The effects of domestic demand shocks on inflation in a small open economy: Chile in the period 2000–2021

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cepal.articleNo4
cepal.bibLevelSección o Parte de un Documento
cepal.callNumberLC/PUB.2022/24-P
cepal.docTypeRevistas
cepal.jelCodeE31
cepal.jelCodeE5
cepal.jelCodeE62
cepal.jobNumberRVI138_Lopez
cepal.physicalDescriptiongráficos., tablas.
cepal.regionalOfficeSantiago
cepal.sdg1
cepal.topicEngECONOMETRICS
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicEngINFLATION
cepal.topicEngPRICES
cepal.topicSpaECONOMETRÍA
cepal.topicSpaINFLACIÓN
cepal.topicSpaPRECIOS
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorLópez, Ramón
dc.contributor.authorSepúlveda, Kevin A.
dc.coverage.spatialEngCHILE
dc.coverage.spatialSpaCHILE
dc.coverage.temporalEnd2021
dc.coverage.temporalStart2000
dc.date.accessioned2023-04-14T16:35:19Z
dc.date.available2023-04-14T16:35:19Z
dc.date.issued2022-12
dc.description.abstractThis study decomposes the factors that determined inflation in Chile during the period 2000–2021. It finds that the main determinants of domestic inflation were variables of external origin and the exchange rate. Domestic demand played a rather limited role as an inflationary factor. In normal periods, increases in domestic demand generally explained no more than 25% of observed inflation. The average monthly inflation observed during the period 2000–2021 was 0.3%, which means that domestic demand growth in normal periods explained monthly inflation of 0.08%. Surprisingly, the extraordinary periods of rapid demand growth resulting from highly expansionary fiscal policies, large withdrawals from pension retirement savings or both had a rather modest effect on inflation. This study corroborates what might be expected in a small, open economy like Chile’s: most domestic price changes are determined by foreign price changes.
dc.formatTexto
dc.format.extentpáginas. 67-8
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/PUB.2022/24-P
dc.identifier.urihttps://hdl.handle.net/11362/48808
dc.language.isoeng
dc.physicalDescriptionp. 67-88: grafs., tabls.
dc.relation.isPartOfCEPAL Review
dc.relation.isPartOfSeriesCEPAL Review
dc.relation.isPartOfSeriesNo138
dc.relation.translationLanguagespa
dc.relation.translationRecordLos efectos de los choques de la demanda interna sobre la inflación en una economía pequeña y abierta: Chile en el período 2000-2021
dc.relation.translationUrihttps://hdl.handle.net/11362/48676
dc.rights.coarDisponible
dc.subject.unbisEngINFLATION
dc.subject.unbisEngSUPPLY AND DEMAND
dc.subject.unbisEngPRICES
dc.subject.unbisEngFOREIGN EXCHANGE RATES
dc.subject.unbisEngLIQUIDITY
dc.subject.unbisEngMONETARY POLICY
dc.subject.unbisEngECONOMETRIC MODELS
dc.subject.unbisSpaINFLACION
dc.subject.unbisSpaOFERTA Y DEMANDA
dc.subject.unbisSpaPRECIOS
dc.subject.unbisSpaTIPOS DE CAMBIO
dc.subject.unbisSpaLIQUIDEZ
dc.subject.unbisSpaPOLITICA MONETARIA
dc.subject.unbisSpaMODELOS ECONOMETRICOS
dc.titleThe effects of domestic demand shocks on inflation in a small open economy: Chile in the period 2000–2021
dc.type.coarartículo
dc.usergrouprevistacepal
dspace.entity.typePublication
relation.isAuthorOfPublication47f64849-c0ca-433c-b4c6-e9d9a72fbd01
relation.isAuthorOfPublication660b1e01-33e6-4c32-bf8b-db418d73ffef
relation.isAuthorOfPublication.latestForDiscovery47f64849-c0ca-433c-b4c6-e9d9a72fbd01
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