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Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
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 ...
Independence, credibility, and communication of central banking
The three topics covered in the title of this volume have proved to be critical in the remarkable success of modern central banks around the globe in the fight to control inflation and smooth macroeconomic fluctuations. Despite these achievements...
The three E’s of central-bank communication with the public
Central banks used to ask, “Shall we communicate this?” Now, as a rule, they ask, “Why wouldn’t we communicate this?” This
first wave of the revolution in central-bank communication is giving rise to a second wave. The question increasingly is, “How should we communicate this in a way that engages a ...
Economic growth and the Chilean labor market
Este artículo analiza la dinámica del mercado laboral chileno en diferentes períodos de crecimiento económico. La evidencia muestra una marcada sincronía del crecimiento real del PIB con la tasa de desempleo y la creación de empleos. Específicamente, la tasa de desempleo cae y la creación de empleos ...
U.S. monetary spillovers to Latin America: the role of long-term interest rates
The economic situation in emerging markets has deteriorated in recent years. Perhaps the single most important event especially for Latin America has been the end of the so called commodity supercycle which intensified with the collapse in oil prices in late 2014. But the trend of weaker currencies ...
Learning, endogenous indexation, and disinflation in the new-keynesian model
Developing a better understanding of the costs of disinflation has long been an important objective for macroeconomic research. Since the 1980s, disinflation episodes and strategies have been studied extensively under the assumption of rational expectations. This assumption implies that central bank ...
Indexation, inflation, and monetary policy: an overview
Indexation policies and practices are common in many markets and economies. In most cases, price adjustment mechanisms arise in private contracts as a consequence of high and pervasive inflation. Sometimes governments also play an important role in promoting the use of indexation in their issues of ...
Determinacy, learnability, and plausibility in monetary policy analysis: additional results
It is almost superfluous to begin by emphasizing that recent research in monetary policy analysis has featured a great deal of work concerning conditions for determinacy—that is, existence of a unique dynamically stable rational expectations equilibrium— under various specifications of policy behavior.1 ...
Credibility of emerging markets, foreign investors’ risk perceptions, and capital flows
Emerging market economies (EMEs) are constantly exposed to shocks that originate in world capital markets, posing serious challenges to policymakers. By dealing with these shocks —Covid-19 representing the most recent event— several lessons have been learned in terms of the ways they
propagate as ...
The reversal problem: development going backwards
The Covid-19 pandemic triggered the most synchronous economic downturn in more than a century. Ninety percent of countries posted a decline in real per-capita GDP in 2020, a share that surpassed any other year since 1900, which includes two world...