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Agentes no ricardianos y rigideces nominales: su efecto sobre el principio de Taylor

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  • Sergio Ocampo Díaz

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Abstract

El documento aborda los posibles efectos que puede tener la inclusión de agentes noricardianos en un modelo de equilibrio general dinámico sobre el llamado principio deTaylor; al hacerlo se encuentra que el principio de Taylor sólo se modifica bajo ciertascondiciones sobre las rigideces nominales del modelo. Con el fin de encontrar las condicionesnecesarias para modificar el principio de Taylor se propone un modelo de equilibrio generaldinámico con múltiples fuentes de heterogeneidad (heterogeneidad causada por la presenciade agentes no ricardianos y por la de las rigideces nominales de salarios). Éste tipo demodelo es nuevo para la literatura y su uso permite concluir que sólo en presencia de altarigidez de precios, salarios altamente flexibles y un porcentaje considerable de agentes noricardianos, es posible alterar el resultado original deWoodford (2001) sobre las condicionesque deben cumplir los parámetros de la regla de Taylor para garantizar la determinacióndel equilibrio del modelo.

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File URL: http://www.javeriana.edu.co/fcea/coleccion_universitas_Economica/Vol_11/Vol.11_3_2011.pdf
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Bibliographic Info

Paper provided by UNIVERSIDAD JAVERIANA - BOGOTÁ in its series VNIVERSITAS ECONÓMICA with number 008302.

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Length: 56
Date of creation: 28 Feb 2011
Date of revision:
Handle: RePEc:col:000416:008302

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Related research

Keywords: DSGE; Principio de Taylor; reglas de tasa de interés; modeloneo-keynesiano; rigideces nominales; precios rígidos; salarios rígidos; agentes no ricardianos;

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  1. Smets, Frank & Wouters, Rafael, 2007. "Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach," CEPR Discussion Papers 6112, C.E.P.R. Discussion Papers.
  2. Pietro Bonaldi & Andrés González & Diego Rodríguez, . "Importancia de las rigideces nominales y reales en Colombia: un enfoque de equilibrio general dinámico y estocástico," Borradores de Economia 591, Banco de la Republica de Colombia.
  3. Erceg, Christopher J. & Henderson, Dale W. & Levin, Andrew T., 2000. "Optimal monetary policy with staggered wage and price contracts," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 281-313, October.
  4. Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Working Paper 0107, Federal Reserve Bank of Cleveland.
  5. Pietro Bonaldi & . Andrés González & Juan David Prada & Diego A.Rodríguez & Luis Eduardo Rojas, . "Método numérico para la calibración de un modelo DSGE," Borradores de Economia 548, Banco de la Republica de Colombia.
  6. Galí, Jordi & Lopez-Salido, Jose David & Vallés Liberal, Javier, 2004. "Rule-of-Thumb Consumers and the Design of Interest Rate Rules," CEPR Discussion Papers 4347, C.E.P.R. Discussion Papers.
  7. Michael Woodford, 2001. "The Taylor Rule and Optimal Monetary Policy," American Economic Review, American Economic Association, vol. 91(2), pages 232-237, May.
  8. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules And Macroeconomic Stability: Evidence And Some Theory," The Quarterly Journal of Economics, MIT Press, vol. 115(1), pages 147-180, February.
  9. Klein, Paul, 2000. "Using the generalized Schur form to solve a multivariate linear rational expectations model," Journal of Economic Dynamics and Control, Elsevier, vol. 24(10), pages 1405-1423, September.
  10. Michael Woodford, 2001. "Inflation Stabilization and Welfare," NBER Working Papers 8071, National Bureau of Economic Research, Inc.
  11. Bullard, James & Mitra, Kaushik, 2002. "Learning about monetary policy rules," Journal of Monetary Economics, Elsevier, vol. 49(6), pages 1105-1129, September.
  12. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
  13. John B. Taylor, 1999. "A Historical Analysis of Monetary Policy Rules," NBER Chapters, in: Monetary Policy Rules, pages 319-348 National Bureau of Economic Research, Inc.
  14. Frank Smets & Raf Wouters, 2002. "An estimated dynamic stochastic general equilibrium model of the euro area," Working Paper Research 35, National Bank of Belgium.
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