Banco Central de ChileRevista Economía Chilena
Published Issues
Volume 13 Nº 1 April 2010
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| Articles |
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| Market Interest Rate Dynamics in Times of Financial Turmoil Juan Sebastián Becerra C. ; Luis Ceballos S.; Felipe Córdova F.; Michael Pedersen The significant reduction of the monetary policy rate (MPR) during 2009 has offset the rise in lending rates caused by increased uncertainty in the country and abroad. This paper comes to this conclusion after examining the evolution of interest rates of consumer and commercial loans in order to distinguish between the effects caused by MPR transmission from those caused by the increases in risk premiums occurred in 2008. The above is done through counterfactual simulations using the relevant variables. |
| Microeconomic Evidence of Nominal Wage Rigidities in Chile Marcus Cobb C. / Luis Opazo R This document presents new evidence on the adjustment frequency of wages in Chile and their fundamentals. The data come from a database built from information gathered by the Chilean safety association Asociación Chilena de Seguridad (AChS). The base consists of a panel of 429 thousand wage records for the period 2001.12–2007.12. The results indicate that, on average, wages take a little over nine quarters to adjust completely. As for the determinants of such adjustments, the degree of downward flexibility of wages depends positively on the participation of younger workers (under 30), positively on firm size, and negatively on the proportion of high income workers. Finally, the sectoral effects are statistical and economically significant. |
| Part-Time Work in Chile Tomás Rau B. This article discusses the evolution and determinants of part-time work in Chile. It tests some hypotheses found in the international literature, to determine whether part-time work is precarious, whether hourly payment is smaller, and whether it constitutes a step toward full-time employment. Evidence is found that part-time work is mostly feminine, and can be precarious in that it can be less stable and more informal. However, hourly wage is slightly higher than in full-time jobs. This gap is examined through a decomposition of Oaxaca, which reveals that wage differences cannot be explained by observable factors. It concludes with a Markov chain analysis using the Casen surveys to determine whether part-time jobs are a transition to full-time jobs, and also steady-state part-time participation is projected, as are long-term participation and employment rates. The results show that, given the current dynamics, the relative share of part-time work over total employment will remain stable, and labor participation will attain the level of developed economies in no less than 25 years. |
| Research Notes |
| Incertidumbre en las Series Desestacionalizadas de Actividad y Demanda en Chile Carlos A. Medel V. ; Michael Pedersen |
| Análisis de Derechos Contingentes: Aplicación a Casas Comerciales Rodrigo Alfaro A.; Natalia Gallardo S. ; Camilo Vio G |
| Crisis en la Zona Euro: Fundamentos
tras el Reciente Aumento de Spreads Soberanos Ari Aisen; Ignacio Badilla F.; Felipe Jaque S. ; David Moreno S. |
| Books review |
| Banco Central de Chile 1925–1964. Una Historia Institucional
de Camilo Carrasco A. Andrés Bianchi L |
| The Economics of Growth de Philippe Aghion y Peter Howitt Mauricio Calani C. |
| Publications Review |
| Catastro de publicaciones recientes y Resúmenes de artículos seleccionados |