Serie Banca Central, análisis y políticas económicas (artículos): Recent submissions
Now showing items 21-30 of 323
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Risks to central-bank independence
(Banco Central de Chile, 2021-10)Central banking today faces a number of existential challenges. On the political side, and particularly after the financial crisis, the public has come to expect central banks to take on a dizzying array of responsibilities, ... -
The transformation and performance of emerging market economies across the great divide of the global financial crisis
(Banco Central de Chile, 2021-10)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 ... -
Inflation targeting under political pressure
(Banco Central de Chile, 2021-10)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 ... -
The fiscal footprint of macroprudential policy
(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 ... -
Central banking with many voices: the communications arms race
(Banco Central de Chile, 2021-10)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. ... -
Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile
(Banco Central de Chile, 2021-10)Chile offers an example of a country that has overcome the fear of floating by reducing balance-sheet mismatches; enhancing financial-market development; and improving monetary, fiscal, and political institutions; while ... -
Fiscal inflation and cosmetic defaults in a small open economy
(Banco Central de Chile, 2021-10)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 ... -
Central banking with many voices: the communications arms race
(Banco Central de Chile, 2021-10)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 ... -
The three E’s of central-bank communication with the public
(Banco Central de Chile, 2021-10)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 ... -
Trend, seasonal, and sectorial inflation in the Euro Area
(Banco Central de Chile, 2020)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 ...