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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 ...
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 ...
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 ...
A decade of inflation targeting in the world: what do we know and what do we need to know?
The emergence of inflation targeting over the last ten years represents an exciting development in central banks' approach to the conduct of monetary policy. After initial adoption by New Zealand in 1990, a growing number of central banks in industrial and emerging economies have opted for inflation ...
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 ...
Asset prices in Chile: facts and fads
Chile enjoyed an unprecedent period of rapid and sustained growth in the 1986-98 period. Although average growth exceeded 7.1 percent a year, significant cyclical fluctuations also marked the period, both across sectors and across time. Growth in the tradable sectors exceeded 6.7 percent annually from ...
Credit stabilization through public banks: the case of Banco Estado
A novel element in the policy mix that responded to the 2008- 2009 financial crisis was the explicit role given to BancoEstado a publicly-owned commercial bank to alleviate the contraction in domestic credit provided by the banking sector. In order to aid its mission BancoEstado was capitalized by 500 ...
Transmisión de shocks y acoplamiento con mercados accionarios externos: efectos asimétricos y quiebre estructural
Analizamos la transmisión de shocks desde los principales mercados bursátiles desarrollados —Tokio, Nueva York, París y Frankfurt— hacia el mercado de Santiago, controlando por el de Sao Paulo. Nuestra investigación se concentra en los episodios de 2007 y 2008, donde la transmisión pasó desde los ...
Exchange rate structural fiscal balance and copper price: a puzzle
Chile’s exchange rate shows a strong volatility to copper price fluctuations. This correlation is essentially because copper is our main export product therefore increases in the price of copper imply higher returns from copper export volumes both for private and the stateowned mining company Codelco. ...
La nueva economía del crecimiento: ¿qué hemos aprendido en quince años?
El artículo de Paul Romer sobre retornos crecientes y crecimiento de largo plazo, publicado hace ya quince años, hizo resurgir la investigación sobre crecimiento económico. Desde entonces la literatura del crecimiento se ha expandido en forma vertiginosa y ha reorientado la investigación de muchas ...