{
  "title": "Uruguay: Selected Issues",
  "publication": "IMF Staff Country Reports, March 27, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/uruguay-selected-issues-22837",
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  "summary": "This Selected Issues paper quantifies the importance of international food and oil price inflation for Uruguayan inflation. The paper employs the vector autoregressive (VAR) model and Phillips-curve estimations techniques to address these questions.",
  "publishDate": "2009-03-27",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Publication date: March 27, 2009\n- Core purpose: Quantifies the importance of international food and oil price inflation for Uruguayan inflation.\n- Principal finding: World food prices have had a strong but stable impact on Uruguay’s inflation."
    },
    {
      "heading": "Methodology",
      "content": "- Econometric approaches used:\n  - Vector autoregressive (VAR) model estimations.\n  - Phillips-curve estimations.\n- Comparative context:\n  - Similar estimations are carried out for a broader set of emerging markets to put the Uruguayan results into an international context.\n- Scope of analysis:\n  - Examines spillovers from commodity price increases to measures of core inflation."
    },
    {
      "heading": "Key findings and analysis",
      "content": "- Spillovers to core inflation:\n  - The paper examines how commodity price increases—specifically international food and oil price inflation—transmit to measures of core inflation in Uruguay.\n- Relative impacts:\n  - World food prices are identified as having a strong impact on Uruguay’s inflation.\n  - That impact is characterized as stable over the analysis period.\n- Cross-country perspective:\n  - Comparable estimations for a broader set of emerging markets are presented to contextualize Uruguay’s experience, allowing assessment of whether Uruguay’s transmission differs from peer economies."
    },
    {
      "heading": "Policy implications and recommendations (implied by analysis)",
      "content": "- Monitoring and policy calibration:\n  - Given the strong but stable transmission from world food prices to domestic inflation, macroeconomic policy and inflation-targeting frameworks should account for international food price dynamics.\n- Consideration of core inflation measures:\n  - Analysis focuses on spillovers to core inflation, suggesting that policymakers should track core measures alongside headline inflation to assess persistent inflationary pressures from commodities.\n- Comparative benchmarking:\n  - Use of broader emerging market estimations implies value in benchmarking Uruguay’s inflation responses to external shocks against peers when designing policy responses.\n\n---\n\n Content in this bundle\n\n- Uruguay: Selected Issues; IMF Country Report 09/103; October 9, 2008\n  - Uruguay: Selected Issues; IMF Country Report 09/103; October 9, 2008 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Uruguay: Selected Issues; IMF Country Report 09/103; October 9, 2008 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/uruguay-selected-issues-22837"
    }
  ],
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    "[Markdown version](/en/publications/cr/issues/2016/12/31/uruguay-selected-issues-22837/index.md)",
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    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/uruguay-selected-issues-22837/bundle-manifest.json)",
    "Published: March 27, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451839432.002",
    "Publication date: March 27, 2009",
    "Core purpose: Quantifies the importance of international food and oil price inflation for Uruguayan inflation.",
    "Principal finding: World food prices have had a strong but stable impact on Uruguay’s inflation.",
    "Econometric approaches used:",
    "Comparative context:",
    "Scope of analysis:",
    "Spillovers to core inflation:",
    "Relative impacts:",
    "Cross-country perspective:",
    "Monitoring and policy calibration:",
    "Consideration of core inflation measures:",
    "Comparative benchmarking:",
    "**Uruguay: Selected Issues; IMF Country Report 09/103; October 9, 2008**"
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