Central Bank of Chile
Journal Economía Chilena (The Chilean Economy)
Contact information of Central Bank of Chile:
Postal: Casilla No967, Santiago
Phone: (562) 670 2000
Fax: (562) 698 4847
Web page: http://www.bcentral.cl/
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Editor: Roberto Alvarez
Editor: Miguel Fuentes
Editor:
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registered editor(s): Roberto Alvarez
Luis Felipe Cespedes
Claudio E. Raddatz
Miguel Fuentes
Klaus Schmidt-Hebbel
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2012, Volume 15, Issue 3
- 04-39 A Joint Test of Superior Predictive Ability for Chilean Inflation Forecasts
by Pablo Pincheira - 40-63 On the Level of International Reserves in Chile: an Analysis Based on Complementary Approaches
by Gabriela Contreras & Alejandro Jara & Eduardo Olaberría & Diego Saravia - 64-83 Residential Demand for Electric Energy in Chile
by Claudio Agostini & M. Cecilia Plottier & Eduardo Saavedra
2012, Volume 15, Issue 2
- 04-32 An Anatomy of Credits Booms and their Demise
by Enrique G. Mendoza & Marco E. Terrones - 33-65 Adapting Macroprudential Policies to Global Liquidity Conditions
by Hyun Song Shin - 66-98 Capital Controls and Foreign Exchange Policy
by Marcel Fratzscher
2012, Volume 15, Issue 1
- 4-31 Inflation Dynamics in the Presence of Informal Labour Markets
by Paul Castillo B. & Carlos Montoro Ll. - 32-75 Labor Market Dynamic in Chile:The Role of the Terms of Trade
by Juan Pablo Medina & Alberto Naudon - 76-89 Centralization, Focalization and Unwanted Consequences: Evaluating Chilean Employment Programs Abstract: This paper conducts direct tests for evaluating the performance of two types of emergency employment programs put in place in Chile since 1999. Our results suggest that decentralized and "market-driven" programs (subsidies for hiring and training) are more efficient than centralized (direct employment) programs in terms of productivity, but are targeted to people that are less vulnerable to unemployment. Direct employment programs result in moderate increases of the income of the participants' households. However, these increases may be outweighted by the costs (in present value) associated with unintended consequences (higher school drop-out and participation rates). If analyzed at the municipality level, centralized programs do not target municipalities with higher unemployment and vulnerability to unemployment, or even with lower median income levels, but appear to have a strong political component. Our results also suggest that the population targeted in direct employment programs is not more vulnerable to unemployment than the currently unemployed
by . Rómulo Chumacero E. & Ricardo Paredes M. - 90-95 Los Flujos de Capital y la Interacción entre la Política Macroprudencial y la Política Monetaria
by José De Gregorio
2011, Volume 14, Issue 3
- 5-39 Systemic Risk Associated with Households in Chile
by Alejandra Marinovic G. & José Miguel Matus L. & Karla Flores M. & Nancy Silva S. - 41-56 Shock Transmission and Coupling with External Stock Markets: Assymetric Effects and Structural Break
by María José Meléndez C. & Marco Morales S. / G & Guillermo Yáñez C. - 57-74 Estimating Chile’s NominalIinterest Rate Structure: An Application of the Dynamic Nelson-Siegel Model
by Rodrigo Alfaro A. & Sebastián Becerra C. / A & Andrés Sagner T.
2011, Volume 14, Issue 2
- 5-38 Floats, Pegs and the Transmission of Fiscal Policy
by Giancarlo Corsetti & Keith Kuester & Gernot J. Müller - 39-78 A Solution to Fiscal Procyclicality: the Structural Budget Institutions Pioneered by Chile
by Jeffrey Frankel - 79-107 Non-Ricardian Aspects of Fiscal Policy in Chile
by Luis Felipe Céspedes C. & Jorge A. Fornero & Jordi Galí
2011, Volume 14, Issue 1
- 05-24 Investment-Specific Productivity Growth: Chile from a Global Perspective
by Gabriel Di Bella & Martín Cerisola - 25-38 Chilean Export Performance: the Role of Intensive and Extensive Marginss
by Matías Berthelon - 39-51 Educational Performance and Gaps in Chile: is there a Coverage bias?
