que las rigideces de precios han aumentado, mientras el grado de indexación a la inflación pasada ha decrecido a lo largo del tiempo. También mostramos que el traspaso del tipo de cambio ...

En el marco de política monetaria basado en metas de inflación y flotación cambiaria, interesa conocer el valor de equilibrio del tipo de cambio real (TCR). Este trabajo describe los modelos de determinación del TCR de equilibrio de uso regular en el BCCh. En particular, se discuten los modelos de ...