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Un modelo estocástico de equilibrio general para la economía uruguaya con producción de commodities


  • Serafín Frache

    (Universidad de Montevideo, Facultad de Ciencias Empresariales y Economía)

  • Helena Rodríguez

    (Banco Central del Uruguay)


In this paper we analyze the main results obtained in the estimation of a DSGE model with commodity production, which was constructed as an extension of the baseline model used in the Central Bank of Uruguay. We model the production for three relevant sectors in the Uruguayan economy such as pulp, agricultural and dairy and meat production. In the baseline model these sectors are introduced as endowments that evolve exogenously over time and thus are not able to capture in a satisfactory way the real effects of some shocks. With this extension we try to adjust the baseline model in order to obtain better impulse-response functions that improve the description of the transmission mechanisms of the sectoral shocks to the rest of the economy.

Suggested Citation

  • Serafín Frache & Helena Rodríguez, 2021. "Un modelo estocástico de equilibrio general para la economía uruguaya con producción de commodities," Documentos de trabajo 2021006, Banco Central del Uruguay.
  • Handle: RePEc:bku:doctra:2021006

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    More about this item


    DSGE; monetary policy; commodity prices; Uruguay;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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