Mauricio Calani C.

Chief of Department, Macrofinancial Modeling, Central Bank of Chile

I am an economist interested in macroeconomics and international finance. I am Chief of Macrofinancial Modeling at the Financial Research Unit at the Central Bank of Chile. I hold a Ph.D. in Economics from the University of Pennsylvania

Primary Fields: Macroeconomics, Financial Economics, International Finance

Secondary Fields: Housing Economics, Economics of Innovation

Email: mcalani@bcentral.cl

Address: 1180 Agustinas Street, Santiago, Chile

CV: here

Research

Working Papers

Granular Corporate Hedging Under Dominant Currency

With Laura Alfaro and Liliana Varela



The portfolio choice channel of wealth inequality

With Lucas Rosso

Draft available here


Simple Implementable Financial Policy Rules

With Javier Moreno and Marco Piña

Draft available here


Publications

Navigating trade uncertainty: The role of trade financing and the spillover effects

With Paula Margaretic and David Moreno, accepted for publication (new! 🚨):

Journal of International Economics

Draft available here


The pass-through of loan-loss-provisioning on mortgage lending: Evidence from a regulatory change

With Manuel Paillacar, Journal of Banking and Finance (2022)



A systemic approach to modelling and estimating demand for money(ies)

With Rodrigo Fuentes and Klaus Schmidt-Hebbel, Applied Economics (2013)



COMMUNICATIONAL BIAS IN MONETARY POLICY: CAN WORDS FORECAST DEEDS?

With Pablo Pincheira, Economia, Journal of LACEA (2010)



Inflation Targeting in Financially Stable Economies: Has it been Flexible Enough?

With Kevin Cowan and Pablo Garcia-Silva, Economia Chilena (2010)



Book Chapters

Towards Efficient Taxation of Minerals: The case of copper in Chile

The Economics of Natural Resources in Latin America, edited by Osmel Manzano, Fernando Navajas and Andrew Powell, Taylor & Francis, 2017.

With Rodrigo Fuentes and Bernardita Piedrabuena



Comfort in Floating: Taking Stock of Twenty years of floating in Chile

With Elías Albagli, Metodij Hadzi-Vaskov, Mario Marcel & Luca Ricci, 2020. In "Independence, Credibility and Communication of Central Banking", edited by Ernesto Pastén and Ricardo Reis. Series on Central Banking, Analysis and Economic Policy, Central Bank of Chile



Discussions

Loopsided Interest Rates in International Borrowing Markets

By Pablo Guerrón-Quintana and Yuanchen Cai

Workshop "Financial Intermediation, Shock, and Macro Policy", Santiago, Chile. October 2023



Overborrowing and Systemic Externalities in the Business Cycle Under Imperfect Information

By Juan Herreño and Carlos Rondon

XXIII Meeting of Central Bank Researchers, Mexico City, Mexico. November 2023.

Policy Briefs

An important part of my job is to nourish the policy making at the Central Bank of Chile. For this, I actively participate in drafting boxes, chapters, and flagship reports

RESIDENTIAL REAL ESTATE SECTOR AND FINANCIAL STABILITY

CHAPTER EDITOR

Financial Stability Report 2018, CBC

Media: Pauta.cl -- Slides



FINANCIAL INTERMEDIATION AND CENTRAL BANKING. CH 4: MONETARY AND FINANCIAL POLICY INTERACTION

CHAPTER CO-EDITOR, with Bernabé López

Full report

Video -- Technical report: Leaning Against the Wind -- Technical report: Macrofinancial model



TECHNICAL REPORT: A macrofinancial model of the Chilean economy

With B. García, T. Gómez, M. González, S. Guarda, M. Paillacar

CBC WP 983


Teaching

1. International Macroeconomics (Macroeconomia Internacional), U. Católica de Chile, 2017, Fall

2. Intermediate Macroeconomics, University of Pennsylvania, 2014, Spring

3. Macroeconomics I, undergraduate, U. Católica de Chile, 2010, Spring

4. Topics in Econometrics, U. Católica de Chile, 2010, Fall

5. Principles of Economics, U. Católica de Chile, 2008, Spring