Un modelo simple de tres ecuaciones de la política monetaria

Eddy Lizarazu () and Gustavo Lizarazu ()
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Eddy Lizarazu: Profesor e Investigador del Departamento de Economía, UAM-Iztapalapa
Gustavo Lizarazu: Maestría en Ciencias Económicas, UAM-Iztapalapa

Revista Nicolaita de Estudios Económicos, 2009, vol. IV, issue 2, 27-50

Abstract: We examined the teaching of stochastic equations from Clarida, et al., [1999] on the monetary policy. The algebraic simplification of these equations allows Walsh [2000] to design a graphic to explain the behavior of the central bank when searching inflation targets. However, Carlin-Soskice [2005] claims that such device is inadequate to explain the central bank reaction to a disturbance of aggregate demand. In this paper we propose an amendment to such criticism, allowing such a device properly rationalize the central bank behavior to shocks in aggregate supply and demand.

Keywords: Expectations; monetary policy rule; inflation targeting. (search for similar items in EconPapers)
JEL-codes: E42 E52 E58 (search for similar items in EconPapers)
Date: 2009
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