RT Journal Article
T1 An indicator of monetary bias for emerging and partially dollarized economies: the case of Uruguay
A1 Brum Civelli, Conrado
A1 García Hiernaux, Alfredo Alejandro
AB The instability of the relationships between interest rates, amount of money, and exchange rate, and the transmission problems between different interest rates hinder the measurement of monetary policy through a single variable. This difficulty is particularly relevant in emerging and partially dollarized economies. This paper proposes a multivariate indicator of monetary bias for these economies in which the monetary and financial variables are considered according to the impact they have on inflation. We use a Factor Augmented Vector AutoRegressive Moving Average model with eXogenous variables (FAVARMAX) to estimate these effects in the case of Uruguay. Using the evolution of Monetary Conditions Index (MCI) proposed, we characterize the policy adopted by the Central Bank of Uruguay between 2010–2019, a period of inflation targeting.
PB Elsevier
SN 1059-0560
YR 2023
FD 2023-05
LK https://hdl.handle.net/20.500.14352/103320
UL https://hdl.handle.net/20.500.14352/103320
LA eng
NO 2023 Acuerdos transformativos CRUE
DS Docta Complutense
RD 6 abr 2025