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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
Rodrigo Vergara () (Instituto de Economía. Pontificia 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 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.

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Publisher Info
Paper provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its series Documentos de Trabajo with number 291.

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Date of creation: 2005
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Publication status: Published as "The Implementation of Monetary Policy in an Emerging Economy: The Case of Chile", Revista de Análisis Económico, Vol. 20, Nº 1, pp. 45-62, junio 2005.
Handle: RePEc:ioe:doctra:291

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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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  12. César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2003. "The Role of Credibility in the Cyclical Properties of Macroeconomic Policies in Emerging Economies," Working Papers Central Bank of Chile 237, Central Bank of Chile. [Downloadable!]
    Other versions:
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