Aproximaciones empíricas a la Tasa Natural de Interés para la Economía Uruguaya

Conrado Brum, Patricia Carballo () and Verónica España ()
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Patricia Carballo: Banco Central del Uruguay
Verónica España: Banco Central del Uruguay

No 2010010, Documentos de trabajo from Banco Central del Uruguay

Abstract: From 2003 the Central Bank of Uruguay has explicit targets over the inflation rate, and from 2007 onwards the operative target is the one-day interbank rate. In order to assess the monetary policy stance, it is very important to have different estimates of the Natural Interest Rate (NIR). In this paper we address this issue using several approaches over 1992-2009. The diagnostic of the monetary policy stance does not differ among different methods.

Keywords: Natural interest rate; Kalman filter; output gap; potential output; semi-structural model; state-space representation; non-observable variables; monetary policy stance; Tasa natural de interés; tasa de interés de equilibrio; filtro de Kalman; brecha producto; producto potencial; modelo semiestructural; representación estadoespacio; variables no observables; instancia de política monetaria (search for similar items in EconPapers)
JEL-codes: C32 E43 E52 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2010-09
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Persistent link: https://EconPapers.repec.org/RePEc:bku:doctra:2010010

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