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

In recent decades, the number of independent central banks has grown steadily. In Chile, autonomy was adopted twenty years ago. This paper discusses the reasons why central bank independence is convenient for the economy, together with the importance of transparency as a complementary feature....

This paper shows the equivalence between different approaches to the inflationary objective. Defining a range and the percentage of time expected to be within such range is the same as defining a target for inflation projection in a given horizon. Both forms are similar to defining a target in...