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Author
Devereux, Michael B. (2)García-Cicco, Javier (2)Saravia, Diego (2)Albagli, Elías (1)Beau, Denis (1)... View More
Subject
TASAS DE INTERÉS (17)
POLÍTICA MONETARIA (10)BANCOS CENTRALES (7)CRISIS FINANCIERA (6)CRISIS ECONÓMICA 2008 (3)... View More
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2019 (3)2018 (1)2016 (4)2015 (2)2014 (3)2013 (1)2011 (3)
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Artículo (17)
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Asset bubbles and sudden stops in a small open economy 

Author
Martin, Alberto; Ventura, Jaume
Date
Banco Central de Chile, 2015
Subject
TASAS DE INTERÉS; CRISIS FINANCIERA; CRISIS ECONÓMICA 2008
One of the most striking features of the world economy over the last twenty-five years has been the sharp decline in the real interest rate from approximately 4% in the early 1990s to -1.5% in 2013 (figure 1). During this period there have been two waves of large capital inflows into emerging economies ...
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The leverage cycle default and foreclosure 

Author
Geanakoplos, John
Date
Banco Central de Chile, 2014
Subject
PRÉSTAMOS HIPOTECARIOS; TASAS DE INTERÉS; CRISIS FINANCIERA
At least since the time of Irving Fisher economists as well as the general public have regarded the interest rate as the most important variable in the economy. But in times of crisis collateral rates (margins or leverage equivalently) are far more important. Despite the cries of newspapers to lower ...
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Measuring the effects of unconventional monetary policy on asset prices 

Author
Swanson, Eric T.
Date
Banco Central de Chile, 2016
Subject
POLÍTICA MONETARIA; PRECIOS; TASAS DE INTERÉS
On 16 December 2008 the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) lowered the federal funds rate—its traditional monetary policy instrument—to essentially zero in response to the most severe U.S. financial crisis since the Great Depression. Because U.S. currency carries an interest ...
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Short-term interest rates and bank lending terms: evidence from a survey of U.S. loans 

Author
Dell’Ariccia, Giovanni; Laeven, Luc; Suarez, Gustavo
Date
Banco Central de Chile, 2016
Subject
TASAS DE INTERÉS; PRÉSTAMOS BANCARIOS; CRISIS FINANCIERA
The long period of low interest rates that followed the global financial crisis has rekindled interest in how short-term interest rates affect bank behavior. In particular it has led to a debate on how low policy rates influence bank risk-taking. This risk-taking channel of monetary policy corresponds ...
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U.S. monetary spillovers to Latin America: the role of long-term interest rates 

Author
Albagli, Elías; Leiva-León, Danilo; Saravia, Diego
Date
Banco Central de Chile, 2016
Subject
TASAS DE INTERÉS; PRODUCTOS BÁSICOS
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 ...
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Monetary policy and global spillovers: mechanisms effects and policy measures: an overview 

Author
Mendoza, Enrique G.; Pastén H., Ernesto; Saravia, Diego
Date
Banco Central de Chile, 2018
Subject
POLÍTICA MONETARIA; COMERCIO INTERNACIONAL; TASAS DE INTERÉS; BANCOS CENTRALES; PRODUCTOS BÁSICOS
The global economy of today 'is a small world after all.' The high degree of international trade integration and financial interconnectedness has created tight linkages across most countries even between countries that may be very distant geographically or that may not have significant trade or financial ...
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Forward guidance in hte yield curve: short rates versis bond supply 

Author
Greenwood, Robin; Hanson, Samuel G.; Vayanos, Dimitri
Date
Banco Central de Chile, 2016
Subject
TASAS DE INTERÉS; BONOS; BANCOS CENTRALES; POLÍTICA MONETARIA
Since late 2008 when short-term interest rates reached their zero lower bound central banks have been conducting monetary policy through two primary instruments: quantitative easing (QE) in which they buy long-term government bonds and other long-term securities and so-called forward guidance in which ...
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Fiscal multipliers and policy coordination 

Author
Eggertsson, Gauti B.
Date
Banco Central de Chile, 2013
Subject
POLÍTICA FISCAL; LIQUIDEZ (ECONOMÍA); TASAS DE INTERÉS; ECONOMÍA KEYNESIANA
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 ...
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Macro-prudential policy and the conduct of monetary policy 

Author
Beau, Denis; Cahn, Christophe; Clerc, Laurent; Mojon, Benoit
Date
Banco Central de Chile, 2014
Subject
POLÍTICA MONETARIA; CRISIS FINANCIERA; TASAS DE INTERÉS
The 'Great Contraction' in global economic activity triggered by the financial crisis and the extraordinary fiscal and monetary measures that public authorities had to undertake in order to put the economy back on track by putting public finances under heavy strains and leading to extremely low ...
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Inflation targeting in financially stable economies: has it been flexible enough? 

Author
Calani Cadena, Miguel Mauricio; Cowan, Kevin, 1970-; García Silva, Pablo
Date
Banco Central de Chile, 2011
Subject
INFLACIÓN; CRISIS FINANCIERA; CRISIS ECONÓMICA 2008; BANCOS CENTRALES; TASAS DE INTERÉS
The international financial crisis and Great Recession of 2008- 09 called for a range of significant policy measures by central banks beyond aggressive interest rate cuts. Measures have ranged from improving international coordination to purchasing local private loan portfolios and direct intervention ...
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