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Optimal monetary policy rules when the current account matters
Policymarkers and the academic community have reached an increasing consensus during the last two decades: the primary objective of monetary policy should be to control inflation (see, for example, King, 1999). A less settled issue is the appropriate role of the central bank regarding other, secondary ...
Current account and external financing: an introduction
Economic analysts were surprised by the collapse of the Thai baht in July 1997. In the months that followed, most of the so-called East Asian Tigers faced severe balance-of-payments crises, and a year later, in August 1998, the Russian ruble was devalued. As a result of this succession of crises, the ...
Cuenta corriente y financiamiento externo
Este trabajo muestra un resumen integrado de los aspectos más sobresalientes de los trabajos presentados en la décima Conferencia Anual del Banco Central de Chile 'Cuenta Corriente y Financiamiento Externo', realizada en noviembre de 2006 y por aparecer compilados en un libro de próxima publicación. ...
Policy responses to external shocks: the experiences of Australia, Brazil, and Chile
Open economies, particularly emerging markets and commodityintensive economies, deal with large external shocks. These are typically of a financial nature in the case of the former and real—in that they affect the terms of trade—in the case of the latter. Alternative policy reactions and policy setups ...
Respuestas de política a shocks externos en Australia, Brasil y Chile
Las economías abiertas, especialmente las emergentes y las exportadoras de productos primarios, tienen que hacer frente a grandes shocks externos. Las reacciones de política y el marco de política económica pueden potencialmente amplificar o atenuar las consecuencias de estos shocks. En este trabajo ...