Chile: Staff Report for the 2005 Article IV Consultation: Staff Report for the 2005 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 315

Publication date: September 2005

ISBN: 9781451951592

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , Business and Financial , ISCR , CR , authority , monetary policy , unemployment rate , market , fiscal policy rule , monetary policy condition , forecast inflation , economic growth , government transfer , banking industry , inflation targeting , Inflation , Metal prices , Income , Global , Asia and Pacific

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Summary

The staff report for the 2005 Article IV Consultation for Chile highlights short-term economic outlook and fiscal policy under the structural surplus rule. The government is firmly committed to the structural surplus rule. The core inflation rate has risen, reflecting the gradual closing of the output gap and the second-round effects of higher energy prices. The central bank plans to continue gradually withdrawing monetary stimulus. It has appropriately started to raise interest rates, and further increases will likely be needed, depending on developments in inflation and the closing of the output gap.