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

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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, primaril...

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Autores principales: Descalzi, Ricardo, 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-R14111086-22938
record_format dspace
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
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 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.
format conferenceObject
author Descalzi, Ricardo
Neder, Ángel Enrique
author_facet Descalzi, Ricardo
Neder, Ángel Enrique
author_sort Descalzi, Ricardo
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 descalziricardo assessingtheshortandmediumtermresponseofmonetaryshocksinargentina
AT nederangelenrique assessingtheshortandmediumtermresponseofmonetaryshocksinargentina
bdutipo_str Repositorios
_version_ 1764820395630788608

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