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This paper recounts Chile’s experience with capital account policies since the 1990s. We present how two external …
Persistent link: https://www.econbiz.de/10010790346
In this paper, we consider whether long-term inflation expectations have become better anchored in Brazil, Chile, and … first to examine the evidence from Brazil and Mexico, making use of the fact that markets for longterm government debt have …, consumer prices, or real activity variables. Finally, long-run inflation expectations in Brazil appear to have been less well …
Persistent link: https://www.econbiz.de/10010784200
Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetary policy of assessments of economic activity relative to capacity. We show that...
Persistent link: https://www.econbiz.de/10011163120
We examine corporate sector vulnerabilities in Brazil, Chile, Colombia, Mexico and Peru. First, we identify stylized …
Persistent link: https://www.econbiz.de/10011242251
Persistent link: https://www.econbiz.de/10008677628
The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB’s recent experience in adding the exchange rate as a complementary monetary policy tool to stimulate...
Persistent link: https://www.econbiz.de/10011242190
We present a small-open-economy model to analyze the role of central bank’s liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, we explicitly model the facilities that the central bank uses to manage the liquidity...
Persistent link: https://www.econbiz.de/10010945753
analysis of a nested Phillips curve/ P-star model for Chile and Mexico. For Chile a real money gap and a money growth indicator …
Persistent link: https://www.econbiz.de/10011118276
In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark difference in policy has not been subject to extensive study and this paper attempts to...
Persistent link: https://www.econbiz.de/10011242369
Persistent link: https://www.econbiz.de/10011244563