Selecting the money deflator by an encompassing approach: the case of Argentina

Autores
Ahumada, Hildegart; Garegnani, María Lorena
Año de publicación
2009
Idioma
inglés
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
This paper econometrically studies two models of money demand for Argentina. Both characterise the whole sample. Their main difference is the real exchange rate as a determinant whose coefficient estimates implied the exchange rate instead of prices should be used as the money deflator. The model with money deflated by the exchange rate encompasses the model with money deflated by prices. The exchange rate appears to be a proper deflator for hyperinflation experiences and for economies prone to suffer chronic inflation. The choice of the deflator is a key issue for monetary adjustments in response to real exchange rate modifications.
Este trabajo estudia econométricamente dos modelos de demanda de dinero para Argentina. Ambos caracterizan apropiadamente el período analizado. Su principal diferencia es el tipo de cambio real como determinante. Las estimaciones de su coeficiente indican que el tipo de cambio nominal debe usarse como deflactor de los saldos monetarios en lugar de los precios. El modelo con este deflactor engloba al que usa precios. El tipo de cambio sería el deflactor no solo para hiperinflaciones sino también para economías con inflación crónica. La elección del deflactor es central para los ajustes monetarios asociados a modificaciones del tipo de cambio real.
Facultad de Ciencias Económicas
Materia
Ciencias Económicas
Equilibrium-Correction
Monetary-aggregate
Encompassing
Money Deflator
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/170382

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network_name_str SEDICI (UNLP)
spelling Selecting the money deflator by an encompassing approach: the case of ArgentinaAhumada, HildegartGaregnani, María LorenaCiencias EconómicasEquilibrium-CorrectionMonetary-aggregateEncompassingMoney DeflatorThis paper econometrically studies two models of money demand for Argentina. Both characterise the whole sample. Their main difference is the real exchange rate as a determinant whose coefficient estimates implied the exchange rate instead of prices should be used as the money deflator. The model with money deflated by the exchange rate encompasses the model with money deflated by prices. The exchange rate appears to be a proper deflator for hyperinflation experiences and for economies prone to suffer chronic inflation. The choice of the deflator is a key issue for monetary adjustments in response to real exchange rate modifications.Este trabajo estudia econométricamente dos modelos de demanda de dinero para Argentina. Ambos caracterizan apropiadamente el período analizado. Su principal diferencia es el tipo de cambio real como determinante. Las estimaciones de su coeficiente indican que el tipo de cambio nominal debe usarse como deflactor de los saldos monetarios en lugar de los precios. El modelo con este deflactor engloba al que usa precios. El tipo de cambio sería el deflactor no solo para hiperinflaciones sino también para economías con inflación crónica. La elección del deflactor es central para los ajustes monetarios asociados a modificaciones del tipo de cambio real.Facultad de Ciencias Económicas2009-11info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionObjeto de conferenciahttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/170382enginfo:eu-repo/semantics/altIdentifier/isbn/978-987-99570-7-3info:eu-repo/semantics/altIdentifier/url/https://bd.aaep.org.ar/anales/works/works2009/ahumada.pdfinfo:eu-repo/semantics/altIdentifier/issn/1852-0022info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-sa/4.0/Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-09-29T11:43:20Zoai:sedici.unlp.edu.ar:10915/170382Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-09-29 11:43:21.145SEDICI (UNLP) - Universidad Nacional de La Platafalse
dc.title.none.fl_str_mv Selecting the money deflator by an encompassing approach: the case of Argentina
title Selecting the money deflator by an encompassing approach: the case of Argentina
spellingShingle Selecting the money deflator by an encompassing approach: the case of Argentina
Ahumada, Hildegart
Ciencias Económicas
Equilibrium-Correction
Monetary-aggregate
Encompassing
Money Deflator
title_short Selecting the money deflator by an encompassing approach: the case of Argentina
title_full Selecting the money deflator by an encompassing approach: the case of Argentina
title_fullStr Selecting the money deflator by an encompassing approach: the case of Argentina
title_full_unstemmed Selecting the money deflator by an encompassing approach: the case of Argentina
title_sort Selecting the money deflator by an encompassing approach: the case of Argentina
dc.creator.none.fl_str_mv Ahumada, Hildegart
Garegnani, María Lorena
author Ahumada, Hildegart
author_facet Ahumada, Hildegart
Garegnani, María Lorena
author_role author
author2 Garegnani, María Lorena
author2_role author
dc.subject.none.fl_str_mv Ciencias Económicas
Equilibrium-Correction
Monetary-aggregate
Encompassing
Money Deflator
topic Ciencias Económicas
Equilibrium-Correction
Monetary-aggregate
Encompassing
Money Deflator
dc.description.none.fl_txt_mv This paper econometrically studies two models of money demand for Argentina. Both characterise the whole sample. Their main difference is the real exchange rate as a determinant whose coefficient estimates implied the exchange rate instead of prices should be used as the money deflator. The model with money deflated by the exchange rate encompasses the model with money deflated by prices. The exchange rate appears to be a proper deflator for hyperinflation experiences and for economies prone to suffer chronic inflation. The choice of the deflator is a key issue for monetary adjustments in response to real exchange rate modifications.
Este trabajo estudia econométricamente dos modelos de demanda de dinero para Argentina. Ambos caracterizan apropiadamente el período analizado. Su principal diferencia es el tipo de cambio real como determinante. Las estimaciones de su coeficiente indican que el tipo de cambio nominal debe usarse como deflactor de los saldos monetarios en lugar de los precios. El modelo con este deflactor engloba al que usa precios. El tipo de cambio sería el deflactor no solo para hiperinflaciones sino también para economías con inflación crónica. La elección del deflactor es central para los ajustes monetarios asociados a modificaciones del tipo de cambio real.
Facultad de Ciencias Económicas
description This paper econometrically studies two models of money demand for Argentina. Both characterise the whole sample. Their main difference is the real exchange rate as a determinant whose coefficient estimates implied the exchange rate instead of prices should be used as the money deflator. The model with money deflated by the exchange rate encompasses the model with money deflated by prices. The exchange rate appears to be a proper deflator for hyperinflation experiences and for economies prone to suffer chronic inflation. The choice of the deflator is a key issue for monetary adjustments in response to real exchange rate modifications.
publishDate 2009
dc.date.none.fl_str_mv 2009-11
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dc.language.none.fl_str_mv eng
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info:eu-repo/semantics/altIdentifier/issn/1852-0022
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