Assessing the short and medium term response of monetary shocks in Argentina

Mostrar todas las versiones(2)

Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.

Detalles Bibliográficos
Autores principales: Descalzi, Ricardo L., Neder, Ángel Enrique
Formato: conferenceObject
Lenguaje:Inglés
Publicado: Asociación Argentina de Economía Política 2022
Materias:
Seigniorage
Fiscal deficit
Real exchange rate
Impulse-response functions
Acceso en línea:http://hdl.handle.net/11086/22938
Aporte de:
Repositorio Digital Universitario (UNC) de Universidad Nacional de Córdoba
id I10-R141-11086-22938
record_format dspace
spelling I10-R141-11086-229382024-10-29T17:58:43Z Assessing the short and medium term response of monetary shocks in Argentina Descalzi, Ricardo L. Neder, Ángel Enrique Seigniorage Fiscal deficit Real exchange rate Impulse-response functions Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina. Fil: Neder, Ángel Enrique. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina. Monetary shocks generated by a monetary authority financing fiscal deficits cause a number of impacts on various economic variables, particularly on exchange and inflation rate. And while inflation is not an aspect which constitutes a serious concern in the world, it really is in Argentina, primarily from 2006 when the country returned to experiencing high rates of price changes. This was what led us to find the determinants of inflation in the long run (see Descalzi and Neder, 2015). Assessing the assumptions related to a cash-in-advance model for a small open economy with seigniorage and following McCandless (2008), we found a long run relationship between inflation, money issuing, nominal exchange rate and fiscal deficit, meaning that inflation, nominal exchange rate and the government imbalances are driven by the same trend. In this paper, being more interested in short run, we deepen the understanding on the inflationary process in Argentina during the period Q1 2004- Q2 2015 by adjusting the impulse response functions to evaluate the time along which the inflation rate attains its steady-state level after a monetary shock occurs. We use quarterly data. Este trabajo analiza el comportamiento de una economía pequeña y abierta tomando como base un modelo "cash-In-Advance" con Señoreaje. La hipótesis planteada es que las autoridades económicas tienden a financiar déficits fiscales mediante la emisión de dinero, lo que genera inflación y una caída del tipo de cambio real. Utilizando datos trimestrales para el período 2004-2015 calculamos las funciones impulso-respuesta para evaluar el número de períodos que tardan las principales variables económicas alcanzar su nuevo nivel de estado estacionario. https://aaep.org.ar/anales/works/works2016/descalzi.pdf Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina. Fil: Neder, Ángel Enrique. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina. Economía, Econometría 2022-02-25T18:16:58Z 2022-02-25T18:16:58Z 2016-11 conferenceObject 1852-0022 http://hdl.handle.net/11086/22938 eng Licencia Creative Commons Atribución-NoComercial-CompartirIgual 4.0 Internacional http://creativecommons.org/licenses/by-nc-sa/4.0/ Electrónico y/o Digital Asociación Argentina de Economía Política
institution Universidad Nacional de Córdoba
institution_str I-10
repository_str R-141
collection Repositorio Digital Universitario (UNC)
language Inglés
topic Seigniorage
Fiscal deficit
Real exchange rate
Impulse-response functions
spellingShingle Seigniorage
Fiscal deficit
Real exchange rate
Impulse-response functions
Descalzi, Ricardo L.
Neder, Ángel Enrique
Assessing the short and medium term response of monetary shocks in Argentina
topic_facet Seigniorage
Fiscal deficit
Real exchange rate
Impulse-response functions
description Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina.
format conferenceObject
author Descalzi, Ricardo L.
Neder, Ángel Enrique
author_facet Descalzi, Ricardo L.
Neder, Ángel Enrique
author_sort Descalzi, Ricardo L.
title Assessing the short and medium term response of monetary shocks in Argentina
title_short Assessing the short and medium term response of monetary shocks in Argentina
title_full Assessing the short and medium term response of monetary shocks in Argentina
title_fullStr Assessing the short and medium term response of monetary shocks in Argentina
title_full_unstemmed Assessing the short and medium term response of monetary shocks in Argentina
title_sort assessing the short and medium term response of monetary shocks in argentina
publisher Asociación Argentina de Economía Política
publishDate 2022
url http://hdl.handle.net/11086/22938
work_keys_str_mv AT descalziricardol assessingtheshortandmediumtermresponseofmonetaryshocksinargentina
AT nederangelenrique assessingtheshortandmediumtermresponseofmonetaryshocksinargentina
_version_ 1824552225398063104

Ejemplares similares