by Andrea GutiérrezR & Ricardo Paredes
2010, Volume 13, Issue 3
- 5-32 Chile’s Structural Fiscal Surplus Rule: a Model-Based Evaluation
by Michael Kumhof & Douglas Laxton - 33-65 Banking Efficiency in Chile: a Profit Frontier Approach
by José Luis Carreño G. & Gino Loyola F. & Yolanda Portilla S. - 67-94 Non-linear Dynamics in the Chilean Stock Market: Evidence on Traded Volumes and Returns
by Rodrigo F. Aranda L. & Patricio Jaramillo G.
2010, Volume 13, Issue 2
- 5-10 The Great Recession and the Great Depression: Reflections and Lessons
by Barry Eichengreen - 11-50 Inflation Targeting in Financially Stable Economies: Has it been Flexible Enough?
by Mauricio Calani C. & Kevin Cowan L. & Pablo García S. - 55-84 Recessions and Financial Disruptions in Emerging Marketes: A Bird's Eye View
by Stijn Claessens & M. Ayhan Kose & Marco E. Terrones - 85-112 Competition and Stability in Banking
by Xavier Vives T.
2010, Volume 13, Issue 1
- 5-22 Market Interest Rate Dynamics in Times of Financial Turmoil
by Juan Sebastián Becerra C. & Luis Ceballos S. & Felipe Córdova F. & Michael Pedersen - 23-37 Microeconomic Evidence of Nominal Wage Rigidities in Chile
by Marcus Cobb C. & Luis Opazo R - 39-59 Part-Time Work in Chile
by Tomás Rau B.
2009, Volume 12, Issue 3
- 05-10 The Autonomy of the Central Bank of Chile Twenty Years on
by José De Gregorio - 11-23 The Autonomy of the Central Bank of Chile: Origins and Legitimacy
by Andrés Bianchi - 25-58 Persistent Supply Shocks: A Pain in the Neck for Central Banks?
by Felipe Morandé L. & Mauricio Tejada G. - 59-77 Consumer Banking and Credit Risk
by Rodrigo Alfaro A. & Daniel Calvo C. & Daniel Oda Z.
2009, Volume 12, Issue 2
- 5-10 FinanciaL Stability, Monetary Policy and Central Banking: an Overview
by Rodrigo Alfaro A. & Rodrigo Cifuentes S. - 11-33 Incorporating Financial Sector Risk Into Monetary Policy Models: Application to Chile
by Dale Gray & Carlos García T. & Leonardo Luna B. & Jorge E. Restrepo L. - 35-53 Households’ Financial Vulnerability
by Marcelo Fuenzalida C. & Jaime Ruiz-Tagle V. - 55-65 Equity Market Spillovers in the Americas
by Francis X. Diebold / Kamil Yilmaz
2009, Volume 12, Issue 1
- 5-38 Macroeconomy, Monetary Policy and Central Bank Capitalization
by Jorge E. Restrepo L. & Luis Salomó S. & Rodrigo O. Valdés P. - 39-49 Monetary Policy Efficiency in Chile were there any Improvements?
by J. Marcelo Ochoa C. - 51-68 Evolution of Housing Prices in Chile
by Eric Parrado H. / & Paulo Cox P. & Marcelo Fuenzalida C. - 69-93 Mortgage Securitizacion and Economic Development: an Essay on Chile´s Caja de Crédito Hipotecario
by Philip L. Brock
2008, Volume 11, Issue 3
- 5-19 Monetary Policy Under Uncertainty and Learning: An Overview
by Klaus Schmidt-Hebbel D. & Carl E. Walsh. - 21-44 Learning, Endogenous Indexation, and Disinflation in the New-Keynesian Model
by Volker Wieland - 45-80 Sources of Uncertainty in Monetary Policy Conduct in Chile
by Felipe Morandé L. & Mauricio Tejada G. - 81-104 Overoptimism, Boom-Bust Cycles and Monetary Policy in Small Open Economies
by Manuel Marfán L. . & Juan Pablo Medina G. & Claudio Soto G.
