Un modelo estructural pequeño para la economía uruguaya
AbstractThe 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.
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Bibliographic InfoPaper provided by Department of Economics - dECON in its series Documentos de Trabajo (working papers) with number 2610.
Length: 44 pages
Date of creation: Dec 2010
Date of revision:
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Web page: http://www.fcs.edu.uy/subcategoria.php?SubCatId=48&CatId=53
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Small Structural Model; Monetary Policy;
Find related papers by JEL classification:
- C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-02-19 (All new papers)
- NEP-CBA-2011-02-19 (Central Banking)
- NEP-CIS-2011-02-19 (Confederation of Independent States)
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