Acerca del proceso de formación de precios internos en Uruguay en 1986.1-2003.4: un enfoque de cointegración multivariado

Elizabeth Bucacos ()
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Elizabeth Bucacos: Banco Central del Uruguay

No 2004002, Documentos de trabajo from Banco Central del Uruguay

Abstract: The objective of this investigation is to describe the price formation process in Uruguay, measured by the CPI. As inflation is not a monetary phenomenon exclusively, the description of its generating process requires to take into account other factors beside monetary ones. The estimation strategy used in this paper enables us to identify deep determinants of inflation in the long run and those other factors that affect its short-run performance as well. In particular, we find that the weight of monetary expansion in the explanation of consumer price level is relatively small

Keywords: vector error-correction models; inflation; output gap; monetary policy; PPP; Uruguay (search for similar items in EconPapers)
JEL-codes: C51 E31 E39 E52 F39 O54 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2004-12
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