• Thumbnail

      Independence, credibility, and communication of central banking: an overview 

      Pastén, Ernesto; Reis, Ricardo (Banco Central de Chile, 2021-10)
      The institution of central-bank independence is often lauded as a great conquest of the accumulation of knowledge and the sensible setting of policy. The economic literature is filled with arguments for why an independent ...
    • Thumbnail

      The fiscal footprint of macroprudential policy 

      Reis, Ricardo (Banco Central de Chile, 2021-10)
      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 ...