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the state of the art
Some characteristics of the Chilean economy from
A basic macromodel of the Chilean economy
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19 observations Actual Error 1964 aggregate demand assume average capacity utilization capital stock Central Bank chapter Chile Chilean economy Chilean inflation coefficient commodity sector consumption cost of holding cost of living CU(t current escudos DDP(t demand for money demand pressures distributed lag dummy variable employment Endogenous Year Qt equation instruments Error statistics estimated excess demand expected expenditure in gross exports fiscal account gross domestic product holding money imported raw materials income increase industrial prices industrial sector instrumental variables investment in plant Mean error millions of 1965 monetary money supply obtain ordinary least squares output period plant and equipment price equation price of imported production function Qt Simulated Actual rate of change rate of inflation ratio real gross RMS error sector producing commodities service sector Simulated Actual Error specification structuralist structure TABLE taxes tion UIMC(t ULC(t unemployment rate wholesale price index XC(t