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Author
Galí, Jordi (2)Marcel Cullel, Mario (2)Reis, Ricardo (2)Albagli, Elías (1)Ball, Laurence (1)... View More
Subject
INFLACIÓN (13)BANCOS CENTRALES (8)POLÍTICA MONETARIA (5)COMUNICACIÓN (4)AUTONOMÍA (2)... View More
Date Issued
2021 (11)2020 (9)
Document Type
Artículo (20)
  •   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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Trend, seasonal, and sectorial inflation in the Euro Area 

Author
Stock, James H.; Watson, Mark W.
Date
Banco Central de Chile, 2020
Subject
INFLACIÓN; POLÍTICA MONETARIA
A central focus of monetary policy is the underlying rate of inflation that might be expected to prevail over a horizon of one or two years. Because inflation is estimated from noisy data, the estimation of this underlying rate of inflation, which we refer to as trend inflation, requires statistical ...
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The nonpuzzling behavior of median inflation 

Author
Ball, Laurence; Mazumder, Sandeep
Date
Banco Central de Chile, 2020
Subject
INFLACIÓN
For decades, textbooks have explained inflation behavior with Friedman (1968)’s Phillips curve: the inflation rate depends on expected inflation and the deviation of unemployment from its natural rate. Yet this theory has always been controversial, and skepticism has been rampant in the decade ...
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The passthrough of large-cost shocks in an inflationary economy 

Author
Álvarez, Fernando; Neumeyer, Pablo Andrés
Date
Banco Central de Chile, 2020
Subject
INFLACIÓN
This paper surveys and modestly extends the theory of menu-cost models of the behavior of the aggregate price level after large-cost shocks. It does so in the context of an economy with a high underlying rate of inflation. It concentrates on the effect of large permanent and unexpected increases ...
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Trade exposure and the evolution of inflation dynamics 

Author
Gilchrist, Simon; Zakrajsek, Egon
Date
Banco Central de Chile, 2020
Subject
INFLACIÓN
The Phillips curve—the relationship between price inflation and fluctuations in economic activity— is a central building block of economic models that allow for nominal rigidities and are relied upon by central banks around the world to gauge cyclical inflationary pressures and forecast inflation. ...
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The three E’s of central-bank communication with the public 

Author
Haldane, Andrew; Macaulay, Alistair; McMahon, Michael
Date
Banco Central de Chile, 2021-10
Subject
BANCOS CENTRALES; COMUNICACIÓN
Central banks used to ask, “Shall we communicate this?” Now, as a rule, they ask, “Why wouldn’t we communicate this?” This first wave of the revolution in central-bank communication is giving rise to a second wave. The question increasingly is, “How should we communicate this in a way that engages a ...
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The transformation and performance of emerging market economies across the great divide of the global financial crisis 

Author
Bordo, Michael D.; Siklos, Pierre
Date
Banco Central de Chile, 2021-10
Subject
CRISIS FINANCIERA; BANCOS CENTRALES; INFLACIÓN
Before the Global Financial Crisis, a drive towards greater central-bank autonomy and transparency, as part of the achievement of greater central-bank credibility that had begun in the advanced economies (AE), spread to the emerging market economies (EME). This process was greatly enhanced by the ...
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Fiscal inflation and cosmetic defaults in a small open economy 

Author
Bianchi, Francesco
Date
Banco Central de Chile, 2021-10
Subject
INFLACIÓN; TIPO DE CAMBIO; POLÍTICA MONETARIA; POLÍTICA FISCAL
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 ...
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The fiscal footprint of macroprudential policy 

Author
Reis, Ricardo
Date
Banco Central de Chile, 2021-10
Subject
POLÍTICA FISCAL; POLÍTICA MONETARIA; BANCOS CENTRALES; DEUDA
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 ...
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Inflation targeting under political pressure 

Author
Halac, Marina; Yared, Pierre
Date
Banco Central de Chile, 2021-10
Subject
INFLACIÓN; POLÍTICA MONETARIA
Historically, many emerging economies, particularly in Latin America, battled against persistently high and volatile inflation. Today, emerging economies continue to experience higher inflation than developed ones, and their central banks deviate more frequently from inflation targets. These patterns ...
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The link between labor cost inflation and price inflation in the Euro Area 

Author
Bobeica, Elena; Ciccarelli, Matteo; Vansteenkiste, Isabel
Date
Banco Central de Chile, 2020
Subject
INFLACIÓN
To gauge inflationary pressures, policymakers generally pay close attention to labor cost developments. A key reason has been the widely held view that labor cost inflation (i.e., wage inflation adjusted for productivity developments) is one of the main causes of price inflation. From a theoretical ...
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