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Un modelo macroeconomico estatico con ilusion monetaria de la oferta de trabajo : una presentacion matematica

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  • Velez Echavarria, Carlos Eduardo

Abstract

This paper gives a mathematical presentation of a textbook type macroeconomic model which includes an explicit formal treatment of the "money illusion “that affects the labor supply function. This explicit mathematical treatment enables: (1) the derivation of the slope of the Aggregate Supply as a market of the different parameters which determine the labor market and the production function (2) applying, under different scenarios, the conditions of equilibrium solution existence theorems for simultaneous equations systems, (3) deriving the comparative statics results of the endogenous variables in the presence of fiscal and monetary policy changes, (4) establishing, in terms of the existence of equilibrium conditions, the possibilities of solving the "classical inconsistency" by means of the Pigou effect and underlining its limitations, when the Fisher effect becomes dominant and produces "unexpected" changes in the slope of the Aggregate Demand function as well as possible violations to the conditions of uniqueness of equilibrium between Aggregate Supply and Demand.

Suggested Citation

  • Velez Echavarria, Carlos Eduardo, 1985. "Un modelo macroeconomico estatico con ilusion monetaria de la oferta de trabajo : una presentacion matematica," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 16, pages 155-205.
    • Handle: RePEc:lde:journl:y:1985:i:16:p:155-205
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    File URL: https://revistas.udea.edu.co/index.php/lecturasdeeconomia/issue/view/1026
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