Monetary Policy in Chile: Did it Produce Changes in the Volatility Regime, 1990–2002?

Sergio Zúñiga

Chapter 6 in Structure and Structural Change in the Chilean Economy, 2006, pp 125-142 from Palgrave Macmillan

Abstract: Abstract A number of fundamental modifications in monetary policy were implemented in Chile beginning in the 1990s, among which included independent status for the Central Bank, establishment of an inflation targeting regime (IT),1 an important liberation of interest rates, and more recently the establishment of the Monetary Policy Rate (MPR). Before 1990, the mission of the Chilean Central Bank was quite limited. In effect, since 1976 monetary policy was linked to government financing, control of interest rates, and bank credit; up to 1982, a nominally fixed exchange rate existed, and until 1984 the bank was limited to supporting the banking system in the financial crises which occurred in the 1980s.

Keywords: Interest Rate; Monetary Policy; Central Bank; Real Interest Rate; Exchange Rate Volatility (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23965-4_6

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DOI: 10.1057/9780230239654_6

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