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Journal Economía Chilena (The Chilean Economy)

2000 - 2018

Current editor(s): Roberto Alvarez, Miguel Fuentes and Claudio Raddatz

From Central Bank of Chile
Contact information at EDIRC.

Bibliographic data for series maintained by Claudio Sepulveda ().

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Volume 21, issue 2, 2018

La política monetaria cercada por un movimiento de pinzas Abstract: Monetary policy has been in the grip of a pincer movement, caught between growing financial cycles, on the one hand, and an inflation process that has become quite insensitive to domestic slack, on the other. This two-pronged attack has laid bare some of the limitations of prevailing monetary policy frameworks, particularly in the analytical notions that have guided much of its practice. We argue that the natural rate of interest as a guidepost for monetary policy has a couple of limitations: the concept, as traditionally conceived, neglects the state of the financial cycle in the definition of equilibrium; in addition, it underestimates the role that monetary policy regimes may play in persistent real interest rate movements. These limitations may expose monetary policy to blindsiding by the collateral damage that comes from an unhinged financial cycle. We propose a more balanced approach that recognises the difficulties monetary policy has in finetuning inflation and responds more systematically to the financial cycle pp. 004-044 Downloads
Claudio Borio, Piti Disyatat, Mikael Juselius and Phurichai Rungcharoenkitkul
Preferencia de los bancos centrales por el largo plazo pp. 046-081 Downloads
Ricardo Reis
La relación entre política monetaria y política de estabilización financiera pp. 082-106 Downloads
Lars E.O. Svensson

Volume 21, issue 1, 2018

Unemployment dynamics in Chile: 1960-2015 pp. 004-033 Downloads
Alberto Naudon D. and Andrés Pérez
Fuentes del crecimiento económico y la productividad en América Latina y el Caribe, 1990-2013 pp. 034-066 Downloads
Claudio Aravena F., André A. Hofman and Luis Eduardo Escobar F.
Política monetaria óptima bajo inestabilidad financiera en economías emergentes pp. 068-117 Downloads
Carlos Rojas Q.

Volume 20, issue 3, 2017

Forecasting Chilean inflation with the hybrid new keynesian Phillips curve: globalisation, combination, and accuracy pp. 004-050 Downloads
Carlos A. Medel
Household saving and labor informality: the case of Chile pp. 052-080 Downloads
Alfredo Schclarek and Mauricio Caggia
Desviaciones de la paridad cubierta de tasas de interés: experiencia internacional y el caso de Chile pp. 082-100 Downloads
Catalina Morales and Rodrigo Vergara

Volume 20, issue 2, 2017

Cuando los flujos de capital se detienen pp. 004-041 Downloads
Barry Eichengreen and Poonam Gupta
Política macroprudencial: promesas y desafíos pp. 042-088 Downloads
Enrique G. Mendoza
Propagación de información entre países pp. 090-127 Downloads
Kyriakos Chousakos, Gary Gorton and Guillermo Ordonez

Volume 20, issue 1, 2017

Impuesto al CO2 en el sector eléctrico chileno: efectividad y efectos macroeconómicos pp. 004-025 Downloads
Cristian Mardones and Tamara Muñoz Z.
Acceso a la educación superior ¿Tiene un efecto disuasivo sobre el crimen juvenil? Evidencia para Chile pp. 026-049 Downloads
Nicolás Rivera G.
Impuestos corporativos y capital: veintiséis años de evidencia en empresas pp. 050-071 Downloads
Rodrigo Cerda and José Llodrá

Volume 19, issue 3, 2016

Propagation of inflationary shocks in Chile pp. 004-025 Downloads
Michael Pedersen
A new liquidity risk measure for the Chilean banking sector pp. 026-067 Downloads
Sebastián Becerra, Grégory Claeys and Juan Francisco Martínez
Disparidades regionales de la bancarización en Chile. Período 2001-2012 pp. 068-088 Downloads
Virginia Isabel Montaña A. and Luz María Ferrada B.

Volume 19, issue 2, 2016

Quantitative easing and financial stability pp. 04-77 Downloads
Michael Woodford
Measuring the effects of unconventional monetary policy on asset prices pp. 78-100 Downloads
Eric Swanson
The response of sovereign bond yields to U.S. monetary policy pp. 102-106 Downloads
Simon Gilchrist, Egon Zakrajsek and Vivian Z. Yue

Volume 19, issue 1, 2016

Proyección de la inflación en Chile: una visión sectorial pp. 04-19 Downloads
Jorge Fornero and Alberto Naudon
Exchange rate pass-through to prices: var evidence for Chile Abstract: This paper investigates the exchange rate pass-through to different price indices in Chile. The analysis is carried out with a vector autoregressive (VAR) model with exogenous variables. Models were estimated using monthly data for Chile from January 1987 to December 2013. Average pass-through ratio to total CPI is estimated to be between 0.1 and 0.2 in the medium term. These results indicate a lower ERPT after the adoption of inflation targeting. Moreover, from 2002 onwards the effect of an exchange rate movement takes around four quarters to pass-through completely, compared to one to two years for the full sample pp. 20-37 Downloads
Andrés Sansone and Santiago Justel
The labor wedge and business cycles in Chile pp. 38-56 Downloads
David Coble and Sebastián Faúndez

