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Los modelos del dinero endógeno: la evolución de los modelos monetarios de búsqueda

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  • Allan Hernández

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Abstract

La trascendencia del dinero como institución en la sociedad actual, hace indispensable contar con una teoría que permita tanto explicar rigurosamente las razones por las cuales el dinero fiable tiene un valor positivo en equilibrio, como analizar la interacción de éste con el resto del sistema econoómico. Claramente en los modelos del dinero exógeno reconciliar estos dos objetivos es imposible, debido a que por definición éstos lo imponen exógenamente. Esta limitación ha dado origen al desarrollo de los modelos endógenos del dinero, los cuales suponen una fricción en el intercambio que sólo el dinero puede evitar. Dentro de éstos destacan los modelos de generaciones traslapadas, de autopista y de búsqueda. No obstante, estos últimos han probado ser los más útiles debido a la flexibilidad con que permiten introducir micro-fundamentos y analizar fenómenos conexos al dinero como la inflación, la oferta monetaria, la distribución óptima de los acervos monetarios en equilibrio, entre otros. ** Relevance of Money as an institution for society turns as paramount to have a monetary theory available which allows for rigorous explanation of the reasons why fiat money has a positive equilibrium value and for accurate analysis of the relationships between itself and the economic system as a whole. To reconcile these two objectives inside exogenous money models is clearly impossible. Endogenous money models have emerged as an answer to this limitation, and they suppose exchange frictions that can only be avoided through money. Among them the most useful are search models, given their flexibility to introduce microfoundations and analyze monetary issues such as inflation, money supply, in-equilibrium optimal distribution of monetary assets, among others.

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Bibliographic Info

Article provided by UNIVERSIDAD DEL ROSARIO in its journal REVISTA DE ECONOMÍA DEL ROSARIO.

Volume (Year): (2008)
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Handle: RePEc:col:000151:006166

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