Un modelo estructural pequeño para la economía uruguaya

Diego Gianelli ()
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Diego Gianelli: Banco Central del Uruguay

No 2610, Documentos de Trabajo (working papers) from Department of Economics - dECON

Abstract: The Central Bank of Uruguay started to an interest rate instrument for monetary policy in September 2009. This paper develops a Small Structural Model for the Uruguayan economy which contributes to the understanding of the channels through which monetary policy operates under a flexible inflation targeting regime. The model is built in an open economy framework with partial dollarization and quasi-rational expectations. We calibrate the model parameter using quarterly data and present the dynamic response to several structural shocks. The results are consistent with the underlying New Keynesian theory, as well as with previews figures shown in works for countries with similar structural characteristics. Given the small sample size available for some series the empirical results of this model should be considered preliminary.

Keywords: Small Structural Model; Monetary Policy (search for similar items in EconPapers)
JEL-codes: C15 C51 C60 E12 E17 E52 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2010-12
New Economics Papers: this item is included in nep-cba and nep-cis
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ude:wpaper:2610

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