High inflation, price stability and hysteresis effect: Evidence from Argentina

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 Distri...

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Autores principales:	Dabus,Carlos, Delbianco,Fernando, Fioriti,Andres
Lenguaje:	English
Publicado:	ILADES. Universidad Alberto Hurtado. 2016
Materias:	Hysteresis effect money demand currency substitution
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-88702016000100004
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spelling	oai:scielo:S0718-887020160001000042016-04-29High inflation, price stability and hysteresis effect: Evidence from ArgentinaDabus,CarlosDelbianco,FernandoFioriti,Andres Hysteresis effect money demand currency substitution 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.info:eu-repo/semantics/openAccessILADES. Universidad Alberto Hurtado.Revista de análisis económico v.31 n.1 20162016-04-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-88702016000100004en10.4067/S0718-88702016000100004
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	Hysteresis effect money demand currency substitution
spellingShingle	Hysteresis effect money demand currency substitution Dabus,Carlos Delbianco,Fernando Fioriti,Andres High inflation, price stability and hysteresis effect: Evidence from Argentina
description	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.
author	Dabus,Carlos Delbianco,Fernando Fioriti,Andres
author_facet	Dabus,Carlos Delbianco,Fernando Fioriti,Andres
author_sort	Dabus,Carlos
title	High inflation, price stability and hysteresis effect: Evidence from Argentina
title_short	High inflation, price stability and hysteresis effect: Evidence from Argentina
title_full	High inflation, price stability and hysteresis effect: Evidence from Argentina
title_fullStr	High inflation, price stability and hysteresis effect: Evidence from Argentina
title_full_unstemmed	High inflation, price stability and hysteresis effect: Evidence from Argentina
title_sort	high inflation, price stability and hysteresis effect: evidence from argentina
publisher	ILADES. Universidad Alberto Hurtado.
publishDate	2016
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-88702016000100004
work_keys_str_mv	AT dabuscarlos highinflationpricestabilityandhysteresiseffectevidencefromargentina AT delbiancofernando highinflationpricestabilityandhysteresiseffectevidencefromargentina AT fioritiandres highinflationpricestabilityandhysteresiseffectevidencefromargentina
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High inflation, price stability and hysteresis effect: Evidence from Argentina

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