Un modelo semi estructural de proyecciones macroeconómicas para el Uruguay

This paper presents the characteristics of Modelo de Proyecciones Macroeconomicas (MPM), which allows both forecasts and simulations of macroeconomic variables. It is a New Keynesian model with price stickiness. Therefore, movements in the nominal sector, and especially in monetary policy, may have effects on real variables in the economy in the short term. We also analyze the relationships among the model variables when a money market is included and the effects of imposing two alternative rules of monetary policy. The first rule is based on an interest rate (Taylor), and the second in monetary aggregates (McCallum)