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Biblioteca

20 de octubre 2016
Imposición de Raíces Unitarias Bajo Alta Persistencia Estacional y Regular: Una Comparación Predictiva

Predecir el comportamiento de variables económicas es una actividad importante para la toma de decisiones. En el caso de la conducción de la política fiscal y monetaria, casi todas las variables económicas a predecir tienen un alto nivel de persistencia cuya modelación está sujeta a mayores niveles de incertidumbre paramétrica. Bajo este contexto y apelando a […]

30 de junio 2015
Monetary Policy and Economic Performance in Resource Dependent Economies

There is ample consensus that monetary policy plays a key role in fostering economic growth and avoiding the costs of chronic inflation. Prudential and transparent monetary policies –in conjunction with budget-balanced fiscal policies—are universally recommended as a sound macroeconomic stance. While these recommendations may have general validity for non-resource based economies, their applicability to resource-rich […]

14 de mayo 2015
La Nueva Síntesis Keynesiana: Análisis e Implicancias de Política Monetaria

Durante la última década se ha configurado un nuevo consenso entre los economistas, con relación a la forma en que debe administrarse la política monetaria. De acuerdo con éste, la política monetaria debe apuntar al logro de ciertos objetivos de inflación. Sin embargo, el supuesto de que existiría algún grado de inflexibilidad de precios en […]

12 de mayo 2015
La Macroeconomía y la Crisis: ¿La Crisis de la Macroeconomía?

The economic policies implemented in the U.S. economy and other industrial nations during the years preceding the recent financial crisis have been strongly criticized for being too “liberal” regarding the functioning and regulation of markets. There are also those who question the vision and responsibility of the regulatory bodies. Furthermore, the crisis triggered criticism from […]

27 de abril 2015
Do Good Institutions Promote Countercyclical Macroeconomic Policies?

The literature has argued that developing countries are unable to adopt countercyclical monetary and fiscal policies due to financial imperfections and unfavourable political-economy conditions. Using a world sample of up to 112 industrial and developing countries for 1984–2008, we find that the level of institutional quality plays a key role in countries’ ability and willingness […]

14 de abril 2015
A Systemic Approach to Modeling and Estimating Demand for Money(ies)

This article uses a consumer theory-based systemic approach to model the demand for monetary liquid asset holdings in Chile. We implement the suggestions and caveats of aggregation theory for the estimation of a demand system for liquid assets (monies) in static, dynamic and time-varying parameters setups. Our results are robust and theoretically consistent with consumer […]