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| dc.title | Financial Conditions and Monetary Policy in Uruguay: An MS-VAR Approach |
| dc.contributor.author | Bucacos, Elizabeth |
| dc.contributor.orgunit | Department of Research and Chief Economist |
| dc.coverage | Uruguay |
| dc.date.available | 2017-05-19T00:00:00 |
| dc.date.issue | 2017-04-27T00:00:00 |
| dc.description.abstract | This study analyzes the effects of "financial stress" on the Uruguayan macroeconomy in the 1998Q3-2016Q2 period with the underlying idea that financial shocks propagate differently during "normal times" than during times of "stress." This behavior is captured in a multivariate framework through a Markovswitching vector auto regressive (MS-VAR) model. The evidence found so far supports the idea that financial conditions affect the macroeconomy, as they not only change the private investment long-run average growth rate but also directly modify the behavior of monetary policy. |
| dc.format.extent | 43 |
| dc.identifier.doi | http://dx.doi.org/10.18235/0000699 |
| dc.identifier.url | https://publications.iadb.org/publications/english/document/Financial-Conditions-and-Monetary-Policy-in-Uruguay-An-MS-VAR-Approach.pdf |
| dc.language.iso | en |
| dc.medium | Adobe PDF |
| dc.publisher | Inter-American Development Bank |
| dc.subject | Private Investment |
| dc.subject | Macroeconomy |
| dc.subject | Monetary Policy |
| dc.subject | Financial Market |
| dc.subject.jelcode | C34 - Truncated and Censored Models • Switching Regression Models |
| dc.subject.jelcode | E27 - Forecasting and Simulation: Models and Applications |
| dc.subject.jelcode | E44 - Financial Markets and the Macroeconomy |
| dc.subject.jelcode | E62 - Fiscal Policy |
| dc.subject.keywords | Financial Conditions;Monetary Policy;Private Investment |
| dc.type | Working Papers |
| idb.identifier.pubnumber | Working Papers |
| idb.operation | RG-T2426 |