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Central Bank Autonomy: The Chilean Experience

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Author Info
Luis Felipe Céspedes C.
Rodrigo Valdés P.

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Abstract

A selective revision to the theoretical and empirical literature on macroeconomic performance and central bank autonomy, yields new evidence of the relationship between the latter and the passthrough coefficient from the exchange rate to inflation. An analysis follows, from diverse viewpoints, to the way central bank autonomy has worked in practice in Chile, what were the issues being debated at the beginning and how they have unfolded later. The Central Bank of Chile’s (CBC) autonomy is then compared with that of other central banks, discussing the role of central banks’ capital. The conclusion from the analysis is that the CBC’s experience with autonomy has had very positive results.

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File URL: http://www.bcentral.cl/estudios/revista-economia/2006/abr/Vol9N1abr2006pp25_47.pdf
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Publisher Info
Article provided by Central Bank of Chile in its journal Economía Chilena.

Volume (Year): 9 (2006)
Issue (Month): 1 (April)
Pages: 25-47
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:chb:bcchec:v:9:y:2006:i:1:p:25-47

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    Other versions:
  2. Michael B. Devereux & Charles Engel & Peter E. Storgaard, 2003. "Endogenous Exchange Rate Pass-through when Nominal Prices are Set in Advance," NBER Working Papers 9543, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Ilan Goldfajn & Sergio R.C. Werlang, 2000. "The pass-through from depreciation to inflation : a panel study," Textos para discussão 423, Department of Economics PUC-Rio (Brazil). [Downloadable!]
  4. Robert J. Barro, 1996. "Determinants of Economic Growth: A Cross-Country Empirical Study," NBER Working Papers 5698, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Calderon, Cesar & Schmidt-Hebbel, Klaus, 2003. "Macroeconomic policies and performance in Latin America," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 895-923, December. [Downloadable!] (restricted)
    Other versions:
  6. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear Of Floating," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 379-408, May. [Downloadable!] (restricted)
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  7. Herman Bennett & Norman Loayza, 2000. "Policy Biases when the Monetary and Fiscal Authorities have Different Objectives," Working Papers Central Bank of Chile 66, Central Bank of Chile. [Downloadable!]
  8. Cukierman, Alex & Miller, Geoffrey P. & Neyapti, Bilin, 2002. "Central bank reform, liberalization and inflation in transition economies--an international perspective," Journal of Monetary Economics, Elsevier, vol. 49(2), pages 237-264, March. [Downloadable!] (restricted)
    Other versions:
  9. Ulrich Bindseil & Andres Manzanares & Benedict Weller, 2004. "The role of central bank capital revisited," Working Paper Series 392, European Central Bank. [Downloadable!]
  10. Guy Debelle & Stanley Fischer, 1994. "How independent should a central bank be?," Working Papers in Applied Economic Theory 94-05, Federal Reserve Bank of San Francisco.
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  11. Alex Cukierman, 1993. "Central Bank Independence, Political Influence and Macroeconomic Performance: a Survey of Recent Development," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 30(91), pages 271-292. [Downloadable!]
  12. Luis Felipe Céspedes & Ilan Goldfajn & Phil Lowe & Rodrigo Valdés, 2005. "Policy Responses to External Shocks: The Experiences of Australia, Brazil and Chile," Working Papers Central Bank of Chile 321, Central Bank of Chile. [Downloadable!]
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  15. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-62, May. [Downloadable!] (restricted)
  16. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, Oxford University Press, vol. 6(3), pages 353-98, September.
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  19. Rodrigo Caputo & Felipe Liendo, 2005. "Monetary Policy, Exchange Rate and Inflation Inertia in Chile: a Structural Approach," Working Papers Central Bank of Chile 352, Central Bank of Chile. [Downloadable!]
  20. De Gregorio, Jose, 1993. "Inflation, taxation, and long-run growth," Journal of Monetary Economics, Elsevier, vol. 31(3), pages 271-298, June. [Downloadable!] (restricted)
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