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Author
Saravia, Diego (9)Chang, Roberto (5)Céspedes, Luis Felipe (5)Caputo, Rodrigo (3)Devereux, Michael B. (3)... View More
Subject
POLÍTICA MONETARIA (41)CRISIS FINANCIERA (35)CRISIS ECONÓMICA 2008 (27)BANCOS CENTRALES (23)TASAS DE INTERÉS (17)... View More
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2019 (10)2018 (8)2016 (16)2015 (24)2014 (29)2013 (11)2011 (12)2010 (13)
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Artículo (123)
  •   Chilean Central Bank Digital Repository
  • Investigación económica
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  • Serie Banca Central, análisis y políticas económicas (artículos)
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  •   Chilean Central Bank Digital Repository
  • Investigación económica
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  • Serie Banca Central, análisis y políticas económicas (artículos)
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Saving distortions undervalued exchange rates and protectionism 

Author
Costinot, Arnaud; Lorenzoni, Guido; Werning, Iván
Date
Banco Central de Chile, 2015
Subject
TIPO DE CAMBIO; PROTECCIONISMO; AHORRO E INVERSIÓN
Policies that distort domestic saving decisions have general equilibrium effects on trade flows and the real exchange rate. In particular increasing domestic savings keeps the real exchange rate undervalued depressing imports and increasing exports. However there are important differences between ...
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Measuring the effects of unconventional monetary policy on asset prices 

Author
Swanson, Eric T.
Date
Banco Central de Chile, 2016
Subject
POLÍTICA MONETARIA; PRECIOS; TASAS DE INTERÉS
On 16 December 2008 the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) lowered the federal funds rate—its traditional monetary policy instrument—to essentially zero in response to the most severe U.S. financial crisis since the Great Depression. Because U.S. currency carries an interest ...
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La independencia del Banco Central de Chile: los años iniciales 

Author
Bianchi, Andrés
Date
Banco Central de Chile, 2016
Subject
BANCO CENTRAL DE CHILE; AUTONOMÍA; POLÍTICA ECONÓMICA
En este artículo analizo algunos aspectos de la experiencia del Banco Central en la etapa inicial de su autonomía y en especial durante el período 1989-1991 en que me correspondió presidirlo. Para ello utilizo un enfoque de economía política. Dos razones principales justifican esta opción. La primera ...
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Monetary policy in the grip of a pincer movement 

Author
Borio, Claudio; Disyatat, Piti; Juselius, Mikael; Rungcharoenkitkul, Phurichai
Date
Banco Central de Chile, 2019
Subject
POLÍTICA MONETARIA; CRISIS FINANCIERA; BANCOS CENTRALES
Monetary policy has come under strain since the global financial crisis (GFC) of 2007–09. Once the GFC broke out central banks’ swift and determined response was essential to stabilise markets and to avoid a self-reinforcing downward spiral between the financial system and the real economy. But putting ...
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Local impacts of trade liberalization: evidence from the chilean agricultural sector 

Author
Cuesta, José Ignacio; Gallego Yáñez, Francisco; González, Felipe A.
Date
Banco Central de Chile, 2015
Subject
PROTECCIONISMO; SECTOR AGROPECUARIO; LIBRE COMERCIO
Protectionist trade policies aim at shielding some sectors— typically but not exclusively manufacturing—from international competition. In doing so they may produce unintended consequences. In particular they tend to create some taxed sectors that use protected inputs usually in the agricultural sector ...
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Government spending and the real exchange rate: a cross-country perspective 

Author
Caputo, Rodrigo; Fuentes D., Miguel
Date
Banco Central de Chile, 2013
Subject
TIPO DE CAMBIO; GASTOS PÚBLICOS
There is no consensus about the economic implications of real exchange rate (RER) misalignments. Some authors argue that keeping the real exchange rate away from its equilibrium level creates distortions in the relative prices of tradable and nontradable goods generating misleading signals to economic ...
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Floats pegs and the transmission of fiscal policy 

Author
Corsetti, Giancarlo; Kuester, Keith; Müller, Gernot J.
Date
Banco Central de Chile, 2013
Subject
POLÍTICA FISCAL; POLÍTICA ECONÓMICA; TIPO DE CAMBIO; ECONOMÍA KEYNESIANA
One of the most popular pieces of wisdom in economic policy is the idea that fiscal policy is more effective in a fixed exchange rate regime or a currency union than in a flexible exchange rate regime. In this paper we revisit the theoretical foundations of the conventional wisdom on the relative ...
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Competition and stability in banking 

Author
Vives, Xavier
Date
Banco Central de Chile, 2011
Subject
ESTABILIDAD ECONÓMICA; BANCOS; BANCOS CENTRALES
Banking went from being one of the most regulated sectors in the economy after the crisis in the 1930s to a more lightly regulated sector with the liberalization process that started in the 1970s in the United States. The previous period was marked by few crises with much more instability in the second ...
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Capital flows macroprudential policies and capital controls 

Author
Aguirre R., Álvaro; Bauducco, Sofia; Saravia, Diego
Date
Banco Central de Chile, 2019
Subject
MOVIMIENTOS DE CAPITAL
Understanding the determinants and patterns of international capital flows is of crucial importance for the design of policies that enhance macroeconomic stability. Traditionally capital flows have been very volatile in developing economies with large inflows in times of economic booms and large sudden ...
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Presentación realizada en la Conferencia sobre los 25 años de autonomía del Banco Central de Chile 

Author
Massad, Carlos, 1932-
Date
Banco Central de Chile, 2016
Subject
BANCO CENTRAL DE CHILE; AUTONOMÍA; POLÍTICA MONETARIA
Pienso que no deberíamos estar conmemorando solo la independencia del Banco Central: deberíamos estar celebrando su éxito. Permítanme un vistazo rápido al pasado para ilustrar lo que digo. Cuando aún era un joven estudiante de economía a mediados del siglo veinte participé en demostraciones callejeras ...
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