Los trabajos de investigación que normalmente se publican en cada volumen son versiones revisadas y editadas de documentos presentados en la Conferencia Anual del Banco Central de Chile. Estas reúnen a expertos, investigadores y académicos de bancos centrales y autoridades de política monetaria de numerosos países, con la finalidad de promover y discutir los últimos avances en investigación económica sobre temas macroeconómicos y de economía internacional. No obstante, también se ha publicado en esta colección algunos trabajos de investigación que no fueron parte de dicha conferencia anual, pero por su importancia para el Banco, se resolvió difundirlos en esta serie.

Recent Submissions

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    Comfort in floating: taking stock of twenty years of freely floating exchange rate in Chile 

    Albagli, Elías; Calani Cadena, Miguel Mauricio; Hadzi-Vaskov, Metodij; Marcel Cullel, Mario; Ricci, Luca Antonio (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 ...
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    Trend, seasonal, and sectorial inflation in the Euro Area 

    Stock, James H.; Watson, Mark W. (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 ...
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    Inflation globally 

    Jorda, Óscar; Nechio, Fernanda (Banco Central de Chile, 2020)
    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 ...
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    The supply-side origins of U.S. inflation 

    Hobijn, Bart (Banco Central de Chile, 2020)
    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 ...
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    Trade exposure and the evolution of inflation dynamics 

    Gilchrist, Simon; Zakrajsek, Egon (Banco Central de Chile, 2020)
    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 ...
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    Has the U.S. wage phillips curve flattened? A semi-structural exploration 

    Galí, Jordi; Gambetti, Luca (Banco Central de Chile, 2020)
    The deep and prolonged recession triggered by the global financial crisis of 2007–2009 led to a large increase in the unemployment rate in most advanced economies. Ten years later, at the time of writing this paper, the ...
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    The link between labor cost inflation and price inflation in the Euro Area 

    Bobeica, Elena; Ciccarelli, Matteo; Vansteenkiste, Isabel (Banco Central de Chile, 2020)
    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 ...
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    The nonpuzzling behavior of median inflation 

    Ball, Laurence; Mazumder, Sandeep (Banco Central de Chile, 2020)
    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 ...
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    The passthrough of large-cost shocks in an inflationary economy 

    Álvarez, Fernando; Neumeyer, Pablo Andrés (Banco Central de Chile, 2020)
    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. ...
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    Changing inflation dynamics, evolving monetary policy: an overview 

    Castex, Gonzalo; Galí, Jordi; Saravia, Diego (Banco Central de Chile, 2020)
    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 ...

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