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Policy biases when the monetary and fiscal authorities have different objectives
Until recently, the debate on the relationship between monetary and fiscal authorities centered on the inflationary consequences of mentary financing of the fiscal deficit. The moderately high inflation of the 1970s in some industrialized countries and, particularly, the recurring episodes of very ...
Credibility and inflation targeting in Chile
After a long history of high and volatile inflation, the Central Bank of Chile began implementing its monetary policy in the early 1990s by announcing yearly targets for inflation. This new framework was the first step toward a full-fledged inflation-targeting setup, although the Central Bank continued ...
Eficiencia de la política monetaria en Chile ¿existieron mejoras?
La volatilidad del producto y de la tasa de inflación disminuyó de manera importante en los últimos años. Esta mejora del desempeño económico se puede explicar tanto por una caída de los shocks que enfrenta la economía como por una mejora en la política monetaria. Este documento explora la contribución ...
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 ...
Régimen de metas de inflación y credibilidad de la política monetaria en Chile
En este artículo presentamos nueva evidencia de cambios recientes en la dinámica inflacionaria en Chile. Mostramos que las rigideces de precios han aumentado, mientras el grado de indexación a la inflación pasada ha decrecido a lo largo del tiempo. También mostramos que el traspaso del tipo de cambio ...
Trade exposure and the evolution of inflation dynamics
The Phillips curve—the relationship between price inflation
and fluctuations in economic activity— is a central building block
of economic models that allow for nominal rigidities and are relied
upon by central banks around the world to gauge cyclical inflationary
pressures and forecast inflation. ...
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 ...
Metas de inflación y el objetivo de pleno empleo
Este trabajo muestra la equivalencia entre distintas formas de plantear el objetivo inflacionario. Definir un rango y el porcentaje del tiempo que se espera estar en él es lo mismo que definir una meta para la proyección de la inflación en un horizonte dado. Ambas formas son similares a definir la ...
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 ...
Shocks de oferta persistentes: ¿un dolor de cabeza para los bancos centrales?
Entre los años 2007 y 2008, la economía Chilena experimentó severos shocks de costos (aumentos de los precios internacionales de los productos básicos, incrementos del costo de la energía, sequías), los que fueron más persistentes de lo que se pensaba cuando se iniciaron y llevaron la tasa de inflación ...