Research Teams

Macroeconomics and Commerce

The main objective of the group is to study the behavior of the Uruguayan economy from a macroeconomic perspective, seeking a greater understanding of the structural relationships between macroeconomic variables both in the short and long-term.

This involves carrying out systematic evaluations of the Uruguayan economy, identifying the determinants of its current situation and forecasting its short-run evolution. This requires maintaining a database of the country’s relevant statistical information, processing this data, constructing and updating indicators and prediction models, as well as publishing brief reports on topics relevant to the current economic situation.

In addition, in order to support and reinforce the short-term evaluations, we carry out medium and long-term analyses, focusing on the determinants of Uruguayan economic growth, the labor market and foreign trade and competitiveness.

  Recent publications in the area
Author/s: Silvia Altmark, Karina Larruina, Gabriela Mordecki
Date: 2019
Number: 2
In this paper, we analyze Uruguayans living abroad that visit Uruguay for their holidays, what in the literature is called Nostalgic tourism or Visiting friends and relatives (VFR) tourism.
Author/s: Gabriela Mordecki, Ana Leiva, Nathalie Desplas
Date: 2019
Number: 1
The main objective of this paper is to estimate the tourism demand for Mexico and Uruguay, two very different countries, but for both of which tourism is an important activity, and mainly originating from a large neighbor.
Author/s: Porras, Sylvina; Martín-Román, Ángel
Type of Publication : Working Papers
Languge: Spanish
Type of Publication : Working Papers
Language: Spanish
Type of Publication : Working Papers
Date: 2018
Language: English
Date: 2018
This paper studies the RER volatility dynamics, estimated through GARCH and IGARCH models for Brazil, Chile, New Zealand, and Uruguay from 1990 to 2013.
Author/s: Porras, Sylvina
Type of Publication : Working Papers
Type of Publication : Working Papers
Crisis, recuperación y auge: 15 años de política económinca en Uruguay (2000-2014)
Type of Publication : Books
Date: 2015
En el presente estudio se analiza la política económica llevada adelante en Uruguay entre 2000 y 2014. En estos quince años analizados Uruguay logró atravesar una de las mayores crisis económicas de su historia y luego aprovechar un escenario internacional favorable para realizar reformas estructurales de significación y mejorar sus indicadores sociales. En el proceso parece haber logrado una mayor independencia de la región, obteniendo buenos resultados incluso en años en que los países vecinos atravesaban desequilibrios macroeconómicos y estancamiento de sus economías. No obstante, los años venideros demostrarán si con un escenario internacional menos favorable y ante la persistencia de un mal desempeño de los países vecinos, este “desacople” es posible.
Type of Publication : Working Papers
Author/s: Porras, Sylvina;
Type of Publication : Working Papers
Type of Publication : Working Papers
Author/s: Galaso Pablo, Rodríguez Sandra
Type of Publication : Working Papers
Type of Publication : Working Papers
Type of Publication : Working Papers
Author/s: Mordecki, Gabriela ; Juan Benítez
This paper examines the evolution of price competitiveness of Uruguayan economy, assessing the presence of "Balassa-Samuelson Effect" and a change in the economy’s international integration, in a context of income and aggregate expenditure growth, through Johansen methodology. We found a long-term relationship between RER, the differential in labor productivity between Uruguay and U.S., extra-regional exports and total consumption. Furthermore, we found that the elasticities of RER to its long-term fundamentals are in line with the theory. We conclude that the decline in the equilibrium real exchange rate in the last two decades is due to the movement of its fundamentals.
Date: 2011
This paper analyses the determinants of Uruguayan manufactured exports without agricultural inputs to Argentina and Brazil (where they are principally destined).
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