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Risk premium shifts and monetary policy: a coordination approach
Our understanding of crisis propagation and the telling of the crisis narrative have been heavily influenced by the events surrounding the 2008 crisis which has focused on the leverage of banks and other financial intermediaries. Since then the focus has shifted from banks to financial market liquidity ...
Capital mobility and monetary policy: an overview
The papers that comprise the different chapters of this volume were presented in the XVII Annual Conference on Central Banking that took place at the Central Bank of Chile Santiago during November 14 and 15 2011. While the global economic environment has changed considerably from the end of 2011 to ...
Movilidad de capitales y política monetaria: consideraciones generales
Este artículo es una mirada a la conferencia XV del Banco Central de Chile 'Movilidad de Capitales y Política Monetaria'. En su conjunto, los estudios presentados en ella tratan diversos aspectos de las causas, consecuencias y desafíos de política, relacionados con los ciclos de auge y caída que han ...
Bernanke's no-arbitrage argument revisited: can open market operations in real assets eliminate the liquidity trap?
This paper looks back on the professional consensus about monetary policy at the zero bound prior to the 2008 crisis and proposes a calibrated model that provides one interpretation to explain why it was somewhat off base. The general consensus in the economics profession in the late 1990s when Japan ...
Capital flow management with multiple instruments
Emerging markets (EMs) are affected by a global financial cycle originating in developed economies (Rey 2013). An increase in risk appetite of developed economies perhaps spurred by easy monetary policy leads to a surge in capital flows to EMs. These foreign capital flows especially foreign portfolio ...
Nonlinear effects of the chilean fiscal policy
En Chile, la literatura empírica que ha estudiado los efectos de la política fiscal y los multiplicadores fiscales utilizando modelos lineales de vectores autorregresivos encuentra resultados dispares. El presente documento aporta un nuevo elemento a este debate estudiando si el estado en el que se ...
The response of sovereign bonds yields to U.S. monetary policy
To provide further stimulus to the economy in response to a cascade of shocks that roiled financial markets in the latter part of 2008 the U.S. Federal Reserve started to aggressively employ unconventional monetary policy measures after the Federal Open Market Committee (FOMC) lowered the target for ...
Incorporating financial sector risk into monetary policy models: application to Chile
This article analyzes whether market-based financial stability indicators (FSIs) should be included in monetary policy models and, if so, how. Since the economy and interest rates affect financial sector credit risk, and the financial sector affects the economy, this article builds a model of financial ...
A new liquidity risk measure for the Chilean banking sector
El objetivo de este trabajo es construir una medida apropiada del riesgo de liquidez para los bancos Chilenos. Ya existen varias medidas de riesgo de liquidez en la literatura, la mayoría basada en supuestos específicos y en opiniones de expertos. Con el fin de superar los posibles problemas de hacer ...
Respuesta del rendimiento de los bonos soberanos a la política monetaria de Estados Unidos
Este trabajo compara los efectos de la política monetaria convencional de EE.UU. sobre el rendimiento de los bonos de gobiernos extranjeros con los de las medidas no convencionales adoptadas luego de que la tasa de los fondos federales alcanzara su límite inferior efectivo. Para dicho período, ...