Huge swings in oil, food, and other commodity prices and the global financial crisis are at the core of current monetary policy discussion. The latter events are vivid reminders of how uncertainty, imperfect knowledge, and the need to learn affect macroeconomic behavior and the conduct of monetary ...

There is important heterogeneity among households, firms, and banks; and the way shocks or policies affect these agents depends critically on that heterogeneity. There was a rapid surge in the awareness of academic researchers and policymakers of the nexus between heterogeneity and monetary policy, ...

The papers that comprise the different chapters of this volume were presented in the XVII Annual Conference on Central Banking that took place at the Central Bank of Chile, Santiago, during November 14 and 15, 2011. While the global economic environment has changed considerably from the end of 2011 ...

The global financial crisis of 2008 and its aftermath brought many new challenges for the world’s central banks. These new challenges have resulted, in turn, in bold experimentation—not just the vigorous application of traditional policy tools, but the use of new ones, or at least ones that were rarely ...

Empirical models have failed to explain inflation behavior over the last 20 years in most developed economies. The unusual inflation dynamics—the ‘missing deflation’ during recessions and the ‘missing inflation’ during recoveries—points to a failure of Phillips curve predictions. Several hypotheses ...

The global financial crisis that broke out 10 years ago uncovered the buildup of risks during a period of price and output stability. It challenged the previous consensus that preserving price stability was the optimal way to ensure financial stability, and led to a surge of interest in the multiple ...

Compilación de todas las Actas de Política Monetaria, celebradas durante el año 2004.

La historia monetaria de Chile en el siglo XX es reconocidamente interesante y ha sido objeto de numerosos estudios. Con todo, el principal ente emisor de dinero no disponía de una historia institucional que pudiese contribuir con nuevos elementos para explicar algunos de los fenómenos monetarios y ...