gdp. source : central bank of chile. table 2 domestic scenario gdp domestic demand domestic demand ( w / o inventory change ) gross fixed capital formation total consumption private consumption goods and services exports goods and services imports current account ( % of gdp ) gross national savings ( % of gdp ) nominal gfcf ( % of gdp ) 2. 4 2. 3 3. 0 2. 8 3. 1 2. 9 1. 4 0. 9 - 9. 0 16. 4 24. 8 2023 ( f ) 2024 ( f ) 2025 ( f ) mar. 23 mp dec. 22 mp mar. 23 mp dec. 22 mp mar. 23 mp report report report report report ( annual change, percent ) - 1. 75 / - 0. 75 - 0. 5 / 0. 5 2. 0 - 3. 0 1. 0 - 2. 0 2. 0 - 3. 0 - 5. 3 - 4. 0 1. 7 1. 1 2. 1 - 4. 6 - 3. 0 1. 9 0. 7 1. 9 - 5. 0 - 2. 9 - 0. 2 - 0. 7 2. 3 - 4. 5 - 3. 0 2. 5 1. 1 1. 8 - 5. 9 - 3. 8 2. 5 0. 9 1. 9 6. 0 4. 5 3. 2 3. 7 2. 2 - 5. 4 - 6. 5 0. 9 2. 5 0. 5 - 4. 9 - 4. 0 - 4. 1 - 4. 1 - 4. 0 20. 2 18. 7 19. 8 18. 9 19. 2 24. 3 23. 3 23. 8 23. 2 23. 2 ( f ) forecast. source : central bank of chile. figure 13 real consumer credit flows ( millions of ufs, moving quarterly average ) rolling credit cards credit card in installments loans in installments overdrafts households'financial burden ( * ) ( percent of monthly income, moving annual average ) 14 15 16 17 18 19 20 21 22 23 ( * ) median debtor's financial burden. monthly income includes labor component ( salaried formal ) and pension fund withdrawals prorated over six months as from receipt of payment. sources : central bank of chile, financial markets commission cmf, and superintedency of social security suseso. figure 14 investment ( billions of us dollars, 2022. q4

jeremy c stein : incorporating financial stability considerations into a monetary policy framework speech by mr jeremy c stein, member of the board of governors of the federal reserve system, at the international research forum on monetary policy, washington dc, 21 march 2014. * * * i would like to talk today about how one might explicitly incorporate financial stability considerations into a monetary policy framework. 1 doing so involves tackling two questions – one that is relatively easy and one that is much harder. the easier question is, should financial stability concerns, in principle, influence monetary policy decisions? to be specific, are there cases in which one might tolerate a larger forecast shortfall of the path of the unemployment rate from its full - employment level than one would otherwise, because of a concern that a more accommodative policy might entail a heightened risk of some sort of adverse financial market outcome? this question is about theory, not empirical magnitudes, and, in my view, the theoretical answer is a clear “ yes. ” i will say a bit more about why shortly, but let me stress that i am not breaking any new conceptual ground here ; the basic argument has been laid out by a number of others, including woodford and kocherlakota. 2 the second question is, how does one operationalize the theory? what sorts of data should one look to, and what sorts of empirical methods should one use, to calibrate by how much the stance of monetary policy should be altered relative to the case in which financial stability considerations are completely set aside? this question is very difficult. in the interests of advancing the conversation, i will venture some tentative thoughts on one possible approach, which is somewhat different than what i have seen in other recent work on this topic. while i hope to convince you that this path is worth exploring, i cannot say that i know yet exactly where it will lead – and, in particular, whether it will ultimately deliver monetary policy prescriptions that differ in a quantitatively meaningful way from those offered by our current models. so i do not intend anything that follows as a comment on the current stance of our policy. before getting too deep into the details, let me preview my bottom line. i am going to try to make the case that, all else being equal, monetary policy should be less accommodative – by which i mean that it should be willing to tolerate a larger forecast shortfall of the path of the unemployment rate from its full - employment level – when