Volume 18, issue 3, 2015

The Liquidity Approach to Bubbles, Crises, Jobless Recoveries, and Involuntary Unemployment pp. 04-27 Downloads
Guillermo Calvo
Why do Countries have Fiscal Rules? pp. 28-61 Downloads
Ibrahim Elbadawi, Klaus Schmidt-Hebbel and Raimundo Soto
Endogenous Exchange-Rate Pass-through and Self-Validating Exchange Rate Regimes pp. 62-89 Downloads
Giancarlo Corsetti and Paolo Pesenti

Volume 18, issue 2, 2015

Administración de Ingresos Provenientes de Recursos Naturales: Tres “Relojes” de Política pp. 04-26 Downloads
Paul Collier
Política Monetaria y la Enfermedad Holandesa: Rigidez de Precios y de Salarios pp. 28-60 Downloads
Constantino Hevia and Juan Pablo Nicolini
Desafíos del Manejo de la Liquidez y de los Activos Internacionales en Latinoamérica pp. 62-96 Downloads
Joshua Aizenman and Daniel Riera-Crichton

Volume 18, issue 1, 2015

Housing prices and macroeconomic factors: evidence from Chile pp. 4-24 Downloads
Carmen Silva and Camilo Vio
Bank credit during the 2008 financial crisis: a cross-country comparison pp. 26-49 Downloads
Ari Aisen and Michael Franken

Volume 17, issue 3, 2014

Complementarity between flat tax and conditional cash transfers to improve the income distribution in Chile pp. 04-27 Downloads
Cristian Mardones
About the long-term distributional impact of embodied technological progress (without spillover effects) in developing countries pp. 28-54 Downloads
Raúl Fuentes Z., Javier Scavia D. and Juan Berríos P.
Relationship between the dollar, the price of copper and the IPSA indifferent time scales: An approach through Wavelet pp. 56-85 Downloads
Werner Kristjanpoller R. and Alejandro Sierra C.

Volume 17, issue 2, 2014

Corporate Saving and Global Rebalancing pp. 04-25 Downloads
Philippe Bacchetta and Kenza Benhima
Spillovers to emerging markets during global financial crisis pp. 26-47 Downloads
Sebnem Kalemli-Özcan
The carry trade in industrialized and emerging markets pp. 48-78 Downloads
Craig Burnside

Volume 17, issue 1, 2014

A Disaggregate Look at Deteriorating Productivity in Chile: Has There Been Structural Change? pp. 04-36 Downloads
Rodrigo Fuentes and Gonzalo García Trujillo
Effects of Oil-Price Shocks on The Economies Of Chile and Its Trading Partners pp. 38-65 Downloads
Michael Pedersen and Miguel Ricaurte
Predictive Evaluation of Sectoral and Total Employment Based on Entrepreneurial Confidence Indicators pp. 66-87 Downloads
Pablo Pincheira

Volume 16, issue 3, 2013

Deviation of the purchasing power parity hypothesis and equilibrium real exchange rate: Chile 1986-2011 pp. 04-31 Downloads
Jorge Miranda P.
Analysis of the use of benefits under Chilean unemployment insurance pp. 32-68 Downloads
Eduardo Fajnzylber R. and Isabel Poblete H.
Determinants of corporate exchange rate exposure in Chilean firms pp. 70-88 Downloads
Erwin Hansen and Stuart Hyde

Volume 16, issue 2, 2013

Does expansionary monetary policy cause asset price booms? some historical and empirical evidence pp. 04-52 Downloads
Michael D. Bordo and John Landon-Lane
Monetary policy and macro-prudential regulation: the risk-sharing paradigm pp. 54-66 Downloads
Atif Mian
private information in the mortgage market: evidence and a theory of crises pp. 68-95 Downloads
Robert Shimer
Monetary policy at the zero lower bound: the chilean experience pp. 96-121 Downloads
Luis Cespedes, Javier García-Cicco and Diego Saravia

Volume 16, issue 1, 2013

The Interest rate and Exchange Rate Channels in Dollarized and non-dollarized Economies: The Eases of Chile, New Zealand, Peru and Uruguay pp. 04-23 Downloads
Santiago Acosta-O. and David Coble
Macroeconomic Forecasting in Chile: a Structural Bayesian Approach pp. 24-63 Downloads
Carlos García, Pablo González M. and Antonio Moncado S.
The Business Cycle, Credit cost and Risk in Chile from a Structural var model's Perspective pp. 64-99 Downloads
Carlos García and Andres Sagner
Page updated 2018-12-10