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Sesgos de política económica cuando las autoridades fiscales y monetarias tienen objetivos diferentes

Author

Listed:
  • Herman Bennet

    (Banco Central de Chile)

  • Norman Loayza O.

    (Banco Central de Chile)

Abstract

La pregunta que se aborda en este trabajo es qué sesgos de política económica pueden ocurrir cuando las autoridades monetarias y las fiscales tienen preferencias distintas en cuanto a la importancia de cerrar las brechas de producción e inflación generadas por shocks adversos. Para cumplir con dicho objetivo, el presente estudio utiliza un modelo de teoría de juegos en el cual las autoridades fiscales y monetarias interactúan para estabilizar la economía, teniendo diferentes preferencias y controlando distintos instrumentos de política. Modelada ya sea como un equilibrio tipo Nash o tipo Stackelberg, la ausencia de coordinación de políticas macroeconómicas implica que un aumento en la divergencia de preferencias entre las autoridades fiscales y monetarias, lleva, ceteris paribus, a mayores déficit fiscales (el instrumento de política de la autoridad fiscal) y a mayores tasas de interés real (el instrumento del Banco Central). La sección empírica de este trabajo provee evidencia a favor de esta conclusión en una muestra de panel de 19 países industrializados con información anual para el período 1970-94. El estudio concluye que reformas de segunda generación que faciliten la coordinación de políticas pueden aliviar los sesgos de excesivo conservadurismo de la autoridad monetaria y liberalismo de la autoridad fiscal.

Suggested Citation

  • Herman Bennet & Norman Loayza O., 2002. "Sesgos de política económica cuando las autoridades fiscales y monetarias tienen objetivos diferentes," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 5(1), pages 123-156, June.
    • Handle: RePEc:blv:journl:v:5:y:2002:i:1:p:123-156
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    References listed on IDEAS

    as
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    5. Schmidt-Hebbel, Klaus & Tapia, Matias, 2002. "Inflation targeting in Chile," The North American Journal of Economics and Finance, Elsevier, vol. 13(2), pages 125-146, August.
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    More about this item

    Keywords

    política monetaria; política fiscal; coordinación; Nash; Stackelberg; países industrializados; datos de panel; independencia de bancos centrales; metas de inflación;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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