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The implementation of monetary policy in an emerging economy: the case of Chile

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Author Info
Christian A. Johnson () (Universidad Adolfo Ibañez)
Rodrigo Vergara () (Universidad Católica de Chile)

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Abstract

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 in-flation misalignments, unemployment, GDP growth, money growth, the current account balance, exchange rate volatility and international re-serves. A neural network approach is used to establish the correspond-ing weights considered by the Board of the Central Bank of Chile dur-ing 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.

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Publisher Info
Article provided by Ilades-Georgetown University, Economics Department in its journal Revista de Analisis Economico.

Volume (Year): 20 (2005)
Issue (Month): 1 (June)
Pages: 45-62
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Handle: RePEc:ila:anaeco:v:20:y:2005:i:1:p:45-62

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Related research
Keywords: Monetary Policy; Neural Network;

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Find related papers by JEL classification:
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics

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This page was last updated on 2009-11-26.

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