En su propósito de continuar fortaleciendo los mecanismos de transparencia institucional y rendición de cuentas ante la ciudadanía, el BCCh pone a disposición del público las Actas históricas de las sesiones de Consejo correspondientes al año 2004. Su publicación contribuye al estudio de la historia económica del país y a un mejor entendimiento de la ciudadanía respecto al quehacer del Banco.
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The impact of climate change and geopolitical tensions on long-term interest rates
(Banco Central de Chile, 2026-10)Over the past four decades, estimates of the neutral real interest rate (r*) appear to have trended downward across both advanced and emerging economies in a broadly synchronized manner. This secular downturn has been documented using a wide range ...Long-run interest rates: past, present and future
(Banco Central de Chile, 2026-10)“It is utterly impossible [...] for the rich to save as much as they have been trying to save, and save anything that is worth saving.” Marriner Eccles, former Chair of the US Federal Reserve This paper provides a structural explanation for the ...Monetary policy and banking stability
(Banco Central del Chile, 2026-10)What are the effects of monetary policy rates for banking stability? For example, when inflation started rising in 2022, central banks raised monetary policy rates substantially, with a more than 400 basis points increase in the United States and ...Fiscal policy and real interest rates
(Banco Central de Chile, 2026-10)Monetary policy in the United States has been shown to have large effects on foreign economies and financial cycles. This analysis typically focuses on business-cycle fluctuations. Bianchi and others (2022) show that because of structural changes ...Three theories of natural rate dynamics
(Banco Central de Chile, 2026-10)The natural rate of interest, or r*, is generally defined as the risk free real interest rate that would prevail in the absence of nominal rigidities and business cycle fluctuations. The natural rate concept dates back at least to Wicksell (1898). ...The four R-Stars: from interest rates to inflation and back
(Banco Central de Chile, 2026-10)Where are interest rates going? The answer to this question can be stated in terms of what R-star (or R*) is: the long-run common component of all relevant interest rates in the economy. By definition, we cannot directly observe this variable. It ...Medium and long-run trends in interest rates – causes and implications for monetary policy: an overview
(Banco Central de Chile, 2026-10)This volume brings together a set of papers presented at the XXVII Annual Conference of the Central Bank of Chile, held in Santiago in November 2024. The conference examined one of the most consequential questions in contemporary macroeconomics: the ...Medium and long-run trends in interest rates – causes and implications for monetary policy
(Banco Central de Chile, 2026)This volume brings together a set of papers presented at the XXVII Annual Conference of the Central Bank of Chile, held in Santiago in November 2024. The conference examined one of the most consequential questions in contemporary macroeconomics: the ...Memoria anual integrada 2025
(Banco Central de Chile, 2025-04-30)Todos los detalles de la gestión de nuestra institución están contenidos en esta Memoria Anual Integrada, que cumple con un mandato específicamente establecido en la Ley Orgánica Constitucional del Banco Central y con un permanente compromiso ...RPM N° 217
(Banco Central de Chile, 2014-12-11)Acta correspondiente a la Sesión de Política Monetaria No. 217, celebrada el 11 de diciembre de 2014.