La política monetaria óptima a propósito de los modelos BMW y Walsh

Eddy Lizarazu () and Christopher Cernichiaro ()
Additional contact information
Eddy Lizarazu: Profesor e Investigador, Programa Integrado de Maestría y Doctorado en Ciencias Económicas, UAM
Christopher Cernichiaro: Doctorante en ciencias económicas, Universidad Autónoma Metropolitana, México

Revista Nicolaita de Estudios Económicos, 2016, vol. XI, issue 2, 39-60

Abstract: We critically review two new keynesian models widely quoted: the BMW model with rational expectations and credible central bank and the Walsh’s dynamic model, with static expectations and a quasi-credible central bank. This review consist in: the equilibrium characterization, the relevance of inflationary expectations coupled with central’s bank credibility, and the analysis of exogenous shocks on the economy and the optimal monetary policy role. The results show that the same exogenous shocks generate different consequences depending if the economy is in the short or in the long run. Also, we show that both models are similar in the long run.

Keywords: rational expectations; central bank credibility; static expectations; optimal monetary policy rule. (search for similar items in EconPapers)
JEL-codes: E42 E52 (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.rnee.umich.mx/index.php/RNEE Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:rnicee:0104

Access Statistics for this article

Revista Nicolaita de Estudios Económicos is currently edited by Mario Gomez Aguirre

More articles in Revista Nicolaita de Estudios Económicos from Universidad Michoacana de San Nicolás de Hidalgo, Instituto de Investigaciones Económicas y Empresariales Contact information at EDIRC.
Bibliographic data for series maintained by Plinio Hernández Barriga ( this e-mail address is bad, please contact ).