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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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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. Pietro Bonaldi & Andrés González & Diego Rodríguez, 2011. "Importancia de las rigideces nominales y reales en Colombia: un enfoque de equilibrio general dinámico y estocástico," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, BANCO DE LA REPÚBLICA - ESPE.
  2. John B. Taylor, 1999. "A Historical Analysis of Monetary Policy Rules," NBER Chapters, National Bureau of Economic Research, Inc, in: Monetary Policy Rules, pages 319-348 National Bureau of Economic Research, Inc.
  3. Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," NBER Working Papers 8403, National Bureau of Economic Research, Inc.
  4. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, Elsevier, vol. 12(3), pages 383-398, September.
  5. Richard Clarida & Jordi Gali & Mark Gertler, 1998. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," NBER Working Papers 6442, National Bureau of Economic Research, Inc.
  6. Klein, Paul, 2000. "Using the generalized Schur form to solve a multivariate linear rational expectations model," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 24(10), pages 1405-1423, September.
  7. Galí, Jordi & Lopez-Salido, Jose David & Vallés Liberal, Javier, 2004. "Rule-of-Thumb Consumers and the Design of Interest Rate Rules," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4347, C.E.P.R. Discussion Papers.
  8. Frank Smets & Raf Wouters, 2002. "An estimated dynamic stochastic general equilibrium model of the euro area," Working Paper Research, National Bank of Belgium 35, National Bank of Belgium.
  9. Michael Woodford, 2001. "Inflation Stabilization and Welfare," NBER Working Papers 8071, National Bureau of Economic Research, Inc.
  10. Frank Smets & Rafael Wouters, 2007. "Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach," American Economic Review, American Economic Association, American Economic Association, vol. 97(3), pages 586-606, June.
  11. Bullard, James & Mitra, Kaushik, 2002. "Learning about monetary policy rules," Journal of Monetary Economics, Elsevier, Elsevier, vol. 49(6), pages 1105-1129, September.
  12. Erceg, Christopher J. & Henderson, Dale W. & Levin, Andrew T., 2000. "Optimal monetary policy with staggered wage and price contracts," Journal of Monetary Economics, Elsevier, Elsevier, vol. 46(2), pages 281-313, October.
  13. Pietro Bonaldi & Juan D. Prada & Andrés González & Diego Rodríguez, 2011. "Método numérico para la calibración de un modelo dsge," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE.
  14. Michael Woodford, 2001. "The Taylor Rule and Optimal Monetary Policy," American Economic Review, American Economic Association, American Economic Association, vol. 91(2), pages 232-237, May.
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