Banco Central de ChileRevista Economía Chilena
Published Issues
Volume 5 Nº 3 December 2002
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| Articles |
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| Measuring Monetary Policy and Pass-Through in Chile Héctor Bravo L. / Carlos García T. First, this paper reviews the most important literature based on money VAR, which explains monetarytransmission mechanisms and pass-through from depreciation to inflation in Chile and other countries. Second, it estimates three structural VAR models with short-run restrictions and one VEC with long-run restrictions. The results indicate that monetary-transmission has become less powerful in the last years than in the period 1986-1997 and that the low pass-through depends on economic activity, inflation and the inflation target. |
| Monetary Policy and Transmission Mechanisms: New Elements for an old Debate Verónica Mies M. / Felipe Morandé L. / Matías Tapia G. This article begins by reviewing the current state of the arts in monetary transmission, focusing on the empirical evidence for the Chilean case. Then, it highlights two aspects that have not been given much attention in previous studies, namely the evolution of the monetary policy impact on output and prices over the past decade, and its breakdown by sector. A basic uniequational model is estimated, in order to study i) temporary shifts in the effectiveness of monetary policy and ii) shifts in regimes occurred in the late nineties. Then, VAR models are used—similar to those of previous studies—to analyze impulse-response functions. Finally, a comparative analysis is made on the impact of monetary policy on various productive sectors, for which output and price variables are incorporated into the traditional VAR model. |
| Exchange Rate Policy in Chile: the Abandonment of the Band and the Floating Experience Felipe Morandé L. / Matías Tapia G. As many countries worldwide, Chile has experienced virtually all the menu of options of exchange rate policies in the last forty years—with the sole exception of giving up its national currency. The quest for a reasonable exchange rate policy has been inspired in part by the different goals that, throughout these four decades, policymakers have attempted to achieve with this policy. After almost a decade of inflation targeting coexisting with an exchange rate band, in 1999 the Central Bank of Chile gave up the band and replaced it with a policy of floating. This paper deals with two main questions: (a) Why was the band abandoned and, by the same token, why did it last so long? and (b) How has the floating regime worked so far? The latter question involves accounting for the possible appearance of “fear of floating” by macroeconomic authorities, as well as evaluating the regime in three issues highlighted by the critics of exchange rate floating: passthrough to domestic prices, exchange rate volatility and balance sheet effects. |
| Research Notes |
| Políticas y Mercados de Pensiones: un Texto Universitario para América Latina de Salvador Valdés Klaus Schmidt-Hebbel D. |
| Curva de Beveridge, Vacantes y Desempleo: Chile 1986-2002 Dolly Bellani V. / Pablo García S. / Ernesto Pastén H. |
| Books review |
| Políticas y Mercados de Pensiones: un Texto Universitario para América Latina de Salvador Valdés Klaus Schmidt-Hebbel D. A Not-So-Dismal Science. A Broader View of Economies and Societies editado por Mancur Olson y Satu Kähkönen Guillermo Larraín R. |
| Publications Review |
| Catastro de publicaciones recientes Resúmenes de artículos seleccionados |