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A Dynamic Stochastic General Equilibrium Model for Policy Analysis in Uruguay

German Cubas ()

No 2011013, Documentos de trabajo from Banco Central del Uruguay

Abstract: The goal of this paper is twofold. First it is intended to contribute to the understanding of business cycles in Uruguay. Second, it is aimed to help the policymakers to have an additional tool for policy analysis. For this purpose I construct an open economy new keynesian business cycle model based on the work of Escude (2007). It includes a banking system and a richly modeled monetary policy with inflation targeting with interventions in the foreign exchange market by the central bank. The model is then calibrated to Uruguay in the period 1994:1-2010:2 and then used to analyze the reaction of the macroeconomic variables to exogenous shocks to productivity, government expenditures, international interest rate, monetary interventions, risk premium, international inflation and price of exports.Length: 50 pages

Date: 2011-12
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