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Abstract
This paper studies the relationship between macroeconomic uncertainty and the behavior of the price system of the Uruguayan economy, using network analysis to represent the price system that makes up the Consumer Price Index (CPI). Networks were built using annual moving windows between 1997 and 2020, taking as nodes the different classes of goods and services that make up the CPI. The empirical results show that there is a set of central nodes surrounded by other peripheral ones, where the former are characterized by having a similar dynamic to many other nodes in the network, while the latter had an atypical behavior. The empirical results of the work allow to show the volatility in the price dynamics and its relationship with the macroeconomic processes, as well as the changes in the interrelationships between the prices that make up the CPI in Uruguay.
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