Evolución de la demanda por dinero en chile (1974-86): una aplicación del filtro de kalman

Abstract

The purpose of this paper is to study the evolution of the demand for money in Chile during a period ( 1974-1986) which is plenty of structurat reforms and policy changes. This paper attempts to present empírical evidence with respect to the stability and predictability of this demand for a country exposed to continuous instabilities. The application of the Kalman Filter serves our purpose of estimating changing elaticities.