Blinder, A. and R. Reis (2005), “Understanding the Greenspan Standard,” in The Greenspan Era: Lessons for the Future, Proceedings of the Jackson Hole Symposium 2005, Federal Reserve Bank of Kansas City, pp. 11-96. Brayton, F. and P. Tinsley (1996), “A guide to FRB/US: a macroeconomic model of the United States,” Finance and Economics Discussion Series 96-42, Board of Governors of the Federal Reserve System (U.S.). Calvo, G. and C. Reinhart (2002), “Fear of Floating,” Quarterly Journal of Economics, Vol. 107, No. 2, pp. 379-408. Calvo, G., L. Leiderman and C. Reinhart (1996), “Inflows of Capital to Developing Countries in the 1990s,” Journal of Economic Perspectives, Vol. 10, pp. 23-139. Cecchetti, S., H. Genberg, J. Lipsky y S. Wadhawani (2000), Asset Prices and Central Bank Policy, Geneva Reports on the World Economy No, 2, ICMB and CEPR. Cowan, K. and J. De Gregorio (2007), “International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile,” in S. Edwards (ed. ), Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, NBER and The University of Chicago Press. Cowan, K., J. De Gregorio, A. Micco and C. Neilson (2008), “Financial Diversification, Sudden Stops and Sudden Starts,” in Cowan, K., S. Edwards y R. Valdes (eds. ), Current Account and External Finance, Central Bank of Chile. De Gregorio, J. (2009a), “Implementation of Inflation Targets in Emerging Markets,” in G. Hammond, R. Kanbur and E. Prasad (eds. ), Monetary Policy Frameworks for Emerging Markets, London, Bank of England. De Gregorio, J.
BIS Review 113/2009  11  Figure 4 Inflation indicators (annual change, percentage)  (monthly change, percentage)  10  10  2.0  2.0  8  8  1.5  1.5  6  6  1.0  1.0  4  4  0.5  0.5  0.0  0.0  2  2  -0.5  -0.5  0  0  -1.0  -1.0  -2  -2  -1.5  -1.5  07  08  09  07  08  CPI CPI exc. foodstuffs and energy  09  CPI  Sources: Central Bank of Chile and National Statistics Institute. Figure 5 Monetary policy interest rate (percentage) 9  9  8  8  7  7  6  6  5  5  4  4  3  3  2  2  1  1  0  04  Jul. 05  Jul. 06  Jul. 07  Jul. 08  Jul. 09  Jul. 0  Source: Central Bank of Chile. 12  BIS Review 113/2009  Figure 6 GDP, Domestic demand and Output gap (percentage) 16  16  12  12  8  8  4  4  0  0  -4  -4  -8  -8  -12  -12  04.I  05.I  06.I  07.I  GDP (annual change) Domestic demand (annual change)  08.I  09.I  Output gap  Source: Central Bank of Chile.