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Complementariedades y Política Macroeconómica

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  • Huberto M. Ennis

Abstract

Este trabajo discute algunos desarrollos teóricos recientes sobre la determinación de la política macroeconómica óptima en situaciones en las que existen complementariedades estratégicas entre los agentes de la economía. Se presentan las ideas utilizando como base un modelo simple que permite capturar con simpleza los aspectos fundamentales involucrados en la discusión. En el modelo, los agentes deciden si participar, o no, en actividades de mercado y el beneficio de participar esta asociado con la decisión de participación del resto de los agentes. Se demuestra la presencia de equilibrios múltiples y se construyen equilibrios sunspot. Se discute la política macroeconómica óptima en tales situaciones y el rol de la estructura de información en la determinación de las propiedades de los equilibrios. Finalmente, se ilustra la posibilidad de que se produzcan avalanchas anticipadas de (no) participación, donde la diseminación limitada de la información juega un rol fundamental.

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File URL: http://www.depeco.econo.unlp.edu.ar/doctrab/doc54.pdf
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Bibliographic Info

Paper provided by Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata in its series Department of Economics, Working Papers with number 054.

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Length: 25 pages
Date of creation: Aug 2005
Date of revision:
Handle: RePEc:lap:wpaper:054

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Postal: Calle 48 No555 - La Plata (1900)
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Web page: http://www.depeco.econo.unlp.edu.ar/doctrab.php
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  1. Caplin, A. & Leahy, J., 1992. "Business as Usual, Market Crashes, and Wisdom after the Fact," Harvard Institute of Economic Research Working Papers 1594, Harvard - Institute of Economic Research.
  2. V.V. Chari & Patrick J. Kehoe, 1989. "Sustainable plans," Staff Report 122, Federal Reserve Bank of Minneapolis.
  3. Howitt, Peter & McAfee, R Preston, 1992. "Animal Spirits," American Economic Review, American Economic Association, vol. 82(3), pages 493-507, June.
  4. Todd Keister, 2006. "Expectations and contagion in self-fulfilling currency attacks," Staff Reports 249, Federal Reserve Bank of New York.
  5. Ennis, Huberto M. & Keister, Todd, 2005. "Government policy and the probability of coordination failures," European Economic Review, Elsevier, vol. 49(4), pages 939-973, May.
  6. Robert G. King, 2006. "Discretionary policy and multiple equilibria," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-15.
  7. Morris, Stephen & Shin, Hyun Song, 1997. "Unique Equilibrium in a Model of Self-fulfilling Currency Attacks," CEPR Discussion Papers 1687, C.E.P.R. Discussion Papers.
  8. Vives, Xavier, 2004. "Complementarities and Games: New Developments," CEPR Discussion Papers 4742, C.E.P.R. Discussion Papers.
  9. Curtis R. Taylor & Thomas D. Jeitschko, 2001. "Local Discouragement and Global Collapse: A Theory of Coordination Avalanches," American Economic Review, American Economic Association, vol. 91(1), pages 208-224, March.
  10. Huberto M. Ennis & Todd Keister, 2003. "Economic growth, liquidity, and bank runs," Working Paper 03-01, Federal Reserve Bank of Richmond.
  11. Marco Bassetto, 2002. "Equilibrium and government commitment," Working Papers 624, Federal Reserve Bank of Minneapolis.
  12. Andrés Rodríguez-Clare, 2005. "Coordination Failures, Clusters and Microeconomic Interventions," IDB Publications 6829, Inter-American Development Bank.
  13. Woodford, Michael, 1990. "Learning to Believe in Sunspots," Econometrica, Econometric Society, vol. 58(2), pages 277-307, March.
  14. Ennis, Huberto M. & Keister, Todd, 2005. "Optimal fiscal policy under multiple equilibria," Journal of Monetary Economics, Elsevier, vol. 52(8), pages 1359-1377, November.
  15. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-94, October.
  16. Manuelli, Rodolfo & Peck, James, 1992. "Sunspot-like effects of random endowments," Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 193-206, April.
  17. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April.
  18. Glomm, Gerhard & Ravikumar, B., 1996. "Endogenous public policy and multiple equilibria," European Journal of Political Economy, Elsevier, vol. 11(4), pages 653-662, April.
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