It was not until the recent global crisis that financial stability was recognized as a central objective of central banks among advanced economies. However, the concerns for financial stability in emerging markets economies are much more long dated, and come from repeated experiences dealing...

Sin duda, el tema de la inflación, en particular sus costos y las estrategias que se pueden adoptar para reducirla, son aspectos claves de la discusión económica. Esto es especialmente relevante en América Latina, región en la cual la inestabilidad macroeconómica es tal vez la...

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....

In 2009, the world is facing the worst recession in more than six decades. Chile has been no exception. In spite of this outlook, the Chilean economy stands on solid ground, and recent figures show that the recovery has started. This article discusses the fundamentals of the Chilean economy and...