Este trabajo evalúa los impactos de la política fiscal sobre la evolución de la actividad económica (PIB) en Chile. Los resultados del análisis dinámico con la metodología de VAR estructural indican efectos no keynesianos de la política fiscal. Un aumento (reducción) en el gasto fiscal...

This paper studies monetary policy in Chile during the 1986-1997 period. We concentrate in understanding the monetary transmission mechanism by which the Central Bank instrument - a real interest rate - affects total expenditure, output and the inflation rate. The methodology used is structural...

In this paper we study the heterodox stabilization plans of Argentina 1985 (Plan Austral) and Brazil 1986 (Plan Cruzado). Both plans considered that the main cause of inflation was inertia, due to indexation of wages, exchange rates and financial instrume

For policy makers and business cycles analysts is important to count on variables that anticipate points of inflection in economic activity. This paper studies aggregate real money balances as leader indicator of the economic activity based on a Probit mo

This paper identifies the dynamic effects of fiscal policy on economic activity (GDP) in the Chilean economy. We use a structural vector autoregression (SVAR) methodology. The main results are: a positive fiscal expenditure shock has a negative effect on