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La política monetaria óptima a propósito de los modelos BMW y Walsh

Author

Listed:
  • Lizarazu, Eddy

    (Profesor e Investigador, Programa Integrado de Maestría y Doctorado en Ciencias Económicas, UAM)

  • Cernichiaro, Christopher

    (Doctorante en ciencias económicas, Universidad Autónoma Metropolitana, México)

Abstract

We critically review two new keynesian models widely quoted: the BMW model with rational expectations and credible central bank and the Walsh’s dynamic model, with static expectations and a quasi-credible central bank. This review consist in: the equilibrium characterization, the relevance of inflationary expectations coupled with central’s bank credibility, and the analysis of exogenous shocks on the economy and the optimal monetary policy role. The results show that the same exogenous shocks generate different consequences depending if the economy is in the short or in the long run. Also, we show that both models are similar in the long run.

Suggested Citation

  • Lizarazu, Eddy & Cernichiaro, Christopher, 2016. "La política monetaria óptima a propósito de los modelos BMW y Walsh," Revista Nicolaita de Estudios Económicos, Universidad Michoacana de San Nicolás de Hidalgo, Instituto de Investigaciones Económicas y Empresariales, vol. 0(2), pages 39-60.
    • Handle: RePEc:ris:rnicee:0104
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    More about this item

    Keywords

    rational expectations; central bank credibility; static expectations; optimal monetary policy rule.;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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