Banco Central de ChileRevista Economía Chilena
Published Issues
Volume 5 Nº 2 August 2002
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| Articles |
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| 15 Years of New Growth Economics : What Have we Learnt? Xavier Sala-i-Martin Paul Romer’s paper Increasing Returns and Long Run Growth, now15 years old, led to a resurgence in the research on economic growth. Since then, growth literature has expanded dramatically and has shifted the research focus of many generations of macroeconomists. The new line of work has emphasized the role of human capital, social and political variables, as well as the importance of institutions as driving forces of long-run economic growth. This paper presents an insight into the theoretical and empirial literature of the past fifteen years, highlighting the most significant contributions for our understanding of economics. |
| Quantity and Quality of Economic Growth Robert J. Barro Most cross-country studies of economic performance have focused on narrow economic variables. The present study emphasizes instead some quality dimensions of economic development, including health, fertility, income distribution, political institutions, crime, and religion. The data reveal a regular pattern in which economic development goes along with higher life expectancy and reduced fertility. Improvements in the standard of living are also associated with expansions of democracy, increased maintenance of the rule of law, and reductions in official corruption. Despite the presence of a Kuznets curve, little of the variations in income inequality are explained by the overall level of economic development. Crime rates, proxied by murder rates, also bear little relation with the level of development but are more closely associated with income inequality. Finally, there is some support for the secularization hypothesis, in that economic development is typically accompanied by lower levels of church attendance and religious beliefs. However, religiosity is positively related to education, holding fixed other indicators of economic development. |
| Estimating Gaps and Trends for the Chilean Economy Gabriela Contreras M. / Pablo García S. Trend GDP and the output gap are key inputs for policy evaluation and forecasting in standard models of monetary policy. However, measuring these variables is no easy task. This paper proposes two different approaches. First, a data-based approach, that starts with the primal and dual estimates of total factorproductivity (TFP) growth, and then uses a variety of procedures to filter the inputs. Second, a model-consistent framework that simultaneously estimates the macroeconomic dynamics and the underlying trends of the economy. Finally, a compared analysis is made of the difficulties of each methodology, using it to construct output gap and potential growth measures for Chile. |
| Research Notes |
| Subestimación de la Demanda por Dinero: ¿Cambio Estructural? Un Ejercicio Exploratorio Christian Johnson M. / Felipe Morandé L. |
| La Tasa de Interés Real Neutral en Chile César Calderón M. / Francisco Gallego Y. |
| Books review |
| Maestro: Greenspan’s Fed and the American Boom de Bob Woodward Juan Andrés Fontaine T. Central Bank Independence, Targets and Credibility de Francesco Lippi Felipe Morandé L. |
| Publications Review |
| Catastro de publicaciones recientes y resúmenes de artículos seleccionados |