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Revisión del traslado a precios de la devaluación del tipo de cambio oficial durante el per\'iodo 2017-2023 en Argentina

Frank, Luis (2023): Revisión del traslado a precios de la devaluación del tipo de cambio oficial durante el per\'iodo 2017-2023 en Argentina.

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Abstract

The paper estimates that the pass-through coefficient of a devaluation to prices paid by consumers in around 20-25% and has a duration of 6 to 8 months, in general. The economic model underlying the estimate follows an adaptive expectations scheme on the free exchange rate, while the associated econometric model is an error correction model (ECM). The simulation of various devaluation scenarios with the ECM model reveals that gradual devaluations extend the price adjustment more than proportionally because the adjustment occurs more slowly, although they reduce and postpone the initial inflationary peak. In the paper we estimate the pass-through elasticities for all the components of the GBA-CPI, appealing in several cases to the robust LAD estimator to overcome some econometric difficulties. The general transfer function is obtained indirectly by aggregation of the functions of each component of the CPI.

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