The economic policies implemented in the U.S. economy and other industrial nations during the years preceding the recent financial crisis have been strongly criticized for being too “liberal” regarding the functioning and regulation of markets. There are

The current global recession has cast doubts about the work of macroeconomists, the usefulness of their theories and their capacity to anticipate and deal with crises. This paper discusses that, while incapable of dealing with all the complexities of the

Using semi-structural VARs, this paper presents empirical evidence on the effects of Chilean monetary policy. This policy works through targeting indexed interest rates, which are approximately equal to ex-post real rates. I identify changes in monetary p