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Changing inflation dynamics, evolving monetary policy: an overview
Understanding the dynamics of inflation has become an important
challenge for both policymakers and researchers over the past decade.
Empirical models linking inflation and economic activity—versions of
the so-called Phillips curve—have failed to account for the behavior of
inflation in many ...
Memoria Anual Integrada 2021
El año 2021 abrió con múltiples desafíos para el Banco Central, especialmente por las consecuencias del periodo más duro de la pandemia, que continuó alterando el funcionamiento normal de la economía. La crisis sanitaria y su persistencia...
Public trust and central banking
Central bank independence is one of the most remarkable pieces of institutional architecture fostered by economic thinking in the last half century. Theoretical studies in the 1980s stressed central bank independence as a precondition to bringing...
Inflation targeting under political pressure
Historically, many emerging economies, particularly in Latin America, battled against persistently high and volatile inflation. Today, emerging economies continue to experience higher inflation than developed ones, and their central banks deviate...
Memoria anual 2020
El Banco Central de Chile ha publicado su Memoria Integrada 2020, reporte que detalla los principales hitos financieros, medioambientales, de relación con la comunidad, con sus trabajadores y el aporte que la institución hace al país a través del cumplimiento de su mandato legal, con el foco puesto ...
Memoria anual 2019
El Banco Central de Chile busca realizar su gestión con eficiencia, en un marco de creciente transparencia de sus acciones e incorporando de manera permanente la aplicación de criterios y políticas adheridas a las mejores prácticas observadas a nivel mundial.
Este documento conforma nuestra primera ...
Memoria Anual Integrada 2022
El año 2022 fue complejo para el Banco Central porque su meta de inflación de 3% se vio absolutamente sobrepasada, lo que obligó a nuestra institución a tomar drásticas decisiones de política monetaria, como parte de un ciclo de alzas que ya había...
Trend, seasonal, and sectorial inflation in the Euro Area
A central focus of monetary policy is the underlying rate of inflation
that might be expected to prevail over a horizon of one or two years.
Because inflation is estimated from noisy data, the estimation of
this underlying rate of inflation, which we refer to as trend inflation,
requires statistical ...
The fiscal footprint of macroprudential policy
Monetary policies leave a fiscal footprint. When the central bank cuts the policy interest rate, this footprint comes through multiple
channels: The demand for currency rises, so the central bank prints more banknotes to accommodate it, and this creates seignorage revenues. Inflation unexpectedly ...
Risks to central-bank independence
Central banking today faces a number of existential challenges. On the political side, and particularly after the financial crisis, the public has come to expect central banks to take on a dizzying array of responsibilities, some far beyond...