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Response to external and inflation schocks in a small open economy
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 ...
Tax incentives for retirement savings: simulation results in the presence of liquidity constraints and heterogeneous consumers in an OLG-GE model
The overlapping generations general equilibrium (OLG-GE) framework constitutes an important tool for policy evaluation. One of its strengths is that it considers that at any given time the population is composed of workers of different ages and, therefore, whith different time horizons. This has two ...
On the determinants of chilean economic growth
If looked at since the mid-1980s, Chile’s economic performance has been fairly impressive compared not only with the rest of Latin America, but also with most of the countries in the world. From a long-run perspective, however, Chile did not display such an outstanding performance in the 1960s and ...
Chile´s regional arrangements: the importance of market access and lowering the tariff to six percent
We define additive regionalism as the process of sequentially negotiating bilateral free trade agreements with all significant trading partners. Chile is the country that has most clearly articulated a strategy of additive regionalism. The government of Chile has successfully concluded a free trade ...
General equilibrium dynamics of external shocks and policy changes in Chile
This paper explores Chile’s macroeconomic dynamics with the help of a general equilibrium model parameterized for the Chilean economy. The model is based on microanalytic foundations, and its basic relations are derived from intertemporal optimization by a group of forward-looking agents endowed with ...
A toolkit for analyzing alternative policies in the chilean economy
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 ...
Trade orientation and labor market evolution: Evidence from chilean plant-level data
Many developing and developed economies consider structural reforms to trade and fiscal policy that are designed to lower taxes and tariffs and stimulate investment and production of the manufacturing sector. A good example of such a country is Chile, which went through a series of structural reforms ...
Designing labor market institutions
There is fairly wide agreement among economists on what constitutes optimal—or at least good—product market and financial market institutions. There is much less agreement on what constitutes optimal—or at least good—labor market institutions. As a result, the public debate is too often dominated by ...