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The Great RecessionLessons for Central Bankers$
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Jacob Braude, Zvi Eckstein, Stanley Fischer, and Karnit Flug

Print publication date: 2013

Print ISBN-13: 9780262018340

Published to MIT Press Scholarship Online: January 2015

DOI: 10.7551/mitpress/9780262018340.001.0001

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An Assessment of Chile's Monetary and Fiscal Policy Responses to the Global Crisis

An Assessment of Chile's Monetary and Fiscal Policy Responses to the Global Crisis

Chapter:
(p.81) 3 An Assessment of Chile's Monetary and Fiscal Policy Responses to the Global Crisis
Source:
The Great Recession
Author(s):

Claudio Soto

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262018340.003.0004

This chapter discusses and analyzes the different financial, monetary and fiscal measures taken by Chile in response to the global financial crisis. It describes and analyzes the initial financial measures taken to bring the financial markets back to normality after Lehman's collapse. Then, it discusses the monetary and fiscal response to the global recession. To that end, counterfactual scenarios based on the Central Bank of Chile's main DSGE model are presented. The chapter also addresses the problem of the zero lower bound and how the Central Bank of Chile acted to manage expectations about future policy rates in order to expand the degree of monetary stimulus.

Keywords:   Chile, DSGE, Monetary response, Fiscal response, Global financial crisis, Zero bound

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