Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile

Following the influential work of Christiano, Eichenbaum, and Evans (2005) and Smets and Wouters (2003), many central banks are building and estimating dynamic stochastic general equilibrium (DSGE) models with nominal rigidities and are using them for policy analysis. This new generation of sticky p...

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Autores principales:	Del Negro, Marco, Schorfheide, Frank
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	INFLACIÓN BANCOS CENTRALES MODELOS ESTOCÁSTICOS POLÍTICA MONETARIA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3757
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spelling	oai-20.500.12580-37572021-04-24T11:03:29Z Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile Del Negro, Marco Schorfheide, Frank INFLACIÓN BANCOS CENTRALES MODELOS ESTOCÁSTICOS POLÍTICA MONETARIA Following the influential work of Christiano, Eichenbaum, and Evans (2005) and Smets and Wouters (2003), many central banks are building and estimating dynamic stochastic general equilibrium (DSGE) models with nominal rigidities and are using them for policy analysis. This new generation of sticky price (and wage) models typically emphasizes that relative price distortions caused by firms’ partial inability to respond to changes in the aggregate price level lead to an inefficient use of factor inputs and, in turn, to welfare losses. In such an environment, monetary policy can partially offset these relative price distortions by stabilizing aggregate inflation. The policy problem is more complicated in an open economy environment, because domestic price movements are tied to exchange rate and terms-of-trade movements. 2019-11-01T00:04:24Z 2019-11-01T00:04:24Z 2009 Artículo 978-956-7421-32-9 https://hdl.handle.net/20.500.12580/3757 eng Series on Central Banking, Analysis, and Economic Policies, no. 13 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 511-562 application/pdf CHILE Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	INFLACIÓN BANCOS CENTRALES MODELOS ESTOCÁSTICOS POLÍTICA MONETARIA
spellingShingle	INFLACIÓN BANCOS CENTRALES MODELOS ESTOCÁSTICOS POLÍTICA MONETARIA Del Negro, Marco Schorfheide, Frank Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile
description	Following the influential work of Christiano, Eichenbaum, and Evans (2005) and Smets and Wouters (2003), many central banks are building and estimating dynamic stochastic general equilibrium (DSGE) models with nominal rigidities and are using them for policy analysis. This new generation of sticky price (and wage) models typically emphasizes that relative price distortions caused by firms’ partial inability to respond to changes in the aggregate price level lead to an inefficient use of factor inputs and, in turn, to welfare losses. In such an environment, monetary policy can partially offset these relative price distortions by stabilizing aggregate inflation. The policy problem is more complicated in an open economy environment, because domestic price movements are tied to exchange rate and terms-of-trade movements.
format	Artículo
author	Del Negro, Marco Schorfheide, Frank
author_facet	Del Negro, Marco Schorfheide, Frank
author_sort	Del Negro, Marco
title	Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile
title_short	Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile
title_full	Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile
title_fullStr	Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile
title_full_unstemmed	Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile
title_sort	inflation dynamics in a small open economy model under inflation targeting: some evidence from chile
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3757
work_keys_str_mv	AT delnegromarco inflationdynamicsinasmallopeneconomymodelunderinflationtargetingsomeevidencefromchile AT schorfheidefrank inflationdynamicsinasmallopeneconomymodelunderinflationtargetingsomeevidencefromchile
_version_	1718346471953137664

Inflation dynamics in a small open economy model under inflation targeting: some evidence from Chile

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