The Monetary Policy Division (MPD) is responsible for advising the Board and other areas of the Bank on all macroeconomic matters, including the analysis and projection of economic activity, the monetary, credit, financial and fiscal situation of the country, and the major international trends. It also evaluates the monetary, financial, foreign exchange and international reserves policy in Chile, considering alternative courses of action. The MPD also conducts research and studies on economic, monetary, and forex policy issues relevant to the Chilean economy, as well as studies on the global economy and its impact on Chile. The MPD comprises four departments:
Economic Research Department
It is in charge of conducting theoretical and empirical studies on the Chilean and international economy, organizing the Bank's Annual Conference, and participating in national and foreign research seminars. It is responsible for the economic editing of the Bank's research publications and advises on matters related to trends affecting the Chilean economy. It develops and executes the Bank's economic modeling agenda and analysis in MP Report cycles.
International Analysis Department
Its functions include the permanent monitoring and evaluation of the international macroeconomic scenario. It also builds the central scenario of the MP Report for the international economy, making short-and medium-term forecasts and exploring alternative scenarios. In addition, it conducts research and studies on international issues relevant to Chile and supports the dissemination of international statistics at home and abroad.
Macroeconomic Analysis Department
It monitors and evaluates the local macroeconomic scenario on an ongoing basis, makes short- and medium-term projections of the local economy, and prepares the central internal scenario and risk scenarios for the MP Report. It provides advice on the preparation of the MP Report and documents for the monetary policy meeting, as well as managing the maintenance of the projection models and macroeconomic analysis.
Monetary Policy Strategy & Communication Department
This unit is in charge of communicating monetary policy decisions. Its main functions are to coordinate and draft the MP Report and related material, prepare the monetary policy meeting public documents, and collaborate in the design and preparation of speeches and presentations. It also carries out interviews and surveys to different agents in order to obtain qualitative information that complements the analysis of the economic situation and the monetary policy decision-making process. This results in the Business Perceptions Report, the Business Perceptions Survey, and boxes on latest economic developments.