This paper presents a macroeconomic model to explain the dynamics of Chilean inflation during 1976-82. The model extends the Australian and Scandinavian open economy models by making a finer distinction between tradables and nontradables and by introducing more elaborate expectations formation. Results of the model supplied to quarterly Chilean data over the period reject the homogeneity of the system indicating that a devaluation does indeed affect...
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INFORMATION
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1983/12/01
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Document de travail départemental
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DRD69
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1
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1
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2010/07/01
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Disclosed
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International prices, wages, and inflation in the open economy : a Chilean model
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law of one price
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