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Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
The global financial crisis of 2008 and its aftermath brought many new challenges for the world’s central banks. These new challenges have resulted, in turn, in bold experimentation—not just the vigorous application of traditional policy tools, but the use of new ones, or at least ones that were rarely ...
Credibility and inflation targeting in Chile
After a long history of high and volatile inflation, the Central Bank of Chile began implementing its monetary policy in the early 1990s by announcing yearly targets for inflation. This new framework was the first step toward a full-fledged inflation-targeting setup, although the Central Bank continued ...
La nominalización de la política monetaria en Chile: una evaluación
En agosto del 2001, el Banco Central de Chile 'nominalizó' su principal instrumento de política monetaria, reemplazando la tasa de política monetaria (TPM) indizada a la Unidad de Fomento, que usaba hasta la fecha, por una TPM nominal o denominada en pesos. Una serie de consecuencias, tanto en la ...
Mercado swap de tasas de interés y expectativas de TPM e inflación
Una herramienta de gran utilidad para el análisis de la coyuntura nacional es el seguimiento de las expectativas de mercado de la inflación y la tasa de política monetaria (TPM) en un horizonte de hasta dos años. El mercado swap promedio cámara (SPC) se ha ido transformando en referente importante de ...
Optimal inflation stabilization in a medium-scale macroeconomic model
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 ...
The balance sheet channel
We study the role of the balance sheet channel of monetary policy in an environment in which credit plays an important role in the funding of new capital investment. Specifically, we ask whether the transmission mechanism of monetary policy is altered in an environment in which financial intermediation ...
Estimación de la estructura de tasas de interés en Chile
La estructura de tasas de interés permite recoger en tiempo real expectativas de agentes del mercado respecto de variables claves para la economía: movimientos futuros de la tasa de política monetaria y expectativas de inflación al horizonte de política monetaria, entre otras. El objetivo de este ...
Un Indicador Contemporáneo de Actividad (ICA) para Chile
Esta nota presenta la construcción de un indicador contemporáneo de actividad real para la economía chilena, compuesto tanto por variables que capturan percepciones de la situación económica —datos blandos (soft)—, como también por variables que miden la actividad real, o datos duros (hard). Este tipo ...
Fiscal inflation and cosmetic defaults in a small open economy
For a small open economy, maintaining a stable exchange rate and moderate levels of inflation is often a goal of primary importance. At the same time, the profession has recognized the tight link between fiscal and monetary policies in determining inflation dynamics. Thus, the goal of a stable exchange ...
The fiscal footprint of macroprudential policy
Monetary policies leave a fiscal footprint. When the central bank cuts the policy interest rate, this footprint comes through multiple
channels: The demand for currency rises, so the central bank prints more banknotes to accommodate it, and this creates seignorage revenues. Inflation unexpectedly ...