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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 rigurosamentelas razones por las cuales el dinero fiable tiene un valor positivo enequilibrio, como analizar la interacción de éste con el resto del sistema econoómico.Claramente en los modelos del dinero exógeno reconciliar estos dos objetivoses imposible, debido a que por definición éstos lo imponen exógenamente. Estalimitación ha dado origen al desarrollo de los modelos endógenos del dinero, loscuales suponen una fricción en el intercambio que sólo el dinero puede evitar.Dentro de éstos destacan los modelos de generaciones traslapadas, de autopistay de búsqueda. No obstante, estos últimos han probado ser los más útilesdebido a la flexibilidad con que permiten introducir micro-fundamentos y analizarfenómenos conexos al dinero como la inflación, la oferta monetaria, ladistribución óptima de los acervos monetarios en equilibrio, entre otros.**Relevance of Money as an institution for society turns as paramountto have a monetary theory available which allows for rigorous explanation of thereasons why fiat money has a positive equilibrium value and for accurate analysisof the relationships between itself and the economic system as a whole. Toreconcile 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 introducemicrofoundations and analyze monetary issues such as inflation, moneysupply, in-equilibrium optimal distribution of monetary assets, among others.

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

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

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Keywords: dinero fiable; endógeno; exógeno; generaciones traslapadas; modelos de búsqueda.**fiat money; endogenous; exogenous; overlapped generations; searchmodels;

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References

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  1. Shouyong Shi, 1995. "Money and Prices: A Model of Search and Bargaining," Working Papers, Queen's University, Department of Economics 916, Queen's University, Department of Economics.
  2. Narayana R. Kocherlakota, 2005. "Optimal Monetary Policy: What We Know And What We Don'T Know," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(2), pages 715-729, 05.
  3. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198284239, October.
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  10. Shouyong Shi, 1996. "A Divisible Search Model of Fiat Money," Working Papers, Queen's University, Department of Economics 930, Queen's University, Department of Economics.
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  14. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, Econometric Society, vol. 50(1), pages 97-109, January.
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  16. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 66, pages 467.
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