Seasonally adjusted series provide a more direct appreciation of the underlying movements of economic variables and, therefore, contribute to the analysis of the economic environment. This document presents the theoretical and empirical framework used by the Central Bank of Chile to perform the...

The aim of this document is to provide a forecasting tool that facilitates understanding economic developments in a timely manner. This is pursued through the Bridge Model approach by using it to relate a large set of monthly indicators to Chilean GDP and its main components. The outcome is a...

Traditionally, in the context of Chilean development policy, sales have been the criterion to stratify firms. This criterion introduces a significant volatility to the firms that make up each stratum and difficult the comparison with other OECD countries that stratify according to the number of...

In this paper an exercise is performed to determine the usefulness of utilizing disaggregated price data to forecast headline inflation more accurately. A number of methods based on univariate and multivariate autoregressive models are used for different levels of disaggregation for a period of...

This paper presents micro evidence on the degree of downward nominal wage rigidity in Chile and also explores its consequences in terms of employment. The data used corresponds to a new panel based on 440 thousand wage histories for the period 2001.12-2007.12. The results indicate a low degree...

The use of chain-linked methods reduces significantly the problem of price structure obsolescence present in fixed base environments. However, price updating introduces a new dimension that may produce confusion if not accounted for. Probably the most notorious difficulty generated by the...

When evaluating the economy’s performance, Gross Domestic Product (GDP) is the most often used indicator and it is therefore also one of the most often forecasted. Due to the shortcomings of the traditional fixed-base methods, many countries have adopted chain-linking to avoid price structure...