La macroeconomía de una economía abierta en el corto plazo: del modelo Mundell - Fleming a la demanda agregada

Waldo Mendoza and Pedro Herrera Catalan (pedro.herrera@pucp.edu.pe)

No 2003-220, Documentos de Trabajo / Working Papers from Departamento de Economía - Pontificia Universidad Católica del Perú

Abstract: In this paper the Mundell - Fleming model is used to derive the curve of the aggregate demand for regimens of fixed and flexible exchange rates, in a context of perfect capital mobility. A curve of perfectly elastic aggregate supply will be supposed. Though, all increment of the aggregate demand will be translated in a variation of the production of the same magnitude to return to the equilibrium, while the price level stays constant. The price level will be introduced in an explicit way, since the analysis requires that one works in the plane of the demanded production and the price level. The form of incorporating it will be through the real exchange rate, in the market for goods; and through the nominal demand of money, in the monetary market.

Pages: 34 pages
Date: 2003
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