Series: Recent submissions
Now showing items 1-10 of 367
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The role of progressivity on the economic impact of fiscal transfers: a HANK for Chile
(Banco Central de Chile, 2024)During the Covid-19 pandemic, the Chilean government provided unprecedented economic assistance to households. Direct fiscal transfers through stimulus checks amounted to nine percent of the country’s GDP. Aditionally, ... -
On the optimal use of fiscal stimulus payments at the zero lower bound
(Banco Central de Chile, 2024)For much of the decade following the Great Recession, central banks across the world remained constrained by a binding zero (or effective) lower bound (ZLB) on nominal interest rates. Much academic and policy interest ... -
From micro to macro hysteresis: long-run effects of monetary policy
(Banco Central de Chile, 2024)The traditional view of macroeconomic dynamics is that aggregate time series can be decomposed into a long-run component (the trend, or the deterministic steady state) and an orthogonal short-run component (the business ... -
Estimating HANK for central banks
(Banco Central de Chile, 2024)Central banks are very interested in investigating questions surrounding inequality and its relationship with monetary policy. This is arguably for very good reasons. First of all, inequality has become a central issue in ... -
The bank lending channel across time and space
(Banco Central de Chile, 2024)We build a model of banking industry dynamics with imperfect competition to address the following question: How does monetary policy affect lending outcomes across time, given the spatial expansion of the banking industry? ... -
Measuring the redistributive effects of monetary policy: an application to the chilean economy
(Banco Central de Chile, 2024)Active recent literature shows that monetary policy has heterogeneous effects on workers in different demographic groups.1 In this paper, we build on the framework in Rubbo (2023) to estimate how monetary policy affects ... -
Haok and hank models
(Banco Central de Chile, 2024)Accounting for and managing heterogeneities in economic agents’ preferences, information sets, and opportunities have always been central to macroeconomic theory. Long before macroeconomics existed as a distinct field, ... -
Heterogeneity in macroeconomics: implications for monetary policy an overview
(Banco Central de Chile, 2024)This volume collects some of the papers presented at the XXV Annual Conference of the Central Bank of Chile, which took place in November 2022 in Santiago, Chile.1 The theme of the conference was Heterogeneity in ... -
Managing an energy shock: fiscal and monetary policy
(Banco Central de Chile, 2024)Prepared for the Proceedings of the XXV Annual Conference of the Central Bank of Chile, held in November 2022. We are grateful for helpful comments and suggestions from Jenny Chan, Sebastián Edwards, Jordi Galí, Peter ... -
Heterogeneity in macroeconomics: implications for monetary policy
(Banco Central de Chile, 2024-11)There is important heterogeneity among households, firms, and banks; and the way shocks or policies affect these agents depends critically on that heterogeneity. There was a rapid surge in the awareness of academic researchers ...