Assessing the short and medium term response of monetary shocks in Argentina
- Autores
- Descalzi, Ricardo L.; Neder, Ángel Enrique
- Año de publicación
- 2016
- Idioma
- inglés
- Tipo de recurso
- documento de conferencia
- Estado
- versión publicada
- Descripción
- 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 - Materia
-
Seigniorage
Fiscal deficit
Real exchange rate
Impulse-response functions - Nivel de accesibilidad
- acceso abierto
- Condiciones de uso
- Repositorio
- Institución
- Universidad Nacional de Córdoba
- OAI Identificador
- oai:rdu.unc.edu.ar:11086/22938
Ver los metadatos del registro completo
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Assessing the short and medium term response of monetary shocks in ArgentinaDescalzi, Ricardo L.Neder, Ángel EnriqueSeigniorageFiscal deficitReal exchange rateImpulse-response functionsFil: 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.pdfFil: 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, EconometríaAsociación Argentina de Economía Política2016-11info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdf1852-0022http://hdl.handle.net/11086/22938enginfo:eu-repo/semantics/openAccessreponame:Repositorio Digital Universitario (UNC)instname:Universidad Nacional de Córdobainstacron:UNC2025-09-29T13:43:23Zoai:rdu.unc.edu.ar:11086/22938Institucionalhttps://rdu.unc.edu.ar/Universidad públicaNo correspondehttp://rdu.unc.edu.ar/oai/snrdoca.unc@gmail.comArgentinaNo correspondeNo correspondeNo correspondeopendoar:25722025-09-29 13:43:23.454Repositorio Digital Universitario (UNC) - Universidad Nacional de Córdobafalse |
dc.title.none.fl_str_mv |
Assessing the short and medium term response of monetary shocks in Argentina |
title |
Assessing the short and medium term response of monetary shocks in Argentina |
spellingShingle |
Assessing the short and medium term response of monetary shocks in Argentina Descalzi, Ricardo L. Seigniorage Fiscal deficit Real exchange rate Impulse-response functions |
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 |
dc.creator.none.fl_str_mv |
Descalzi, Ricardo L. Neder, Ángel Enrique |
author |
Descalzi, Ricardo L. |
author_facet |
Descalzi, Ricardo L. Neder, Ángel Enrique |
author_role |
author |
author2 |
Neder, Ángel Enrique |
author2_role |
author |
dc.subject.none.fl_str_mv |
Seigniorage Fiscal deficit Real exchange rate Impulse-response functions |
topic |
Seigniorage Fiscal deficit Real exchange rate Impulse-response functions |
dc.description.none.fl_txt_mv |
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 |
description |
Fil: Descalzi, Ricardo L. Universidad Nacional de Córdoba. Facultad de Ciencias Económicas; Argentina. |
publishDate |
2016 |
dc.date.none.fl_str_mv |
2016-11 |
dc.type.none.fl_str_mv |
info:eu-repo/semantics/conferenceObject info:eu-repo/semantics/publishedVersion http://purl.org/coar/resource_type/c_5794 info:ar-repo/semantics/documentoDeConferencia |
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conferenceObject |
status_str |
publishedVersion |
dc.identifier.none.fl_str_mv |
1852-0022 http://hdl.handle.net/11086/22938 |
identifier_str_mv |
1852-0022 |
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http://hdl.handle.net/11086/22938 |
dc.language.none.fl_str_mv |
eng |
language |
eng |
dc.rights.none.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Asociación Argentina de Economía Política |
publisher.none.fl_str_mv |
Asociación Argentina de Economía Política |
dc.source.none.fl_str_mv |
reponame:Repositorio Digital Universitario (UNC) instname:Universidad Nacional de Córdoba instacron:UNC |
reponame_str |
Repositorio Digital Universitario (UNC) |
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Repositorio Digital Universitario (UNC) |
instname_str |
Universidad Nacional de Córdoba |
instacron_str |
UNC |
institution |
UNC |
repository.name.fl_str_mv |
Repositorio Digital Universitario (UNC) - Universidad Nacional de Córdoba |
repository.mail.fl_str_mv |
oca.unc@gmail.com |
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