Fuentes, Rodrigo; Jara, Alejandro; Schmidt-Hebbel, Klaus; … - Banco Central de Chile - 2003
The Central Bank of Chile replaced its monetary policy instrument in August 2001, shifting from a monetary policy rate … nominalization on financial markets and the conduct and effectiveness of monetary policy. As opposed to previous studies on this … subject, this paper concludes that the main advantage of nominalization was a widening of monetary policy options, precluding …