RSS 1.0Serie Banca Central, análisis y políticas económicas (artículos)
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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Haok and hank models
(Banco Central de Chile, 2024)Accounting for and managing heterogeneities in economic agents’ preferences, information sets, and opportunities have always been central to macroeconomic theory. Long before macroeconomics existed as a distinct field, ... -
Heterogeneity in macroeconomics: implications for monetary policy an overview
(Banco Central de Chile, 2024)This volume collects some of the papers presented at the XXV Annual Conference of the Central Bank of Chile, which took place in November 2022 in Santiago, Chile.1 The theme of the conference was Heterogeneity in ... -
Managing an energy shock: fiscal and monetary policy
(Banco Central de Chile, 2024)Prepared for the Proceedings of the XXV Annual Conference of the Central Bank of Chile, held in November 2022. We are grateful for helpful comments and suggestions from Jenny Chan, Sebastián Edwards, Jordi Galí, Peter ... -
The international financial system after Covid-19
(Banco Central de Chile, 2023-08-09)In March of 2020, international markets seized up with a violence unequaled since the Global Financial Crisis (GFC) nearly a dozen years before. As economies around the world locked down in the face of the potentially ... -
Exchange rate puzzles and policies
(Banco Central de Chile, 2023-08-09)What is the optimal exchange rate policy? Should exchange rates be optimally pegged, managed, or allowed to freely float? What defines a freely floating exchange rate? Do open economies face a trilemma constraint in choosing ... -
International risk spillovers: implications for emerging markets’ monetary policy frameworks with an application to Chile
(Banco Central de Chile, 2023-08-09)Among the factors behind international spillovers, U.S. monetary policy developments retain a major influence. Such developments drive the global financial cycle as strongly demonstrated by Rey (2013), Miranda-Agrippino ... -
Global drivers and macroeconomic volatility in EMEs: a dynamic-factor, general-equilibrium perspective
(Banco Central de Chile, 2023-08-09)A common view held by academics as well as policymakers assigns an important role to global factors as drivers of fluctuations in economic activity in emerging market economies (EMEs). This follows naturally from the fact ... -
Sovereign-Debt Crises and Floating-Rate Bonds
(Banco Central de Chile, 2023-08-09)The choice of sovereign-debt maturity in countries at risk of default represents a complex set of competing forces. The tradeoffs reflect the underlying frictions present in international sovereign-debt markets. The primary ... -
How important is the commodity supercycle?
(Banco Central de Chile, 2023-08-09)World commodity prices are known to display long cycles. These cycles have a periodicity of 20 to 30 years and are called commodityprice supercycles. Figure 1 displays the time paths of eleven commodity prices deflated by ... -
KFstar and portfolio inflows: a focus on Latin America
(Banco Central de Chile, 2023-08-09)Policymakers faced with volatile capital flows may desire a method to identify the level of flows likely to persist in the medium run. In a series of papers (Burger, Warnock, and Warnock, henceforth BWW, 2018, 2022), we ...