Arbeitspapier
Inflation dynamics in a small open-economy model under inflation targeting: Some evidence from Chile
This paper estimates a small open-economy dynamic stochastic general equilibrium (DSGE) model, specified along the lines of Galí and Monacelli (2005) and Lubik and Schorfheide (2007), using Chilean data for the full inflation-targeting period of 1999 to 2007. We study the specification of the policy rule followed by the Central Bank of Chile, the dynamic response of inflation to domestic and external shocks, and the change in these dynamics under different policy parameters. We use the DSGE-VAR methodology from our earlier work (2007) to assess the robustness of the conclusion to the presence of model misspecification.
- Language
-
Englisch
- Bibliographic citation
-
Series: Staff Report ; No. 329
- Classification
-
Wirtschaft
Bayesian Analysis: General
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Monetary Policy
Open Economy Macroeconomics
- Subject
-
Bayesian analysis
small open-economy DSGE models
model misspecification
Inflationsübertragung
Inflation Targeting
Kleines-offenes-Land
Dynamisches Gleichgewicht
Chile
- Event
-
Geistige Schöpfung
- (who)
-
Del Negro, Marco
Schorfheide, Frank
- Event
-
Veröffentlichung
- (who)
-
Federal Reserve Bank of New York
- (where)
-
New York, NY
- (when)
-
2008
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Del Negro, Marco
- Schorfheide, Frank
- Federal Reserve Bank of New York
Time of origin
- 2008
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