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.
Figure 1 Monetary policy and housing prices Monetary policy  Housing prices  (percentage)  (nominal index, first quarter 2001=100)  15  15  250  250  12  12  200  200  9  9  150  150  6  6  100  100  3  3  50  50  0  0  0 90  93  96  U.S. Chile (*)  99  02  05  Canada  08  01  02  04  05  Australia Chile Canada  07  08  0  U.S. Spain  (*) Starting August 2001, the MPR is set in nominal terms. Previously, it was set in inflation-indexed terms. Sources: Central Bank of Chile, Bank of Canada, Bloomberg and U.S. Federal Reserve. 10  BIS Review 113/2009  Figure 2  Nominal exchange rate  (CLP/ USD) 700  700  650  650  600  600  550  550  500  500  450  450  400  400  Jan.08  Apr.08  Jul.08  Oct.08  Jan.09  Apr.09  Jul.09  Source: Central Bank of Chile.