Dinero, tipo de cambio y expectativas

Waldo Mendoza

No 1995-122, Documentos de Trabajo / Working Papers from Departamento de Economía - Pontificia Universidad Católica del Perú

Abstract: Two dynamic models are developed in this essay. In both models the rate of inflation, the exchange rate variations and the rate of output growth are determined. They are different only in the treatment of exchange rate expectations. The first one includes adaptive expectations and the second one works with rational expectations. In the new steady state equilibrium, after a decrease in the rate of growth of money, there is a proportionate decreasing in the rates of inflation and depreciation. However, the models work in different ways in the trajectory towards the equilibrium.

Pages: 31 pages
Date: 1995
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