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Reúne trabajos de investigación sobre la banca central y economía en general, con énfasis en temas y políticas relacionados con la conducción económica de los países en desarrollo.
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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? ... -
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 ... -
Credibility of emerging markets, foreign investors’ risk perceptions, and capital flows
(Banco Central de Chile, 2023-08-09)Emerging market economies (EMEs) are constantly exposed to shocks that originate in world capital markets, posing serious challenges to policymakers. By dealing with these shocks —Covid-19 representing the most recent ... -
The international financial system after Covid-19
(Banco Central de Chile, 2023-08-09)In March of 2020, international markets seized up with a violence unequaled since the Global Financial Crisis (GFC) nearly a dozen years before. As economies around the world locked down in the face of the potentially ... -
Exchange rate puzzles and policies
(Banco Central de Chile, 2023-08-09)What is the optimal exchange rate policy? Should exchange rates be optimally pegged, managed, or allowed to freely float? What defines a freely floating exchange rate? Do open economies face a trilemma constraint in choosing ... -
International risk spillovers: implications for emerging markets’ monetary policy frameworks with an application to Chile
(Banco Central de Chile, 2023-08-09)Among the factors behind international spillovers, U.S. monetary policy developments retain a major influence. Such developments drive the global financial cycle as strongly demonstrated by Rey (2013), Miranda-Agrippino ...