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Divergencia real en la unión monetaria: Un ejercicio de simulación

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  • LÓPEZ DÍAZ, J.

    (Universidad de Valladolid)

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    Abstract

    El presente trabajo plantea un modelo teórico que representa la Unión Monetaria de dos países heterogéneos, diferenciados en el tamaño, el volumen de desempleo, la estructura productiva y el nivel de deuda pública, demostrándose que dentro de esta área monetaria se acentúa la divergencia real. Como solución se proponen fórmulas de reparto de la capacidad de endeudamiento alternativas. Todos los resultados son refrendados por medio de los correspondientes ejercicios de simulación. This paper contains a model that shows a Monetary Union of two heterogeneous countries. Their differences are the size, the rate of unemployment, the level of public debt and the productive structure. On the basis the previous features, this paper shows that the integration of a country in a monetary union increases the real divergence. As alternatives, we propose other criteria of fiscal discipline. All of the results are ratified with simulation exercises.

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    Bibliographic Info

    Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

    Volume (Year): 13 (1999)
    Issue (Month): (Diciembre)
    Pages: 87-100

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    Handle: RePEc:lrk:eeaart:13_3_5

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    Related research

    Keywords: Monetary Union; fiscal discipline; real divergence;

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    References

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    1. Charles R. Bean, 1994. "The role of demand management policies in reducing unemployment," Proceedings, Federal Reserve Bank of Kansas City, issue Jan, pages 99-167.
    2. Blanchard, Olivier & Jimeno, Juan F, 1995. "Structural Unemployment: Spain versus Portugal," American Economic Review, American Economic Association, vol. 85(2), pages 212-18, May.
    3. Douglas Laxton & Guy Meredith & David Rose, 1995. "Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications," IMF Staff Papers, Palgrave Macmillan, vol. 42(2), pages 344-374, June.
    4. Juan J. Dolado & J. David López-Salido & Juan L. Vega, 1997. "Spanish Unemployment and Inflation Persistence: Are There Phillips Trade-Offs?," Banco de España Working Papers 9712, Banco de España.
    5. repec:fth:baesse:9712 is not listed on IDEAS
    6. Laurence Ball & N. Gregory Mankiw & David Romer, 1988. "The New Keynsesian Economics and the Output-Inflation Trade-off," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 1-82.
    7. George A. Akerlof & William R. Dickens & George L. Perry, 1996. "The Macroeconomics of Low Inflation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 1-76.
    8. Alan S. Blinder, 1999. "Central Banking in Theory and Practice," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522608.
    9. Carlos Usabiaga Ibáñez, . "Economía, mercado de trabajo y sistema universitario español: Conversaciones con destacados macroeconomistas," Working Papers 98-15, FEDEA.
    10. Francisco Gómez García & Carlos Usabiaga Ibáñez, . "Las estimaciones de la NAIRU: Una valoración de conjunto," Studies on the Spanish Economy 31, FEDEA.
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