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Un modelo semi estructural de proyecciones macroeconómicas para el Uruguay

Patricia Carballo (), José Ignacio González (), Margarita Güenaga (), José Mourelle () and Gabriela Romaniello ()
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Patricia Carballo: Banco Central del Uruguay
José Ignacio González: Banco Central del Uruguay
Margarita Güenaga: Banco Central del Uruguay
Gabriela Romaniello: Banco Central del Uruguay

No 2015012, Documentos de trabajo from Banco Central del Uruguay

Abstract: This paper presents the characteristics of Modelo de Proyecciones Macroeconómicas (MPM), which allows both forecasts and simulations of macroeconomic variables. It is a New Keynesian model with price stickiness. Therefore, movements in the nominal sector, and especially in monetary policy, may have effects on real variables in the economy in the short term. We also analyze the relationships among the model variables when a money market is included and the effects of imposing two alternative rules of monetary policy. The first rule is based on an interest rate (Taylor), and the second in monetary aggregates (McCallum)

Keywords: Semi structural model; monetary aggregates; policy rule; Uruguay; Modelo semi estructural; agregados monetarios; regla de política; Uruguay (search for similar items in EconPapers)
JEL-codes: E23 O47 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2015-12
New Economics Papers: this item is included in nep-lam and nep-mac
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