The Determinants of Relative Price Variability: further evidence from argentina

Abstract

This paper analyses the relative price variability (here after, RPVI) for Argentina from 1960 to 1993.We have distinguished a first period (1960)(1961)(1962)(1963)(1964)(1965)(1966)(1967)(1968)(1969)(1970)(1971)(1972)(1973)(1974)(1975) with a moderate and stable inflation and a second one (1975)(1976)(1977)(1978)(1979)(1980)(1981)(1982)(1983)(1984)(1985)(1986)(1987)(1988)(1989)(1990)(1991)(1992)(1993) with four inflation regimes: moderate, high, very high and hyperinflation.Results show that for the high, very high, and hyperinflation regimes, volatility and all components of inflation are relevant in explaining RPVI; but for the moderate regime, volatility and uncertainty are insignificant, and the impact of expected and unexpected inflation shocks depends on whether inflation is stable or not.

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