INVESTIGADORES
DABUS Carlos Dario
artículos
Título:
High Inflation, Price Stability and Histeresys Effect: Evidence from Argentina
Autor/es:
CARLOS DABÚS; DELBIANCO, FERNANDO; FIORITI, ANDRÉS
Revista:
Revista de Analisis Economico
Editorial:
Universidad Alberto Hurtado
Referencias:
Lugar: Santiago de Chile; Año: 2016 vol. 31 p. 59 - 59
ISSN:
0716-5927
Resumen:
We estimate a Currency Substitution model for 1980-2013 periods in Argentina. Following the Mongardini and Mueller (2000) specification, our paper studies the persistence of lower demand of local money, or dollarization, by including a hysteresis variable. By applying an ARDL (Auto Regressive Distributed Lags) model, we found a clear ratchet effect, which implies that in the short run agents do not adjust to changes on the fundamentals, leading to a significant hysteresis variable.