IMF paper praises Chilean central bank’s forward guidance


The Central Bank of Chile has been “effective” in the forward guidance it uses in its monetary policy communiques, a working paper from the International Monetary Fund concludes.

In his paper, Central Bank Communication and Monetary Policy Surprises in Chile, Andrea Pescatori analyses the predictability and efficacy of the central bank’s monetary policy by constructing a “daily series of monetary policy surprises”.

Pescatori then identifies the movements in short-term rates at the time of the

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