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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 ...
Índices podados como medidas de tendencia para el imacec
El objetivo de este trabajo es elaborar una gama de índices de actividad de tendencia a partir de las series desagregadas que componen el índice mensual de actividad económica, Imacec. Siguiendo técnicas estadísticas similares a las usadas para generar series subyacentes de inflación, se espera que ...
Managing the capital account
Globalization has been under attack over the last few years. Activists, famous academics, and commentators of various stripes have mounted a systematic campaign against free trade in goods and, especially, in financial claims. One of the latest manifestations of this antiliberalization mood was the ...
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 ...
External conditions and growth performance
A central dimension of globalization is the world trend toward larger trade and financial openness, observed in most industrial and developing economies. Openness increases the integration of world goods and capital markets, contributing to potential gains in growth and welfare. However, increased ...
Inflation target transparency and the macroeconomy
Over the last twenty years, many central banks have adopted increasing standards of transparency in communicating their monetary policy objectives, in particular regarding the explicit definition and quantification of their price stability objective or inflation target. One important benefit of increased ...
Financial frictions and business cycles in middle-income countries
Empirical analysis reveals three regularities among middleincome countries: consumption is highly procyclical and more volatile than output, investment is highly procyclical and three to four times as volatile as output, and real net exports are countercyclical and about three times as volatile as ...
El ahorro y el consumo de bienes durables frente al ciclo económico ¿consumismo, frugalidad, racionalidad?
En la literatura económica el comportamiento del ahorro ha sido analizado desde diversas ópticas. Una de ellas es la que vincula el ahorro agregado nacional con el crecimiento económico. Una versión simple de este enfoque (que además asume acceso imperfecto al mercado de capitales internacional) señala ...
Cambios estructurales en la demanda por trabajo en Chile
La capacidad de generar empleo en la economía Chilena ha sido sorpresivamente lenta durante 2000 y 2001. A pesar de que el crecimiento del producto ha sido positivo desde agosto de 1999 la tasa de desempleo no ha disminuido como se esperaba. Una hipótesis que se ha levantado para explicar este fenómeno ...
Stocks, flows, and valuation effects of foreign assets and liabilities: do they matter?
Globalization has changed the way countries interact along several dimensions. Financial integration and its underpinnings are probably among the most important. Although cross-border capital flows and external debt have been closely monitored, until recently little was known about the stocks of foreign ...