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

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  • Elizabeth Bucacos

    () (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

Suggested Citation

  • Elizabeth Bucacos, 2004. "Acerca del proceso de formación de precios internos en Uruguay en 1986.1-2003.4: un enfoque de cointegración multivariado," Documentos de trabajo 2004002, Banco Central del Uruguay.
  • Handle: RePEc:bku:doctra:2004002
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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/2.2004.pdf
    File Function: First version, 2004
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    More about this item

    Keywords

    vector error-correction models; inflation; output gap; monetary policy; PPP; Uruguay;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F39 - International Economics - - International Finance - - - Other
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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