La indeterminación del nivel de precios cuando el banco central sigue una regla de tasa de interés

Eddy Lizarazu ()
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Eddy Lizarazu: Profesor e Investigador, Departamento de Economía de la UAM-Iztapalapa, Av. San Rafael Atlixco 186, Colonia Vicentina C.P. 09340, Iztapalapa, México D.F.

Revista Nicolaita de Estudios Económicos, 2008, vol. III, issue 2, 57-78

Abstract: This article explains some solutions to the problem of Sargent-Wallace (1975) [S-W] on the price level when the central bank follows an interest rate rule. If the interest rate is previously set, the neoclassical IS/LM model is unable to solve the equilibrium price level. However, the artifice for its redemption also works in the S-W model with a deterministic rule. If the rule is stochastic then a similar problem unnoticed by Kerr- King (1996) emerges, requiring the assistance of rational expectations terms ventilated in the micro-founded of the new neoclassical synthesis.

Keywords: Monetary rules; neoclassical IS/LM model; price leve; rational. expectations (search for similar items in EconPapers)
JEL-codes: E13 E31 E43 E58 (search for similar items in EconPapers)
Date: 2008
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