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Making hard choices: trilemmas and dilemmas of macroeconomic policy in Latin America
Este artículo determina la linealidad del trilema de política macroeconómica para Colombia, Chile, México y Perú. El rol del crecimiento del crédito es considerado explícitamente con el fin de examinar la hipótesis alternativa de un dilema de política generado por la presencia de ciclos financieros ...
Monetary policy and macro-prudential regulation: the risk-sharing paradigm
Economic history is replete with episodes of financial crises creating havoc for the real economy. These episodes typically have three important ingredients. First there are large financial flows to finance a bubbling asset class such as sovereigns or housing with 'safe' debt. Second there is a sharp ...
Floats pegs and the transmission of fiscal policy
One of the most popular pieces of wisdom in economic policy is the idea that fiscal policy is more effective in a fixed exchange rate regime or a currency union than in a flexible exchange rate regime. In this paper we revisit the theoretical foundations of the conventional wisdom on the relative ...
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 ...
Fiscal multipliers and policy coordination
This paper is about an economy in a liquidity trap that is an environment with a zero nominal interest rate deflationary pressures and subpar growth. The paper shows two fiscal policy multipliers in a relatively standard New Keynesian liquidity trap economy with taxation costs. It computes real ...
Measuring and managing macrofinancial risk and financial stability: a new framework
The vulnerability of a national economy to volatility in the global markets for credit, currencies, commodities, and other assets has become a central concern of policymakers. The responsibility for managing these risks at the national level is often given to the central bank. However, the conventional ...
Adapting macroprudential policies to global liquidity conditions
The global financial crisis that erupted in 2007 has had intellectual repercussions as well as large economic costs. Recent events in the advanced economies especially the capital flow reversals and the looming banking sector crises in Europe have shaken the conviction that traditional yardsticks of ...
Competition and stability in banking
Banking went from being one of the most regulated sectors in the economy after the crisis in the 1930s to a more lightly regulated sector with the liberalization process that started in the 1970s in the United States. The previous period was marked by few crises with much more instability in the second ...
Macroprudential policy: promise and challenges
The developments that led to the 2008 global financial crisis raised a new awareness amongst central banks and financial regulators in advanced economies about the need to approach financial regulation and surveillance from a macroeconomic (i.e. systemic) and prudential (i.e. pre-emptive) perspective. ...
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 ...