2008, Volume 11, Issue 2
- 7-30 The output Gap in chile: Measurement and Evaluation
by Rodrigo Fuentes S. & Fabián Gredig U. & Mauricio Larraín E. - 31-46 Estimating the NAIRU for Chile
by Jorge E. Restrepo L. - 47-58 The Neutral Interest Rate: Estimates for Chile
by Rodrigo Fuentes S & Fabián Gredig U. - 59-77 Equilibrium Real Exchange Rate in Chile: Alternative Approaches
by Rodrigo Caputo G. & Marco Núñez N
2008, Volume 11, Issue 1
- 5-27 The Monetary Policy Horizon in Chile and Other Inflation-Targeting Countries
by Fabián Gredig U. & Klaus Schmidt-Hebbel D. & Rodrigo O. Valdés P. - 29-59 A Framework for Printing and Minting Plans
by Rómulo A. Chumacero E. & Claudio Pardo M. & David Valdés V. - 61-91 Exchange Rate Analysis in Practice
by Rodrigo Caputo G. & Marco Núñez N. & Rodrigo O. Valdés P. - 93-116 Bankruptcy Prediction for Chilean Companies
by Felipe Zurita L.
2007, Volume 10, Issue 3
- 5-18 Current Account and External Financing
by Rodrigo Valdés P. & Kevin Cowan L. & Sebastián Edwards F. - 19-44 Stocks, Flows and Valuation Effects of Foreign Assets and Liabilities: Do they Matter?
by Alfredo Pistelli M. & Jorge Selaive C. & Rodrigo Valdés P. - 45-65 Financial Diversification and Sudden Stops
by Kevin Cowan L. & José De Gregorio R. & Alejandro Micco A. & Christopher Neilson M. - 67-114 What Drives the Current Account in Commodity-Exporting Countries? The Cases of Chile and New Zealand
by Juan Pablo Medina G. & Anella Munro & Claudio Soto G.
2007, Volume 10, Issue 2
- 5-26 Dynamics of Price Adjustments: Evidence From Micro Level Data For Chile
by Juan Pablo Medina G. & David Rappoport W. & Claudio Soto G. - 27-56 Inflation Compensation and Its Components in Chile
by Pamela Jervis - 57-80 Nominal Exchange Rate in Chile: Predictions based on technical analysis
by Ana María Abarca G. & Felipe Alarcón G. & Pablo Pincheira B. & Jorge Selaive C.
2007, Volume 10, Issue 1
- 5-36 Oil Shocks and Inflation The Case Of Chile and a Sample of Industrial Countries
by Pablo Pincheira B & Álvaro García M - 37-50 Monetary Policy Surprises and the Yield Curve in Chile
by Mauricio Larraín - 51-70 Trimmed Indexes as Measures of Trend Imacec
by Fabián Gredig U. - 71-89 Stylized Facts of the International Business Cycle Relevant for the Chilean Economy
by Carlos J. García T. & Patricio Jaramillo G. & Jorge Selaive C.
2006, Volume 9, Issue 3
- 5-17 Monetary Policy Under Inflation Targeting: An Introduction
by Frederic S. Mishkin & Klaus Schmidt-Hebbel D. - 19-52 Inflation Targeting And The Anchoring Of Inflation Expectations In The Western Hemisphere
by Refet S. Gürkaynak & Andrew T. Levin & Andrew N. Marder & Eric T. Swanson - 53-70 Inflation Targeting And Monetary Policy Credibility In Chile
by Luis F. Céspedes C. & Claudio Soto G. - 73-95 New Keynesian Models For Chile During The Inflation Targeting Regime: A Structural Approach
by Rodrigo Caputo & Felipe Liendo & Juan Pablo Medina
2006, Volume 9, Issue 2
- 5-13 Inflation Targeting And The Full Employment Objective
by José De Gregorio R. - 15-40 Empirical Regularities Of The Chilean Economy: 1986-2005
by Jorge Enrique Restrepo L. & Claudio Soto G. - 41-59 Currency Hedging And International Portfolio Investments: A Local Perspective
by Eduardo Walker H.
