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La indeterminación del nivel de precios cuando el banco central sigue una regla de tasa de interés

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  • Lizarazu, Eddy

    ()
    (Profesor e Investigador, Departamento de Economía de la UAM-Iztapalapa, Av. San Rafael Atlixco 186, Colonia Vicentina C.P. 09340, Iztapalapa, México D.F.)

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    Abstract

    This article explains some solutions to the problem of Sargent-Wallace (1975) [S-W] on the price level when the central bank follows an interest rate rule. If the interest rate is previously set, the neoclassical IS/LM model is unable to solve the equilibrium price level. However, the artifice for its redemption also works in the S-W model with a deterministic rule. If the rule is stochastic then a similar problem unnoticed by Kerr- King (1996) emerges, requiring the assistance of rational expectations terms ventilated in the micro-founded of the new neoclassical synthesis.

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    Bibliographic Info

    Article provided by Universidad Michoacana de San Nicolás de Hidalgo, Instituto de Investigaciones Económicas y Empresariales in its journal Revista Nicolaita de Estudios Económicos.

    Volume (Year): III (2008)
    Issue (Month): 2 ()
    Pages: 57-78

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    Handle: RePEc:ris:rnicee:0015

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    Keywords: Monetary rules; neoclassical IS/LM model; price leve; rational. expectations;

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