Analizamos las calificaciones de deuda soberana a partir de modelos logit para una muestra de 53 países entre 2000 y 2010. Dado que la literatura sobre el tema omite un tratamiento diferencial para variables explicativas no estacionarias incorporamos un factor de tendencia que interactúa con...

Inflation expectations are key unobservable variables for decision-making, especially in managing monetary policy. Understand how to formulate them, if they are rational or adaptive is vital. This study answers these questions through a panel data analysis of the micro data from the inflation...

This study applies the extension of the Machado and Mata (2005) decomposition developed by Albrecht, Vuuren y Vroman (2009) to analyze the gender wage gap in Uruguay. The wage gap is increasing the upper part suggesting a glass ceiling in Uruguay. We also find a positive selection effect.

We use a rich and unique dataset of 20 million daily prices in groceries and supermarkets across the country to analyze stylized facts of the behaviour of consumer prices. Our findings are as follows: i) The median duration of prices is little over 2 months. Therefore, retail prices in Uruguay...

This paper estimates demand curve equations for Chilean non-copper exports, focusing on the role of the Real Exchange Rate (RER) during the period 1990-2013. This research is motivated by the substantial real depreciation over the last year which has led the Real Effective Exchange Rate (REER)...

Banking interest rates are closely related to monetary policy transmission than overnight interest rates. Since overnight interest rates are used as policy instrument since September 2007 by Uruguayan Central Bank, it is important to quantify the extent to which overnight interest rates are...

This paper analyses the magnitude and speed of the exchange rate pass-through to prices comparing the results from a Semi-structural Model, VAR models, nonlinear regressions and the Kalman Filter. This paper also discusses the relation between a set of macroeconomic fundamentals and the exchange...

The Central Bank of Uruguay started to an interest rate instrument for monetary policy in September 2009. This paper develops a Small Structural Model for the Uruguayan economy which contributes to the understanding of the channels through which monetary policy operates under a flexible...

Some approaches to measuring the middle class are based on an arbitrary definition such as income quartiles or the poverty line. Foster and Wolfson have recently developed a methodology without arbitrariness. We apply this tool and a complementary method–the relative distribution approach–to...