2006, Volume 9, Issue 1
- 5-23 Central Bank Independence And Monetary Policy Making Institutions: Past, Present, And Future
by Alex Cukierman - 25-47 Central Bank Autonomy: The Chilean Experience
by Luis Felipe Céspedes C. & Rodrigo Valdés P. - 49-67 Sovereign Spreads: A Factorial Approach
by Jorge Selaive C. & Valentín Délano T.
2005, Volume 8, Issue 3
- 5-27 Eighty Years of History of the Central Bank of Chile
by Vittorio Corbo L. & Leonardo Hernández T. - 29-54 Fear of Floating and Exchange Rate Policy in Chile
by José De Gregorio R. / & Andrea Tokman R. - 55-74 Denomination of the Debt of the Chilean Government: A Risk Management Perspective
by Elías Albagli I.
2005, Volume 8, Issue 2
- 7-44 Policy Responses to external Shocks in Australia, Brazil and Chile
by Luis Felipe Céspedes C. & Ilan Goldfajn & Phil Lowe & Rodrigo Valdés P. - 45-56 Contingent Reserves Management: an Applied Framework
by Ricardo J. Caballero G. & Stavros Panageas - 57-82 Currency Mismatches in Non-Financial Firms in Chile
by Kevin Cowan L. & Erwin Hansen S. & Luis Óscar Herrera B.
2005, Volume 8, Issue 1
- 7-33 Looking at Chile’s Economic Dvelopment From an International Perspective
by J. Rodrigo Fuentes S. & Verónica Mies M. - 35-52 Diagnosis and Propasals for Chilean Education
by Andrea Tokman R - 53-77 Technological Innovation in Chile: Where we are and what can be Done
by José Miguel Benavente H.
2004, Volume 7, Issue 3
- 5-34 About International Reserve Adequacy: The Case of Chile
by Claudio Soto G. & Alberto Naudon D. & Eduardo López E. & Álvaro Aguirre R. - 35-46 Use of Dynamic Factor Analysis in Macroeconomic Forecasts
by Álvaro Aguirre R. & Luis Felipe Céspedes C. - 47-56 Forecasting Chilean Industrial Production and Sales With Automated Procedures
by Rómulo Chumacero E.
2004, Volume 7, Issue 2
- 5-26 Microeconomic Flexibility in Latin America
by Ricardo Caballero G. & Eduardo Engel G. & Alejandro Micco A. - 27-46 Evaluating Labor Market Flexibility in Chile from an International Perspective
by Elías Albagli I. & Pablo García S. & Jorge Restrepo L. - 47-62 Labor Income Dynamics in Chile
by Cristóbal Huneeus L. & Andrea Repetto L.
2004, Volume 7, Issue 1
- 5-30 Un Análisis del Comportamiento del Tipo de Cambio Real en Chile
by César Calderón M. - 31-50 Desempleo y Consumo en Chile
by Claudio Soto G. - 51-89 Función de Ingresos de los Hogares Chilenos: Ciclo de vida y Persistencia de Shocks
by Paulina Granados Z.
2003, Volume 6, Issue 3
- 5-26 Heterogeneidad de la Transmisión Monetaria: Efectos Sectoriales y Regionales
by Héctor Bravo L. & Carlos García T. & Verónica Mies M. & Matías Tapia G. - 27-44 Concentración, Hold-up e Información de las Colocaciones Bancarias: Evidencia de Empresas Chilenas
by Alvaro García M. & Andrea Repetto L. & Sergio Rodríguez E. & Rodrigo Valdés P. - 45-65 Sobre los Determinantes de los Spreads Marginal y Promedio de las Tasas de Interés Bancarias: Chile 1994-2001
by Philip Brock & Helmut Franken M.
2003, Volume 6, Issue 2
- 5-35 Monetary Policy Nominalization in Chile: an Evaluation
by R. Fuentes S. & A. Jara R. & K. Schmidt-Hebbel D. & M. Tapia G. - 29-43 The Impact of Monetary Policy on the Bilateral Exchange Rate: Chile Versus the United States
by Jeromin Zettelmeyer - 45-70 Market Discipline in Depositors’ Behavior and the Role of Risk-Rating Agencies: The Case of Chile
by Carlos Budnevich L. & Helmut Franken M.
