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Impacto de los mercados de valores en Chile: una perspectiva macroeconómica

  • Carlos J. Garcia T.

    (Ilades – Universidad Alberto Hurtado)

En este estudio desarrollamos y estimamos un modelo de equilibrio general para ver la relevancia del mercado accionario a nivel agregado en la economía chilena para el período 1997/2009. El modelo es del tipo nuevo Keynesiano que además de la rigidez estándar en precios incorpora fricciones en el sector financiero. El modelo está compuesto de una microestructura que permite analizar diferentes sectores y agentes económicos. Dos conclusiones importantes obtenemos. Primero, en términos estadístico las fluctuaciones de este mercado son relevantes en explicar fluctuaciones en sectores del consumo, la inversión, la importación de bienes intermedios, etc. Si bien la relevancia o ocurrencia de los shocks puede ser limitada, su estructura resulta importante en entender el comportamiento macro: la relevancia de las fricciones financieras y por tanto la discusión sobre reformas y regulación del sector. Segundo, la estabilización por parte del banco central es importante para explicar el impacto final de este mercado en la economía.

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File URL: http://www.svs.cl/sitio/publicaciones/doc/Serie%20de%20documentos/serie_doc9_carlos_garcia.pdf
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Paper provided by Superintendencia de Valores y Seguros in its series Serie de Documentos de Trabajo with number 09.

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Length: 55 pages
Date of creation: Apr 2010
Date of revision:
Handle: RePEc:svs:svssdt:2010-9
Contact details of provider: Postal: Superintendencia de Valores y Seguros, Libertador Bernardo O´Higgins 1449 12th Floor ZIP Code 8340518 - Santiago - Chile
Phone: (56 2) 473 4000
Web page: http://www.svs.cl/

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  1. Erceg, Christopher J. & Henderson, Dale W. & Levin, Andrew T., 2000. "Optimal monetary policy with staggered wage and price contracts," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 281-313, October.
  2. Bernanke, B. & Gertler, M. & Gilchrist, S., 1998. "The Financial Accelerator in a Quantitative Business Cycle Framework," Working Papers 98-03, C.V. Starr Center for Applied Economics, New York University.
  3. Galí, Jordi & López-Salido, J David & Vallés Liberal, Javier, 2005. "Understanding the Effects of Government Spending on Consumption," CEPR Discussion Papers 5212, C.E.P.R. Discussion Papers.
  4. Clarida, R. & Gali, J. & Gertler, M., 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Working Papers 99-13, C.V. Starr Center for Applied Economics, New York University.
  5. Mark Gertler & Simon Gilchrist & Fabio Natalucci, 2001. "External constraints on monetary policy and the financial accelerator," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
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