Short- and medium-term elasticities of inflation to the other endogenous variables in our
model were computed from the impulse responses of the estimated VAR regression, where
the elasticities are obtained by dividing the cumulative impulse responses of inflation after j
months by the cumulative responses of the shocks to the endogenous variables after j months
(Leigh and Rossi (2002), Gueorguiev (2003)).