2003, Volume 6, Issue 1
- 5-19 Money and Inflation: Where do we Stand?
by Jose de Gregorio R. - 21-47 Money and Inflation in an Inflation-Tageting Regime
by Pablo García S. & Rodrigo Valdés P. - 49-67 From Policy Rates to Bank Lending Rates: The Chilean Banking Industry
by Solange Berstein J. & Rodrigo Fuentes S.
2002, Volume 5, Issue 3
- 5-28 Measuring Monetary Policy and Pass-Through in Chile
by Héctor Bravo L. & Carlos García T. - 29-66 Monetary Policy and Transmission Mechanisms: New Elements for an old Debate
by Verónica Mies M. & Felipe Morandé L. & Matías Tapia G. - 67-94 Exchange Rate Policy in Chile: the Abandonment of the Band and the Floating Experience
by Felipe Morandé L. & Matías Tapia G.
2002, Volume 5, Issue 2
- 5-15 15 Years of New Growth Economics : What Have we Learnt?
by Xavier Sala-i-Martin - 17-36 Quantity and Quality of Economic Growth
by Robert J. Barro - 37-55 Estimating Gaps and Trends for the Chilean Economy
by Gabriela Contreras M. & Pablo García S.
2002, Volume 5, Issue 1
- 5-10 Articles A Challenges of Economic Growth: an Overview
by Carlos Massad A. - 11-36 Coping With Chile’s External Vulnerability: A Financial Problem
by Ricardo Caballero G - 37-67 The Golden Period For Growth In Chile: Explanations And Forecasts
by Francisco Gallego Y. & Norman Loayza O.
2001, Volume 4, Issue 3
- 15-27 Structural budget balance: the pilar of the new chilean fiscal policy rule
by Mario Marcel C. & Marcelo Tokman R. & Rodrigo Valdés P. & Paula Benavides S. - 29-57 Foreign Shocks and Monetary Policy Transmission in Chile
by Eric Parrado H. - 59-85 Inflation Forecasting in Chile
by Francisco Nadal De Simone
2001, Volume 4, Issue 2
- 5-26 Structural Changes in the Demand of Labor in Chile
by Claudia Martínez A. & Gustavo Morales M. & Rodrigo Valdés P. - 27-58 Theoretical and Practical Approaches for Determining Trend Output: an Application to Chile
by Francisco Gallego Y. & Christian Johnson M - 59-74 Scale and Scope Economies in the Chilean Banking System
by Carlos Budnevich L. & Helmut Franken M. & Ricardo Paredes M.
2001, Volume 4, Issue 1
- 5-24 Seasonal Effects and Volume-yield Relationship in the Central Bank Indexed Promissory Notes
by Sergio Zúñiga J. - 25-34 Risk, Size and Concentration in the Chilean Banking System
by Rómulo Chumacero E. & Patricia S. Langoni - 35-62 A Decade of Inflation Targeting in Chile: Developments, Lessons, and Challenges
by Felipe Morandé L.
2000, Volume 3, Issue 3
- 5-32 Money Demand: Theory, Evidence, Results
by Verónica Mies M. & Raimundo Soto M. - 33-53 The Transactions Demand for Money in Chile
by Christopher Adam - 57-71 Seasonal Cointegration in Money Demand
by Raimundo Soto M. & Matías Tapia G.
2000, Volume 3, Issue 2
- 5-30 Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects
by Francisco Gallego Y. & Norman Loayza. - 31-52 The Structure of Real Interest Rates in Chile
by Fernando Lefort G. & Eduardo Walker H. - 53-72 Policy Biases when the Monetary and Fiscal Authorities have Different Objectives
by Herman Bennett C. & Norman Loayza O.
2000, Volume 3, Issue 1
- 5-24 Household Saving in Chile: Microeconomic Evidence
by Andrea Butelmann P & Francisco Gallego - 25-55 Are bank-based or market-based financial systems better?
by Ross Levine - 57-84 Alternative monetary schemes: a positive evaluation for the chilean peso
by Felipe Morandé L. & Klaus Schmidt-Hebbel D.