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[image:28.612.85.508.106.660.2]

Figura 1: Funciones de Respuesta de Distintos BC

Aumento de los Términos de Intercambio en 5%

Aumento de la Tasa de Interés Real Internacional en 1%

Aumento del Premio por Riesgo-País en 1%

Aumento de la Brecha de Inflación-Inflación Meta en 1%

-1,2% -0,9% -0,6% -0,3% 0,0% 0,3%

0 1 2 3 4 5 6 7

CE H -1,2% -0,9% -0,6% -0,3% 0,0% 0,3%

0 1 2 3 4 5 6 7

CF P -0,2% 0,0% 0,2% 0,4% 0,6%

0 1 2 3 4 5 6 7

CE H -0,2% 0,0% 0,2% 0,4% 0,6%

0 1 2 3 4 5 6 7

CF P -0,1% 0,0% 0,1% 0,2% 0,3% 0,4%

0 1 2 3 4 5 6 7

CE H -0,1% 0,0% 0,1% 0,2% 0,3% 0,4%

0 1 2 3 4 5 6 7

CF P 0,0% 0,2% 0,4% 0,6% 0,8% 1,0% 1,2%

0 1 2 3 4 5 6 7

CE H 0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

0 1 2 3 4 5 6 7

CF

(29)

[image:29.612.89.506.131.522.2]

Figura 1: Funciones de Respuesta de Distintos BC (cont.)

Aumento de la Brecha de PIB-PIB Potencial en 1%

Aumento de la Brecha Gasto-PIB en 1%

Aumento Simultáneo de las Brechas PIB y Gasto-PIB en 1%

0,0% 0,1% 0,2% 0,3% 0,4% 0,5% 0,6%

0 1 2 3 4 5 6 7

CE H

0,0% 0,1% 0,2% 0,3% 0,4% 0,5% 0,6%

0 1 2 3 4 5 6 7

CF P

-0,1% 0,0% 0,1% 0,2% 0,3% 0,4%

0 1 2 3 4 5 6 7

CE

H

-0,1% 0,0% 0,1% 0,2% 0,3%

0 1 2 3 4 5 6 7

CF

P

0,0% 0,1% 0,2% 0,3% 0,4% 0,5% 0,6%

0 1 2 3 4 5 6 7

CF P

0,0% 0,1% 0,2% 0,3% 0,4% 0,5% 0,6%

0 1 2 3 4 5 6 7

(30)

[image:30.612.124.504.115.692.2]

Figura 2: Respuestas a un Shock de Términos de Intercambio de 5% (CE) Brecha Inflación -0,05% 0,00% 0,05% 0,10% 0,15% 0,20% 0,25%

1 3 5 7 9 11 13 15 17 19

Tasa de Interés de Corto Plazo

-1,2% -0,8% -0,4% 0,0% 0,4%

1 3 5 7 9 11 13 15 17 19

PIB - PIB Potencial

-0,2% 0,0% 0,2% 0,4% 0,6%

1 3 5 7 9 11 13 15 17 19

Cuenta Corriente/PIB 0,0% 0,5% 1,0% 1,5% 2,0%

1 3 5 7 9 11 13 15 17 19

Tipo de Cambio Real

-0,8% -0,6% -0,4% -0,2% 0,0% 0,2% 0,4% 0,6%

1 3 5 7 9 11 13 15 17 19

Tasa de Interés de Largo Plazo

-0,10% -0,05% 0,00% 0,05% 0,10% 0,15%

1 3 5 7 9 11 13 15 17 19

Brecha Gasto - Producto

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

Términos de Intercambio

0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0%

1 3 5 7 9 11 13 15 17 19

Tasa de Interés Internacional

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

Premio por Riesgo

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

(31)

[image:31.612.121.505.116.690.2]

Figura 3: Respuestas a un Shock de Tasa Interés de Internacional de 1% (CE) Brecha Inflación -0,20% -0,10% 0,00% 0,10% 0,20% 0,30%

1 3 5 7 9 11 13 15 17 19

-0,1% 0,0% 0,1% 0,2%

1 3 5 7 9 11 13 15 17 19

PIB - PIB Potencial

-0,2% 0,0% 0,2%

1 3 5 7 9 11 13 15 17 19

Cuenta Corriente/PIB

-0,2% 0,0% 0,2%

1 3 5 7 9 11 13 15 17 19

Tipo de Cambio Real

-1,0% 0,0% 1,0% 2,0% 3,0% 4,0%

1 3 5 7 9 11 13 15 17 19

-0,08% -0,06% -0,04% -0,02% 0,00% 0,02% 0,04%

1 3 5 7 9 11 13 15 17 19

-0,5% -0,4% -0,3% -0,2% -0,1% 0,0%

1 3 5 7 9 11 13 15 17 19

-2,0% -1,5% -1,0% -0,5% 0,0%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

Premio por Riesgo

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

(32)

[image:32.612.124.501.116.693.2]

Figura 4: Respuestas a un Shock de Premio por Riesgo de 1% (CE) Brecha Inflación 0,00% 0,05% 0,10% 0,15% 0,20% 0,25%

