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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    The international financial system after Covid-19 

    Obstfeld, Maurice (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 ...
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    Exchange rate puzzles and policies 

    Itskhoki, Oleg; Mukhin, Dmitry (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 ...
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    International risk spillovers: implications for emerging markets’ monetary policy frameworks with an application to Chile 

    Kalemli-Özcan, Sebnem (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 ...
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    Global drivers and macroeconomic volatility in EMEs: a dynamic-factor, general-equilibrium perspective 

    Bajraj, Gent; Fuentes D., Miguel; García S., Benjamín; Lorca, Jorge; Paillacar, Manuel; Wlasiuk, Juan M.; Fernández, Andrés (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 ...
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    Sovereign-Debt Crises and Floating-Rate Bonds 

    Aguiar, Mark; Amador, Manuel; Alves Monteiro, Ricardo (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 ...
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    How important is the commodity supercycle? 

    Fernández, Andrés; Schmitt-Grohé, Stephanie; Uribe, Martín (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 ...
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    KFstar and portfolio inflows: a focus on Latin America 

    Burger, John D.; Warnock, Francis E.; Cacdac Warnock, Veronica (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 ...
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    Cross-border corporate control: openness and tax havens 

    Aminadav, Gur; Fonseca, Luís; Papaioannou, Elias (Banco Central de Chile, 2023-08-09)
    Cross-border corporate control is a major facet of globalisation. In roughly one out of four listed controlled companies in 2012, control was exercised by a foreign entity or family/individual. Controlling—and passive—ownership ...
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    The reversal problem: development going backwards 

    Olaberria, Eduardo; Reinhart, Carmen M. (Banco Central de Chile, 2023-08-09)
    The Covid-19 pandemic triggered the most synchronous economic downturn in more than a century. Ninety percent of countries posted a decline in real per-capita GDP in 2020, a share that surpassed any other year since 1900, ...
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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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