Agregados monetarios Divisia y demanda de dinero en Uruguay

José Ignacio González Giangrossi ()
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José Ignacio González Giangrossi: Banco Central del Uruguay

No 2016003, Documentos de trabajo from Banco Central del Uruguay

Abstract: In this paper Divisia monetary aggregates were built for Uruguay in the period 1998.Q4- 2015Q2 and compared with traditional monetary aggregates. The difference increases in broader aggregates, being very small for M1 but significant for the case of M2 + bonds. Then these measures were incorporated into a money demand function and using error correction models short-run dynamics was examined, finding a quick adjustment towards long run equilibrium and with Divisia models a higher semi-elasticity for the opportunity cost of money. Over the six candidates, Divisia M2 model perform better and is the appropriate measure to track money demand and complement monetary policy analysis.

Keywords: Monetary aggregates; Divisia index; money demand; cointegration; Uruguay; Agregados monetarios; índices Divisia; demanda de dinero; cointegración (search for similar items in EconPapers)
JEL-codes: C22 C52 E41 E51 N16 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2016
New Economics Papers: this item is included in nep-cba and nep-mac
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Citations: View citations in EconPapers (1)

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