1 3 5 7 9 11 13 15 17 19

-0,1% 0,0% 0,1% 0,2%

1 3 5 7 9 11 13 15 17 19

PIB - PIB Potencial

-0,10% -0,05% 0,00% 0,05% 0,10% 0,15%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4%

1 3 5 7 9 11 13 15 17 19

Tipo de Cambio Real

-1,0% 0,0% 1,0% 2,0% 3,0% 4,0%

1 3 5 7 9 11 13 15 17 19

-0,20% 0,00% 0,20%

1 3 5 7 9 11 13 15 17 19

-0,3% -0,2% -0,1% 0,0%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

Premio por Riesgo

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

(33)

[image:33.612.120.505.116.685.2]

Figura 5: Respuestas a un Shock de Brecha de Inflación de 1% (CE) Brecha Inflación 0,00% 0,20% 0,40% 0,60% 0,80% 1,00% 1,20%

1 3 5 7 9 11 13 15 17 19

0,0% 0,1% 0,2% 0,3%

1 3 5 7 9 11 13 15 17 19

PIB - PIB Potencial

-0,4% -0,2% 0,0%

1 3 5 7 9 11 13 15 17 19

-0,2% 0,0% 0,2% 0,4%

1 3 5 7 9 11 13 15 17 19

Tipo de Cambio Real

-1,0% -0,5% 0,0% 0,5% 1,0%

1 3 5 7 9 11 13 15 17 19

0,00% 0,05% 0,10% 0,15% 0,20%

1 3 5 7 9 11 13 15 17 19

-0,3% -0,2% -0,1% 0,0%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

Premio por Riesgo

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

(34)

[image:34.612.119.506.115.685.2]

Figura 6: Respuestas a un Shock en la Brecha PIB - PIB Potencial de 1% (CE) Brecha Inflación 0,00% 0,05% 0,10% 0,15% 0,20%

1 3 5 7 9 11 13 15 17 19

0,00% 0,05% 0,10% 0,15% 0,20%

1 3 5 7 9 11 13 15 17 19

PIB - PIB Potencial

-0,2% 0,0% 0,2% 0,4% 0,6% 0,8% 1,0% 1,2%

1 3 5 7 9 11 13 15 17 19

-0,2% 0,0% 0,2%

1 3 5 7 9 11 13 15 17 19

Tipo de Cambio Real

-0,3% -0,2% -0,1% 0,0% 0,1% 0,2% 0,3%

1 3 5 7 9 11 13 15 17 19

0,00% 0,02% 0,04% 0,06% 0,08%

1 3 5 7 9 11 13 15 17 19

-0,15% -0,10% -0,05% 0,00%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

Premio por Riesgo

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

(35)

[image:35.612.124.503.113.686.2]

Figura 7: Respuestas a un Shock en la Brecha Gasto-Producto de 1% (CE)

Brecha Inflación

-0,20% 0,00%

1 3 5 7 9 11 13 15 17 19

-0,10% 0,00% 0,10% 0,20% 0,30%

1 3 5 7 9 11 13 15 17 19

PIB - PIB Potencial

-0,2% 0,0% 0,2%

1 3 5 7 9 11 13 15 17 19

Cuenta Corriente/PIB -1,0% -0,8% -0,6% -0,4% -0,2% 0,0%

1 3 5 7 9 11 13 15 17 19

Tipo de Cambio Real

-0,05% -0,03% -0,01% 0,01% 0,03% 0,05%

1 3 5 7 9 11 13 15 17 19

-0,02% -0,01% 0,00% 0,01% 0,02% 0,03% 0,04%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

Premio por Riesgo

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

(36)

[image:36.612.114.498.113.684.2]

Figura 8: Respuestas a un Shock de combinado de 1% en el PIB y en la Brecha Gasto-Producto (CE) Brecha Inflación 0,00% 0,10% 0,20% 0,30%

1 3 5 7 9 11 13 15 17 19

-0,10% 0,00% 0,10% 0,20% 0,30% 0,40% 0,50%

1 3 5 7 9 11 13 15 17 19

PIB - PIB Potencial

-0,2% 0,0% 0,2% 0,4% 0,6% 0,8% 1,0% 1,2%

1 3 5 7 9 11 13 15 17 19

Cuenta Corriente/PIB -1,0% -0,8% -0,6% -0,4% -0,2% 0,0% 0,2%

1 3 5 7 9 11 13 15 17 19

Tipo de Cambio Real

-0,30% -0,20% -0,10% 0,00% 0,10% 0,20% 0,30%

1 3 5 7 9 11 13 15 17 19

0,00% 0,02% 0,04% 0,06% 0,08% 0,10% 0,12%

1 3 5 7 9 11 13 15 17 19

-0,2% 0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

1 3 5 7 9 11 13 15 17 19

Premio por Riesgo

0,0% 0,2% 0,4% 0,6% 0,8% 1,0%

Reglas óptimas de política monetaria en Chile

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