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 and Acting Manager of Financial Research at the Central Bank of Chile. I hold a Ph.D. in Economics from the University of Pennsylvania

Primary Fields: Financial Economics and International Finance

Secondary Fields: Economics of Innovation

Email: mcalani@bcentral.cl

Address: 1180 Agustinas Street, Santiago, Chile

CV: here

Research

Working Papers

Lending Standards, Granular Banks and Aggregate Fluctuations

With Damian Romero

Draft coming soon ⚠️

Granular Corporate Hedging Under Dominant Currency

With Laura Alfaro and Liliana Varela

NBER WP 28910

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 (update coming soon ⚠️)

Publications

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

With Paula Margaretic and David Moreno

Journal of International Economics, accepted for publication 🆕 🔥

Draft available here

Firms, Currency Hedging and Financial Derivatives

With Liliana Varela and Laura Alfaro

Handbook of Financial Integration, Chapter 15, May 2024, 340:370 🆕 🔥

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)

CBC WP 512

COMMUNICATIONAL BIAS IN MONETARY POLICY: CAN WORDS FORECAST DEEDS?

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

CBC WP 526

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

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

CBC WP 587

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

Link to book

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

Book chapter -- IMF WP 2020/100 -- Video Annual Conference CBC 2019

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.

Calibrating the Countercyclical Capital Buffer for Italy

By Pierluigi Bologna

Workshop On Macroprudential Policy and the CCyB, January 2024

[Slides]

The state-dependent impact of changes in bank capital requirements

By Jan Hannes Lang and Dominik Menno

Workshop On Banking and Financial Stability, September 2024

[Slides]

Global and Local Risks in Foreign Currency Operations

By Liliana Varela and Francisco Legaspe

XXVII Annual Conference of the Central Bank of Chile, November 2024: Medium and Long-Run Trends in Interest Rates: Causes and Implications for Monetary Policy

[Slides]

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

Analytical Considerations for the Implementation Framework of the Countercyclical Capital Buffer Requirement

EDITOR AND COORDINATOR

Technical document, April, 2025

Media: CBC Blog (with Rosario Celedón and Miguel Fuentes)

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