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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    Independence, credibility, and communication of central banking: an overview 

    Pastén, Ernesto; Reis, Ricardo (Banco Central de Chile, 2021-10)
    The institution of central-bank independence is often lauded as a great conquest of the accumulation of knowledge and the sensible setting of policy. The economic literature is filled with arguments for why an independent ...
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    Public trust and central banking 

    Marcel Cullel, Mario (Banco Central de Chile, 2021-10)
    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 ...
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    Risks to central-bank independence 

    Rogoff, Kenneth S. (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, ...
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    The transformation and performance of emerging market economies across the great divide of the global financial crisis 

    Bordo, Michael D.; Siklos, Pierre (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 ...
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    Inflation targeting under political pressure 

    Halac, Marina; Yared, Pierre (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 ...
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    The fiscal footprint of macroprudential policy 

    Reis, Ricardo (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 ...
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    Fiscal inflation and cosmetic defaults in a small open economy 

    Bianchi, Francesco (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 ...
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    Central banking with many voices: the communications arms race 

    Vissing-Jorgensen, Annette (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 ...
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    The three E’s of central-bank communication with the public 

    Haldane, Andrew; Macaulay, Alistair; McMahon, Michael (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 ...
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    Central banking with many voices: the communications arms race 

    Cecchetti, Stephen G.; Schoenholtz, Kermit L. (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. ...

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