This paper reevaluates the common characterization of commodity-exporting developing
economies as having excessively procyclical fiscal policy. We develop a new measure of …

There is consensus that Chile has made substantial progress in its macroeconomic policies
during the last 30 years. However, there is no comprehensive and formal quantification of …

A common view held by academics as well as policymakers assigns an important role to
global factors as drivers of fluctuations in economic activity in emerging market economies …

The state of long-term expectation, upon which our [investment] decisions are based, does
not solely depend, therefore on the most probable forecast we can make. It also depends on …

I study the firm-level dynamic response of a commodity-exporting economy to global cycles
in commodity prices. I propose a heterogeneous-firms model endogenizing manufacturing …

The semi-structural gap forecasting (MSEP) model is the new gap model used by the
Central Bank of Chile to forecast key macroeconomics variables. This document provides …

We build a small open economy DSGE model to evaluate the macroeconomic effects of
fiscal consolidations in commodity-exporting countries. The fiscal block includes productive …

I study the firm-level dynamic response of a commodity-exporting economy to global cycles
in commodity prices. To do so, I develop a heterogeneous-firms model that endogenizes …

We propose a dynamic general equilibrium model to study the optimal reaction to terms of
trade shocks when international financial markets are imperfect and the composition of …

The aim of this article is to investigate the consequences of oil price changes for the
economy of the US and the euro area. Oil price transmission channel is assessed using …