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Cagliarini, Adam (1)Chumacero, Rómulo (1)Corbo, Vittorio (1)Debelle, Guy (1)García Silva, Pablo (1)... View More
Subject
MACROECONOMÍA (9)
POLÍTICA MONETARIA (9)
INFLACIÓN (5)BANCOS CENTRALES (2)SALARIOS (2)... View More
Date Issued
2009 (2)2007 (1)2005 (3)2002 (3)
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Artículo (9)
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The monetary transmission mechanism in Chile: a medium-sized macroeconometric model 

Author
García T., Carlos; García Silva, Pablo; Magendzo W., Igal, 1970-; Restrepo L., Jorge E.
Date
Banco Central de Chile, 2005
Subject
POLÍTICA MONETARIA; MACROECONOMÍA; PRONÓSTICO DE LA ECONOMÍA
The objective in building and specifying macroeconomic models is to reflect the main characteristics of an economy in a stylized way. This article describes a macroeconometric model for the Chilean economy. The aim of the model is to forecast the main macroeconomic variables, along with policy exercises ...
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Response to external and inflation schocks in a small open economy 

Author
Corbo, Vittorio; Tessada Pinto, José Antonio
Date
Banco Central de Chile, 2005
Subject
INFLACIÓN; POLÍTICA MONETARIA; MACROECONOMÍA; TIPO DE CAMBIO
Monetary policy design has experienced major changes over the last twenty years. These changes had their origin in changes in macroeconomic theory, a better understanding of the importance of achieving and maintaining low inflation, and the abandonment of fixed pegs in favor of floating exchange rate ...
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A toolkit for analyzing alternative policies in the chilean economy 

Author
Chumacero, Rómulo
Date
Banco Central de Chile, 2005
Subject
POLÍTICA MONETARIA; MACROECONOMÍA; TASAS DE INTERÉS; DESARROLLO ECONÓMICO
As noted by Leeper (1995) “the business pages of leading newspapers give the impression that the effects of alternative monetary policies on the macroeconomy are well understood and predictable.” They tend “to write with great certainty that when the monetary authority raises interest rates it slows ...
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Inflation target transparency and the macroeconomy 

Author
Melecký, Martin; Rodríguez Palenzuela, Diego; Söderström, Ulf
Date
Banco Central de Chile, 2009
Subject
INFLACIÓN; MACROECONOMÍA; BANCOS CENTRALES; POLÍTICA MONETARIA
Over the last twenty years, many central banks have adopted increasing standards of transparency in communicating their monetary policy objectives, in particular regarding the explicit definition and quantification of their price stability objective or inflation target. One important benefit of increased ...
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Macroeconomic and monetary policies from the eductive viewpoint 

Author
Guesnerie, Roger
Date
Banco Central de Chile, 2009
Subject
POLÍTICA MONETARIA; MACROECONOMÍA; BANCOS CENTRALES
The quality of the coordination of expectations, a key issue for monetary policy, obtains from different, but interrelated, channels: both the credibility of the central bank intervention and the ability of decentralized agents to coordinate on a dynamical equilibrium matter. For both purposes, it is ...
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Optimal inflation stabilization in a medium-scale macroeconomic model 

Author
Schmitt-Grohé, Stephanie; Uribe, Martín
Date
Banco Central de Chile, 2007
Subject
INFLACIÓN; MACROECONOMÍA; POLÍTICA MONETARIA; CICLOS ECONÓMICOS
What is the optimal monetary policy, and how can the central bank implement it? Both questions have been extensively studied, but always in the context of simple theoretical structures, which by design are limited in their ability to account for actual observed business cycle fluctuations. This article ...
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The macroeconomic conseguences of wage indexation revisited 

Author
Jadresic, Esteban
Date
Banco Central de Chile, 2002
Subject
INFLACIÓN; TIPO DE CAMBIO; POLÍTICA MONETARIA; SALARIOS; MACROECONOMÍA
Since the mid-1970s, the macroeconomic consequences of wage indexation has been the subject of considerable research. Starting with an enthusiastic proposal for indexation by Friedman (1974) and two influential papers by Gray (1976) and Fischer (1977), the academic literature has examined the effects ...
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Indexation, inflationary inertia, and the sacrifice coeficient 

Author
Herrera, Luis Oscar
Date
Banco Central de Chile, 2002
Subject
INFLACIÓN; PRECIOS; POLÍTICA MONETARIA; ÍNDICE DE PRECIOS; MACROECONOMÍA; SALARIOS
When inflation is chronic, firms develop indexation practices that automatically tie the growth of prices, wages, and other contracts to the performance of some comprehensive price index. The microeconomic advantages of indexation are evident and derive from the immunization of the relative price ...
Thumbnail

The effect of uncertainty on monetary policy: how good are the brakes? 

Author
Cagliarini, Adam; Debelle, Guy
Date
Banco Central de Chile, 2002
Subject
POLÍTICA MONETARIA; TASAS DE INTERÉS; MACROECONOMÍA
In most industrial countries, official interest rate changes tend to be 'smooth'. That is, rates are adjusted relatively infrequently and is small steps. Yet the path of interest rates that emerges as optimal from macroeconomic models is, in general, considerably more volatile. So are the paths of ...
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