Policy
While working as Head of the Research Department of the Central Bank of Chile, I coordinated three technical policy documents:
- Dynamics and Determinants of Chilean Inflation. Booklet that summarizes the long and short determinants of inflation in Chile, stressing the role of external factors and inflation expectations. (link)
- Chile´s Monetary Policy within an Inflation Targeting Framework. Document that provides the rationale of and technical set up of the monetary policy framework followed by the CBCh. (link)
- The use of Macroeconomic Models in the Central Bank of Chile. Document that summarizes the main macro models use –and how they are used– in the policymaking process at the CBCh. (link)
I also coordinated the following analytical boxes in the Central Bank of Chile’s quarterly monetary policy report (translation):
- Revision to Chilean long-run GDP following the recent migration waves to Chile – June, 2019
- Social Unrest, Uncertainty, and Economic Activity – December, 2019
- Policy Measures by the Central Bank of Chile in the wake of COVID-19 – March, 2020
- The Central Bank of Chile’s Monetary Policy Corridor – March, 2020
- Financial Markets Conditions and Policy Actions – June, 2020
- Post Pandemic Economic Recovery – June, 2020
- The COVID Shock and its Economic Effects: Evidence from Firms in Chile – Sept., 2020
- Inflation Dynamics, Demand Shocks, and the Role of Supply Factors – Dec., 2020
- Firm Dynamics in Chile During COVID-19 – March, 2021
- Chilean long-run GDP & Firm’s TFP in Chile – June, 2021
- The Role of Policies in Mitigating the COVID-19 Crisis – Sept, 2021
While working at the Research Department of the IADB, I was team leader of two technical cooperation networks. Here’s a summary of both:
Financial Stability and Development Group (FSD), The main objective of the FSD is to enhance policy making in monetary and financial areas by the Central Banks of Argentina, Brazil, Chile, Colombia, Paraguay, Peru, Uruguay and Venezuela by means of regional cooperation. This objective has a strong regional public good component due to the beneficial spillover effects of information sharing and policy cooperation. To enhance their policy responses through a cooperative effort and to catalyze broader regional collaboration, these central banks have established the FSD. The FSD strives to fill existing gaps in several areas, including: boosting the flow of data and information among the central banks; maintaining a regular, well-informed policy dialogue; building a common research and knowledge dissemination agenda; enhancing analytical capacity applied to policy issues enabling coordinated policy responses to the regional challenges; sharing knowhow and best practices in order to help central banks on many of their responsibilities. My work as team leader of FSD started in August 2016.
Inflation Targeting in Latin America: Challenges Ahead. This network was financed by the IDB and sponsored several papers commissioned to outside researchers in the region on the critical assessment of the adoption and implementation of inflation targeting as framework for monetary policy in the region. Five of the papers were published in the Fall/2014 Volume of the Journal of the Latin American and Caribbean Economic Association.
I was also involved in the making of various policy documents. Here is a list of some of them:
Time to Act (March 2016), Annual Macroeconomic Report, IDB/RES, Powell (Ed.). I co-authored the two chapters “Weaker Activity and High Inflation: Calibrating the Monetary Response” (with Daniel Hernaiz), and “How Large Have Exchange Rate Depreciations Really Been?” (with Ernesto Stein and Samuel Rosenow)
The Labyrinth: How Can Latin America and the Caribbean Navigate the Global Economy (March 2015), Annual Macroeconomic Report, IDB/RES, Powell (Ed.). I co-authored the chapter “Monetary and Financial Developments”(with Daniel Hernaiz)
Global Recovery and Monetary Normalization: Escaping a Chronicle Foretold (March 2014), Annual Macroeconomic Report, IDB/RES, Powell (Ed.). I co-authored the chapter “Capital Flows and Monetary Policy” (with Daniel Hernaiz)
Rethinking Reforms: How Latin America and the Caribbean Can Escape Suppressed World Growth (March 2013), Annual Macroeconomic Report, IDB/RES, Powell (Ed.). I co-authored three chapters “The Limits of Fiscal and Monetary Policy” (with Daniel Hernaiz); “Growth, Productivity and the Allocations of Resources” (with Luca Flabbi) and “Reforming Labor Markets” (with Luca Flabbi)
The World of Forking Paths: Latin America and the Caribbean Facing Global Economic Risks (March 2012), Annual Macroeconomic Report, IDB/RES, Powell (Ed.). I co-authored the chapter “Monetary Policy: Regimes and Challenges” (with Daniel Hernaiz)