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La demanda de dinero en Uruguay: 1980.1-2002.4

Listed author(s):
  • Elizabeth Bucacos
  • Gerardo Licandro

The new monetary policy implemented in Uruguay in July 2002, rests on the existence of a stable relationship between the intermediate monetary aggregate and the price level, particularly during rough times, such as financial crises (1982-83; 2001-02). This paper analyzes the stability of transactional money demand and the power of a monetary-aggregates policy. First, the estimation of an error-correction model for real money balances points out a basic long-run relationship and a reasonable dynamic specification that passes standard stability tests. Then, after its evaluation, it seems as if the monetary channel is not the only one in the explanation of the price formation in Uruguay and that, as a result, the monetary-aggregates policy alone cannot guarantee to reach a predetermined price path.

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Paper provided by Econometric Society in its series Econometric Society 2004 Latin American Meetings with number 233.

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Date of creation: 11 Aug 2004
Handle: RePEc:ecm:latm04:233
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