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La demanda de dinero en Uruguay: 1980.1-2002.4

Author

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  • Elizabeth Bucacos
  • Gerardo Licandro

Abstract

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.

Suggested Citation

  • Elizabeth Bucacos & Gerardo Licandro, 2004. "La demanda de dinero en Uruguay: 1980.1-2002.4," Econometric Society 2004 Latin American Meetings 233, Econometric Society.
    • Handle: RePEc:ecm:latm04:233
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    File URL: http://repec.org/esLATM04/up.13366.1082054151.pdf
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    Cited by:

    1. Elizabeth Bucacos, 2018. "Financial Conditions and Monetary Policy in Uruguay: An MS-VAR Approach," MIC 2018: Managing Global Diversities; Proceedings of the Joint International Conference, Bled, Slovenia, 30 May–2 June 2018,, University of Primorska Press.

    More about this item

    Keywords

    Demand for money; Uruguay;

    JEL classification:

    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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