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New keynesian models for Chile in the inflation-targeting period
Dynamic stochastic general equilibrium (DSGE) models with nominal rigidities have become a popular tool for monetary policy analysis in recent years. The basic sticky price model has been enriched to include additional sources of nominal and real rigidities. These additional elements have been introduced ...
The 1997-98 liquidity crisis: Asia versus Latin America
Four years after its outbreak, the Asian crisis continues to confound experts: a region whose countries had long been considered paragons of successful economic development is mired in financial collapse and deep recession. By contrast, Latin America -with the important exceptions of Brazil and Ecuador- ...
On the determinants of chilean economic growth
If looked at since the mid-1980s, Chile’s economic performance has been fairly impressive compared not only with the rest of Latin America, but also with most of the countries in the world. From a long-run perspective, however, Chile did not display such an outstanding performance in the 1960s and ...
The effect of uncertainty on monetary policy: how good are the brakes?
In most industrial countries, official interest rate changes tend to be 'smooth'. That is, rates are adjusted relatively infrequently and is small steps. Yet the path of interest rates that emerges as optimal from macroeconomic models is, in general, considerably more volatile. So are the paths of ...
Causes and consequences of indexation: a review of the literature
Automatic price adjustment mechanisms, or indexation, have arisen in a variety of economies with distinct macroeconomic environments and in different moments in time. Examples include the labor market indexation implemented in various European countries in the postwar era, the indexation of financial ...
Stabilization, persistence, and inflationary convergence: a comparative analysis
The role of inflationary persistence has become a recurrent theme in discussions on stabilization programs (Fischer, 1986). This has particularly been the case in recent debates on the merits of exchange-rate-based stabilization plans. Some authors claim that anti-inflationary programs based on ...
Capital controls in Chile: were they effective?
Controls on international capital flows have no place in a world without policy distortions and markt failures. Capital controls can only be justified as second-best measures to compensate for nonremovable policy distortions, including inadequate regulation and supervision of the financial and corporate ...
Acerca del nivel adecuado de las reservas internacionales: el caso de Chile
Bajo un régimen de tipo de cambio flexible, las reservas internacionales de un país contribuyen a reducir los riesgos de crisis de liquidez y permiten a la autoridad intervenir excepcionalmente en el mercado cambiario. Sin embargo, mantener reservas también es costoso. En este trabajo se discute una ...
Imperfect labor mobility, urban unemployment and agricultural trade reform in Chile
A component of agricultural policy in Chile is the use of price bands to stabilize domestic price movements in selected agricultural crops and processed agricultural commodities. In the 1990s, the use of price bands for wheat, fats and oils, and sugar resulted in the equivalent of roughly a 22 percent ...
Denominación de la deuda del gobierno de Chile: una perspectiva de manejo de riesgos
Este trabajo propone un marco de análisis para evaluar la conveniencia de la denominación actual de la deuda del Gobierno Central de Chile, a través del efecto en el riesgo asociado al resultado fiscal. Se propone una metodología tipo VaR (Valor en riesgo) para comparar denominaciones alternativas de ...