Banco Central de ChileRevista Economía Chilena
Published Issues
Volume 10 Nº 2 Agust 2007
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| Articles |
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| Dynamics of Price Adjustments: Evidence From Micro Level Data For Chile Juan Pablo Medina G. / David Rappoport W. / Claudio Soto G. This paper characterizes the dynamics of price adjustments in Chile using data at the establishment level of goods in the CPI basket. Our results show that nominal rigidities are lower when measured at micro-level compared to estimates based on macro data. The frequency of price adjustments appears to be relatively stable over the sample period 1999-2005. On the other hand, if we decompose price adjustments in upward and downward changes, we observe that these frequencies of adjustments for some groups of products are correlated with the level of aggregate inflation. Thus, the data shows that the intensive and extensive margins of price adjustment play a role in determining price dynamics. Finally, we find a considerable degree of synchronization in price adjustments across establishments and a moderate increase in price dispersion since 1999. |
| Inflation Compensation and Its Components in Chile Pamela Jervis O. This document studies the determinants of the components of inflation compensation, defined as the difference that exists between nominal and indexed interest rates. This analysis permits to evaluate how much they impact the portfolio choices of economic agents and, therefore, in interest rates observed in the market. For this, the determinants are broken down into components, building time series nonexistent until now. Subsequently models of behavior for inflation expectations are estimated, together with risk premiums for inflation, indexing and liquidity, for instruments of different maturities and in two dimensions. The empirical results confirm the hypothesis presented on the importance of incorporating not only expectations of inflation to explain inflation compensation in Chile, but also the existing risks in the market deriving finally to a more extensive Fisher relation than in their beginnings. |
| Nominal Exchange Rate in Chile: Predictions based on technical analysis Ana María Abarca G. / Felipe Alarcón G. / Pablo Pincheira B. / Jorge Selaive C. This work presents a review of the main indicators used in the technical analysis of the peso-dollar parity. We explain the usual interpretations of these indicators and we also explore the ability that the Relative Strength Index (RSI) may have to predict exchange rate returns at daily frequency. The predictive exercises are carried out using both in-sample and out-of-sample analyses. Our results show a robust ability of the RSI to predict nominal exchange rate returns for horizons under seven weeks. |
| Research Notes |
| Inflación de Bienes y Servicios J. Felipe Córdova F. / M. Carolina Grünwald N. Igal Magendzo W. |
| Mercado Swap de Tasas de Interés y Expectativas de TPM e Inflación Claudia Sotz P. / Felipe Alarcón G. |
| Metodología de las Pruebas de Tensión del Sector Corporativo Chileno Sergio Rodríguez E. / Nicole Winkler S. |
| Books review |
| Monetary Policy Under Inflation Targeting editado por Frederic S. Mishkin y Klaus Schmidt-Hebbel Carlos Massad A. |
| Structure and Structural Change in the Chilean Economy editado por Patricio A. Aroca y Geoffrey J.D. Hewings Pablo Pincheira B. |
| Publications Review |
| Catastro de publicaciones recientes y resúmenes de artículos seleccionados |