Download or read book The Chilean Output Gap written by Leandro Medina and published by International Monetary Fund. This book was released on 2011-01-01 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the potential output (and the output gap) in Chile using several different methodologies. After a structural brake in 1998, the average growth rate of potential output in Chile declined from over 7 percent to 3-4 percent in the aggregate economy, but to less than 2 percent in the natural resource sector. The contributions to aggregate potential output growth of the natural resource sector and the non-natural resource sector are estimated, finding that the contribution to growth of the natural resource sector is non-linear-increasing during the 1990s, declining during the 2000s, and turning negative in the mid-2000s-despite the monotonic decrease in the share of natural resource output in aggregate output.
Download or read book Potential Output Growth in Emerging Market Countries written by Mr.Jorge Roldos and published by International Monetary Fund. This book was released on 1997-09-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates potential output and the sources of growth in Chile during 1970-96. Actual output is cointegrated with the quality-adjusted measures of capital and labor, and constant returns to scale cannot be rejected. The estimates of potential output show a positive output gap in the years when the Chilean economy was deemed to be overheated. In 1986-90, the quality-adjusted labor variable explains close to 60 percent of the growth rate of GDP, while during 1991-95 capital formation plays a dominant role. The contribution of TFP growth in Chile is relatively small, but, based on a comparison with European and East Asian experiences, it is expected to increase in the medium term.
Download or read book Estimating Potential Output in Chile written by Patrick Blagrave and published by International Monetary Fund. This book was released on 2016-10-14 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a multivariate filter, we estimate potential growth rates in Chile’s mining and non-mining sectors. Estimates for the mining sector incorporate information on copper prices, whereas estimates for non-mining reflect information on inflation and unemployment rates. To better understand the drivers of potential growth, we decompose estimates into capital, labor (adjusted for human-capital and hours worked), and total-factor productivity using a production-function. Our estimates of potential output in Chile suggest that an important part of the recent growth slowdown has been structural, with potential-output growth slowing to 21⁄2 percent in recent years, although it plausibly could be higher in the medium-term.
Download or read book Potential Output Growth in Emerging Market Countries written by Jorge E. Roldos and published by . This book was released on 2006 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates potential output and the sources of growth in Chile during 1970-96. Actual output is cointegrated with the quality-adjusted measures of capital and labor, and constant returns to scale cannot be rejected. The estimates of potential output show a positive output gap in the years when the Chilean economy was deemed to be overheated. In 1986-90, the quality-adjusted labor variable explains close to 60 percent of the growth rate of GDP, while during 1991-95 capital formation plays a dominant role. The contribution of TFP growth in Chile is relatively small, but, based on a comparison with European and East Asian experiences, it is expected to increase in the medium term.
Download or read book Estimating Gaps and Trends for the Chilean Economy written by Gabriela Contreras M. and published by . This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Estimating the Output GAP for Chile written by J. Rodrigo Fuentes and published by . This book was released on 2007 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hindsight Vs Real Time Measurement of the Output Gap written by Camila Figueroa and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Outside the Band written by Mrs.Esther Perez Ruiz and published by International Monetary Fund. This book was released on 2016-07-06 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Chile written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-09-29 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The cornerstone of Chile’s impressive fiscal performance and strong fiscal system has been its structural balance rule. It has helped to insulate public spending from copper price cycles and improve the government’s net financial position. Chile should adopt a full-fledged medium-term fiscal framework to improve fiscal planning and provide a framework for addressing temporary deviations from the fiscal rule. Publishing additional fiscal indicators in the budget, such as the non-copper structural balance, could provide more comprehensive information on the impact of fiscal policy on the domestic demand.
Download or read book General Equilibrium Models for the Chilean Economy written by Rómulo Chumacero Escudero and published by . This book was released on 2005 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Modeling a Small Open Economy written by Vittorio Corbo and published by . This book was released on 2003 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Transmission and Financial Indexation written by International Monetary Fund and published by International Monetary Fund. This book was released on 1994-08 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Copper and the Chilean Economy 1960 98 written by Mr.Antonio Spilimbergo and published by International Monetary Fund. This book was released on 1999-04-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper concludes that world copper prices play an important role in short-term fluctuations and probably influence long-term growth of the Chilean economy. While many mechanisms may be at work, investment seems to play a major role. In a copper price boom, the higher copper price and associated capital inflows create upward pressure on the real exchange rate. The appreciation of the Chilean peso during the first part of the copper cycle contributes to lower inflation, which could partly explain why real wages grow more rapidly in this part of the cycle.
Download or read book Chile written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-09-29 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s economy has withstood successfully two consecutive large negative shocks—the global financial crisis and the February 2010 earthquake. The financial system has weathered the crisis well and the cyclical deterioration of credit quality has been moderate. Large-scale private and public reconstruction spending should continue to boost growth. The authorities’ intentions to enhance the supervision of the financial sector, including the planned move toward consolidated supervision of financial conglomerates, are encouraged. The prudential framework is strengthened by adopting a functional approach to regulation and supervision.
Download or read book Estimating Potential Output in Chile written by Patrick Blagrave and published by International Monetary Fund. This book was released on 2016-10-14 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a multivariate filter, we estimate potential growth rates in Chile’s mining and non-mining sectors. Estimates for the mining sector incorporate information on copper prices, whereas estimates for non-mining reflect information on inflation and unemployment rates. To better understand the drivers of potential growth, we decompose estimates into capital, labor (adjusted for human-capital and hours worked), and total-factor productivity using a production-function. Our estimates of potential output in Chile suggest that an important part of the recent growth slowdown has been structural, with potential-output growth slowing to 21⁄2 percent in recent years, although it plausibly could be higher in the medium-term.
Download or read book Mining for the Nation written by Jody Pavilack and published by Penn State Press. This book was released on 2011 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Examines the politics of coal miners in Chile during the 1930s and '40s, when they supported the Communist Party in a project of cross-class alliances aimed at defeating fascism, promoting national development, and deepening Chilean democracy"--Provided by publisher.
Download or read book Chile A Role Model of Export Diversification Policies written by Mr. Gonzalo Salinas and published by International Monetary Fund. This book was released on 2021-05-27 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Largely because of its vast copper reserves, Chile’s exports are highly concentrated on this low complexity product and this is often cited as a major drawback of its economic policy framework. However, its exogenous copper abundance conceals the country’s success in developing non-mineral and complex exports. This achievement is remarkable considering its remoteness from the large international economic centers, which limits its integration to global value chains. As suggested in this paper, this accomplishment reflects Chile’s strength in policy areas that foster non-mineral exports (including complex exports), making the country a role model in export diversification and complexity policies among emerging market countries.
