JEL Code E: Macroeconomics and Monetary Economics - 2005

Title Author Date Source Abstract
Desalineaciones Monetarias y Cambiarias e Inflación. Chile, 1986-2003. Cerda R. y A. Lema 2005 El Trimestre Económico LXXII (3): 545-79. Este art&icute;culo se centra en analizar los mecanismos de transmisión de las desalineaciones monetarias y cambiarias respecto a la inflación. Para esto, inicialmente se determinan los equilibrios en estos mercados, y por lo tanto, se estudia la demanda por dinero y la trayectoria de largo plazo del tipo de cambio real. Estos dos temas se utilizan como fundamentos para analizar los efectos de las desalineaciones cambiarias y monetarias en la inflación. El análisis emp&icute;rico se realiza a partir de datos agregados y desagregados por tipo de productos de consumo.
The Implementation of Monetary Policy in an Emerging Economy: the Case of Chile Johnson, C. y R. Vergara 2005 Revista de Análisis Económico 20(1): 45-62. Central bank authorities base implementation of monetary policy on an analysis of multiple variables known as monetary policy indicators. In a small open economy such as Chile, these indicators may include inflation misalignments, unemployment, GDP growth, money growth, the current account balance, exchange rate volatility and international reserves. A neural network approach is used to establish the corresponding weights considered by the Board of the Central Bank of Chile during the period 1995-2003. GDP growth and the difference between the actual and the target inflation were found to be among the variables of greatest weight in the monetary policy decision-making process of the Central Bank of Chile during this period.
Governance Structures and Decision-Making Roles in Inflation-Targeting Central Banks Tuladhar, A. 2005 IMF Working Paper No. 05/183.
Latin American Central Bank Reform: Progress and Challenges. Carstens, A. y L.I. Jácome 2005 IMF Working Paper N°05/114.
Is Fiscal Policy Effective? Evidence for an Emerging Economy: Chile 1833-2000. Cerda, R., H. González, y L.F. Lagos 2005 Documento de Trabajo N°292. Instituto de Economía, Pontificia Universidad Católica de Chile.
Efectos Dinámicos de la Política Fiscal. Cerda, R., H. González, y L.F. Lagos 2005 Cuadernos de Econom&icute;a 42: 63-77. This paper identifies the dynamic effects of fiscal policy on economic activity (GDP) in the Chilean economy. We use a structural vector autoregression (SVAR) methodology. The main results are: a positive fiscal expenditure shock has a negative effect on output during the first quarter; afterwards the effect dies out. A positive tax shock also has a negative marginal impact on output for one quarter.
Central Bank Losses and Experiences in Selected Countries. Dalton, J.W. y C.H. Dziobek 2005 IMF Working Paper N°05/72.
The Implementation of Monetary Policy in an Emerging Economy: The Case of Chile Johnson, C.A. y R. Vergara 2005 Documento de Trabajo N°291. Instituto de Economía, Pontificia Universidad Católica de Chile.
Capitalizing Central Banks: A Net Worth Approach. Alain, I. 2005 IMF Working Paper N° 05/15.
La Conquista de la Inflación en Chile. Morandé, F. y C. Noton 2005 Documento de Trabajo Nº 209. Departamento de Economía, Universidad de Chile.
El Marco Teórico de la Política Monetaria. Rosende, F. 2005 Revista de Análisis Económico 19(2): 85-117. This paper reviews the recent literature on monetary policy rules. In particular, we discuss the theoretical framework underlying different monetary policy strategies. Currently, many central banks are implementing a scheme of monetary policy where the main instrument and indicator of it, is a short-run interest rate. In this scheme monetary aggregates have no place. Since this point of view, the well known Monetary Theory of Nominal Income (MTNI) seems to be obsolete. In this paper we analyze how far of this approach –the MTNI– has moved the practice of monetay policy. In particular, we discuss the theoretical framework of the so called “new keynesian synthesis”.