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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
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Changing inflation dynamics, evolving monetary policy: an overview 

Author
Castex, Gonzalo; Galí, Jordi; Saravia, Diego
Date
Banco Central de Chile, 2020
Subject
INFLACIÓN; POLÍTICA MONETARIA
Understanding the dynamics of inflation has become an important challenge for both policymakers and researchers over the past decade. Empirical models linking inflation and economic activity—versions of the so-called Phillips curve—have failed to account for the behavior of inflation in many ...
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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 supply-side origins of U.S. inflation 

Author
Hobijn, Bart
Date
Banco Central de Chile, 2020
Subject
INFLACIÓN
In recent years, we have not seen much of a negative correlation between inflation, the time series plotted in figure 1, and measures of resource slack, based on real GDP plotted in figure 2. This flattening of the Phillips curve in many countries across the world has startled monetary policymakers. ...
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Inflation globally 

Author
Jorda, Óscar; Nechio, Fernanda
Date
Banco Central de Chile, 2020
Subject
INFLACIÓN
The fortunes of the Phillips curve have ebbed and flowed ever since it was proposed by Phillips (1958). Although its origins are primarily as an empirical regularity, there is now a vast literature that provides more formal justification. In recent times, the Great Moderation and the modern era ...
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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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Public trust and central banking 

Author
Marcel Cullel, Mario
Date
Banco Central de Chile, 2021-10
Subject
BANCOS CENTRALES; FIDEICOMISO; INFLACIÓN
Central bank independence is one of the most remarkable pieces of institutional architecture fostered by economic thinking in the last half century. Theoretical studies in the 1980s stressed central bank independence as a precondition to bringing inflation under lasting control, and support for reform ...
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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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Central banking with many voices: the communications arms race 

Author
Cecchetti, Stephen G.; Schoenholtz, Kermit L.
Date
Banco Central de Chile, 2021-10
Subject
BANCOS CENTRALES; COMUNICACIÓN; POLITICA MONETARIA; MERCADO FINANCIERO; BANQUEROS CENTRALES
The job of central bankers is to use the monetary powers granted to them to promote price stability, sustainable growth, and a stable financial system. They do this in an environment fraught with unavoidable uncertainties. But, in conducting policy, there is one uncertainty that policymakers can and ...
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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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Central banking with many voices: the communications arms race 

Author
Vissing-Jorgensen, Annette
Date
Banco Central de Chile, 2021-10
Subject
BANCOS CENTRALES; COMUNICACIÓN
Around the world, most central banks set policy by committee. This is motivated in part by the idea that groups reach better decisions than individuals and in part by a desire for representation of different geographical areas and economic constituencies in policymaking. The Bank for International ...
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