Franken, Helmut; Fort, Guillermo Le; Parrado, Eric - Banco Central de Chile - 2005
business cycle fluctuations, followed by monetary policy shocks, while fiscal policy shocks explain relatively little; and that … set of variables to capture the impact of external shocks and domestic shocks —including policy variables; the use of an … Chilean economy to external shocks has increased during the nineties, with countercyclical policies playing an important role …