Through a VECM, during 1961-2017 in Argentina, we found cointegration between the Multilateral Real Exchange Rate and four fundamental variables: Net Foreign Assets, Public Expenditure, Terms of Trade, and Productivity. Defining the Real Exchange Rate as domestic prices in dollars, we estimate a...

Through a VECM, during 1961-2017 in Argentina, we found cointegration between the Multilateral Real Exchange Rate and four fundamental variables: Net Foreign Assets, Public Expenditure, Terms of Trade, and Productivity. Defining the Real Exchange Rate as domestic prices in dollars, we estimate a...

Este trabajo analiza dos importantes fuentes de cambios en los precios relativos, en el caso de economias abiertas: las alteraciones en los terminos de intercambio externos y los movimientos en el tipo de cambio real. El trabajo examina los efectos de esas perturbaciones externas en el producto...