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Inflation targeting in the context of IMF-Supported adjustment programs
For the last few years, the staff of the Iternational Monetary Fund (IMF) has been engaged in assessing the functioning and effectiveness of inflation targeting in IMF member countries that have adopted this scheme as their monetary policy anchor. This involvement was restricted to the IMF's surveillance ...
Targeting inflation in an economy with staggered price setting
After experiencing high and persistent inflation rates in the 1970s and early 1980s, most industrialized economies entered the new century with a sustained record of flow, stable inflation rates. Many commentators attribute the new environment to good luck, in the form of no major supply shocks (at ...
Alternative monetary rules in the open-economy: a welfare-based approach
How do central banks choose among alternative monetary polocies? In this paper we analyze that question for an open economy following an interest rate rule. Many issues remain controversial in the design of such a rule. If inflation is targeted, as it presumably is, should the domestic interest rate ...
Some measures of financial fragility in the chilean banking system: an early warning indicators application
The regulatory framework of the chilean financial system includes a number of regulations that seek to maintain the financial stability of banks. On one hand, the Central Bank of Chile in its role as regulator and, on the other hand, the Superintendency of Banks in its role as supervisor have set a ...
Memoria anual 2003
Contiene un análisis de la evolución de la economía nacional y de los principales hechos económicos y financieros de cada año, complementado con estadísticas de las variables macroeconómicas más relevantes. Incluye anexos con los resúmenes de las reuniones de política monetaria efectuadas por el Consejo ...
Integrated Annual Report 2020
El Banco Central de Chile ha publicado su Memoria Integrada 2020, reporte que detalla los principales hitos financieros, medioambientales, de relación con la comunidad, con sus trabajadores y el aporte que la institución hace al país a través del cumplimiento de su mandato legal, con el foco puesto ...
Inflation targeting in Brazil: shocks, backward-looking prices, and IMF conditionality
In mid-January 1990, Brazil abandoned its crawling exchange rate band. Surprisingly enough, the country's economic performance in the aftermath of this episode was much better than expected, given the performance of other emerging market economies after a move toward floating. Despite the large ...
Monetary policy rules and transmission mechanisms under inflation targeting in Israel
Disinflation in Israel has been a relatively slow process. It took more than a decade for the annual rate of inflation to fall from about 18 percent in the late 1980s to less than 4 percent in the late 1990s. For 2000 and 2001 the government has set an inflation target range of 3 to percent. Whether ...
RPM 27 de Enero 2000
Comunicado de Reunión de Política Monetaria, 27 de Enero 2000.
Policy rules and external shocks
The decade since 1990 has been a period of innovation in monetary policy. Around the world, many countries have adopted inflation targeting as their basic policy framework. Different countries have tried different techniques for achieving inflatio targets, such as different choices of policy instruments.