Monetary Inflation In Chile

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Monetary Inflation In Chile

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Author : Frank Whitson Fetter
language : en
Publisher: Princeton, U. P
Release Date : 1931

Monetary Inflation In Chile written by Frank Whitson Fetter and has been published by Princeton, U. P this book supported file pdf, txt, epub, kindle and other format this book has been release on 1931 with Business & Economics categories.

Monetary Transmission And Financial Indexation

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1994-08-01

Monetary Transmission And Financial Indexation written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-08-01 with Business & Economics categories.

This paper reviews empirical evidence on the operation of the monetary transmission mechanism based on targeting of interest rates on indexed assets in the Chilean economy. The empirical evidence has two policy implications. First, interest rates on indexed assets do not fully reflect real interest rates because of imperfections of backward indexation magnified by the variability of monthly inflation. Second, while substantial adjustments to interest rates on indexed assets affect the cyclical position of output and inflation, there is no evidence of a stable, systematic relationship between these three variables. In contrast, money growth and unexpected inflation play a significant role in the transmission mechanism. This evidence calls for an eclectic approach to monetary policy. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.

Outside The Band

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Author : Mrs.Esther Perez Ruiz
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-07

Outside The Band written by Mrs.Esther Perez Ruiz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-07 with Business & Economics categories.

This paper examines inflation dynamics in Chile during the last peso depreciation episode 2013-15. The evidence is for substantial pass-through effects to inflation, given the large and persistent depreciation movement. Widespread indexation practices in non-traded goods markets are found to amplify the inflation response to the depreciation, while the role of wage indexation is less relevant to the inflation dynamics. Overall, inflation would have remained within the central bank’s target band absent the peso depreciation. The analysis also shows that tightening monetary policy in response to a depreciation shock can be costly in terms of output: the response of activity to rates is found to be strong, while the transmission from activity to inflation is found to be weak. Simulations under uncertainty about the extent of the pass-through also suggest that monetary policy can play a countercyclical role in the face of depreciation shocks at a moderate inflationary cost, as long as inflation expectations remain anchored.

Central Bank Communication And Monetary Policy Surprises In Chile

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Author : Mr.Andrea Pescatori
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-06

Central Bank Communication And Monetary Policy Surprises In Chile written by Mr.Andrea Pescatori and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-06 with Business & Economics categories.

This paper assesses the quality of the CBC’s communication policy by looking at the predictability and effectiveness of monetary policy communications by the Central Bank of Chile (CBC). To do so, we construct indeces of monetary policy surprises for the three major communication channels of the CBC: the release of policy meetings’ statements, minutes, and monetary policy reports (IPoM). We assess monetary policy predictability and efficacy by looking at the size and time-evolution of monetary policy surprises associated with meeting statements and the impact of the above communication channels on asset markets. We find that, in general, the CBC’s has been effective in its forward guidance through its statements and IPoM. Policy actions are quite predictable, especially post the global financia crisis. The response of equity prices and the exchange rate to monetary policy surprises have the right sign but are not robust. We also find an asymmetric response of equity prices to minutes suggesting that market participants extract information on the status of the economy especially when minutes have a loosening effect. Finally, to look at the macroeconomic impact we find that a 100 bps monetary policy tightening shock implies a decline in economic activity (IMACEC) of about 2 pp. after one year, while the response of inflation is more muted.

Monetary Policy Of The Central Bank Of Chile

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Author : Banco Central de Chile
language : en
Publisher:
Release Date : 2000

Monetary Policy Of The Central Bank Of Chile written by Banco Central de Chile and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Banks and banking, Central categories.

Efficient Arbitrage Under Financial Indexation

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Author : Mr.Enrique G. Mendoza
language : en
Publisher: International Monetary Fund
Release Date : 1991-05-01

Efficient Arbitrage Under Financial Indexation written by Mr.Enrique G. Mendoza and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-05-01 with Business & Economics categories.

Legal restrictions governing financial transactions in Chile have produced a system in which most financial assets are either 30-day non-indexed assets or 90-day indexed assets. This paper analyzes data on the rates of return of these assets to determine the extent to which efficient arbitrage takes place under conditions of partial financial indexation. The data cannot reject the joint hypothesis that participants in financial markets formulate their expectations rationally and that these markets operate efficiently. The data also shows that the indexed/non-indexed interest spread is an accurate predictor of future changes in inflation. The significant implications of these findings for the conduct of monetary policy are also discussed in some detail.

Chile

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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-08-25

Chile written by International Monetary Fund. Western Hemisphere Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-25 with Business & Economics categories.

Following the overheating in 2021–22, the economy is approaching the end of its adjustment cycle towards more sustainable growth and lower inflation in a challenging external environment. The authorities are implementing very strong policies to preserve macroeconomic stability. The government has reform ambitions to raise tax revenues, reduce inequality, reform pensions and health care, and foster a green economy but is encountering strong resistance in a fragmented Congress.

Chile Review Under The Flexible Credit Line Arrangement Press Release Staff Report And Statement By The Executive Director For Chile

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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-21

Chile Review Under The Flexible Credit Line Arrangement Press Release Staff Report And Statement By The Executive Director For Chile written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-21 with Business & Economics categories.

The pandemic hit the Chilean economy while it was recovering from the 2019 social unrest. The authorities’ swift and strong economic policy efforts and Chile’s very strong institutional frameworks helped buffer the economic and social consequences. The ongoing economic recovery continues to be supported by ample policy stimulus, a rapid vaccination process, well-anchored inflation expectations, a resilient export base, and continued market confidence.

Chile Selected Issues

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Author : International Monetary Fund
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2006-09-22

Chile Selected Issues written by International Monetary Fund and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-09-22 with categories.

The report gives details of the economic analysis for the implementation of Chile's inflation targeting framework. It reviews the current state of liquidity in the Chilean fixed-income markets and developments and impediments to the supply of corporate bonds to the market. The paper considers a number of microstructure issues, transparency in the Over-the-Counter (OTC) market, addresses the role of public debt in facilitating development of the financial markets, and discusses a potential debt management framework that would support the development of a liquid public debt market.

Inflation

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Author : Pablo Barahona Urzúa
language : en
Publisher:
Release Date : 1974

Inflation written by Pablo Barahona Urzúa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1974 with Chile categories.