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Cuadernos de economía

versión On-line ISSN 0717-6821

Resumen

FERNANDEZ VALDOVINOS, Carlos. FURTHER EVIDENCE ON FRIEDMAN'S HYPOTHESIS: THE CASE OF PARAGUAY. Cuad. econ. [online]. 2001, vol.38, n.115, pp.257-273. ISSN 0717-6821.  http://dx.doi.org/10.4067/S0717-68212001011500001.

This paper empirically investigates the relationship between average inflation and inflation uncertainty in Paraguay from 1965 to 1999. Several AR-GARCH models are used to generate the conditional mean, as well as the conditional variance of the inflationary process, which is a measure of inflation uncertainty. Granger methods are then employed to test for causality between average inflation and inflation uncertainty. The results indicate that in Paraguay higher levels of inflation have been historically accompanied by more inflationary uncertainty.

Palabras clave : Inflation; Inflation Uncertainty; GARCH Models.

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