2026-06-01T18:52:32Zhttps://docta.ucm.es/rest/oai/request

oai:docta.ucm.es:20.500.14352/1033202024-04-23T00:11:32Zcom_20.500.14352_14col_20.500.14352_15

An indicator of monetary bias for emerging and partially dollarized economies: the case of Uruguay Brum Civelli, Conrado García Hiernaux, Alfredo Alejandro E58 E52 E31 C32 Monetary policy bias Multivariate indicator Inflation FAVARMAX Economía 5307.16 Teoría Monetaria 2023 Acuerdos transformativos CRUE 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. Depto. de Análisis Económico y Economía Cuantitativa Fac. de Ciencias Económicas y Empresariales TRUE pub APC financiada por la UCM 2024-04-22T12:03:50Z 2024-04-22T12:03:50Z 2023-05 journal article VoR https://hdl.handle.net/20.500.14352/103320 1059-0560 10.1016/j.iref.2023.01.004 1873-8036 eng Attribution 4.0 International http://creativecommons.org/licenses/by/4.0/ open access application/pdf Elsevier