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Monetary policy in the grip of a pincer movement
Monetary policy has come under strain since the global financial crisis (GFC) of 2007–09. Once the GFC broke out central banks’ swift and determined response was essential to stabilise markets and to avoid a self-reinforcing downward spiral between the financial system and the real economy. But putting ...
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 ...
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 ...
Monetary policy and financial stability: transmission mechanisms and policy implications
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 ...
Monetary policy and global spillovers: mechanisms, effects and policy measures
Central Banks in emerging markets have been forced in the last decade to deal with spillovers from the crises in the United States and Europe and from the extraordinary measures respectively taken by the Federal Reserve and the European Central Bank. This volume provides a comprehensive study of the ...
Revisiting the price puzzle in Chile
Economic theory argues that a contractionary monetary policy has a negative impact on inflation. Despite this, evidence from the empirical literature frequently finds that the estimated impulse-response function of a vector autoregressive (VAR...
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...
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 ...
Interest rate policies banking and the macroeconomy
The debate over the effectiveness of monetary policy often centers around the benefits of low interest rates as a stimulus for the real economy. The idea is that low interest rates encourage spending either in the form of consumption or investment and this promotes employment and production. The ...