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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 ...
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 ...
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 ...
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 ...
Indexation of public debt: analytical considerations and an application to the case of Brazil
Since the implementation of the Real Plan of 1994, the Brazilian economy has been in the process of reducing its degree of indexation. For more than three decades, Brazilian wages, rents, financial securities, and other contracts were indexed to the price level. The frequency of adjustment sometimes ...
Sovereign debt, volatility, and insurance
International capital inflows should, in theory, enable emerging market economies to reduce the volatility of private and public consumption in the presence of income volatility, in addition to allowing foreign savings to finance domestic capital accumulation. Access to international financial markets ...
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 ...
Desempleo y consumo en Chile
El artículo estudia empíricamente el efecto del desempleo sobre el consumo agregado de bienes habituales en Chile entre 1990 y 2002. Utilizando un modelo de corrección de errores se encuentra que el desempleo rezagado tiene un efecto negativo y estadísticamente significativo sobre el crecimiento del ...
Microeconomic flexibility in Latin America
Latin American economies have begun to leave behind some of the most primitive sources of macroeconomic fluctuations. Policy concern is gradually shifting toward increasing microeconomic flexibility. This is a welcome trend since microeconomic flexibility, which facilitates the ongoing process of ...
Dynamics of earnings in Chile
Uncertainty is a key dimension of individual decisionmaking. Individuals cannot insure against certain contingencies under incomplete markets. Uncertainty thus influences the life-cycle evolution of consumption and savings, labor supply and asset allocation, and education and occupation choices. ...