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La demanda de dinero en Uruguay: 1980.1-2002.4


  • 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.

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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    References listed on IDEAS

    1. Cullen, Julie Berry & Jacob, Brian A. & Levitt, Steven D., 2005. "The impact of school choice on student outcomes: an analysis of the Chicago Public Schools," Journal of Public Economics, Elsevier, vol. 89(5-6), pages 729-760, June.
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    More about this item


    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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