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Expansión monetaria y ciclo económico en España: 1998-2012

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Author Info

  • Cendejas Bueno, José Luis

    ()
    (Instituto de Investigaciones Económicas y Sociales Francisco de Vitoria)

  • Muñoz, Félix

    ()
    (Departamento de Análisis Económico (Teoría e Historia Económica). Universidad Autónoma de Madrid.)

  • Castañeda, Juan

    ()
    (Economics and International Studies Department, The University of Buckingham.)

Abstract

La grave crisis económica y financiera que atraviesa España tiene, obviamente, numerosas causas. Una de ellas ha sido el brutal impacto que ha tenido la expansión de la masa monetaria tras la entrada de España en el euro sobre los precios de los activos y la estructura económica del país. Este artículo examina precisamente el origen, mecanismo de transmisión e impacto de esta expansión monetaria sobre la economía española. La principal conclusión que alcanzamos es que el “olvido del dinero” en la teoría macroeconómica y en el diseño e implementación de las llamadas reglas monetarias óptimas por parte de los bancos centrales durante la última expansión económica está en la base de la actual crisis.

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Bibliographic Info

Paper provided by Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History) in its series Working Papers in Economic Theory with number 2013/09.

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Length: 44 pages
Date of creation: Dec 2013
Date of revision:
Handle: RePEc:uam:wpaper:201309

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Keywords: expansión monetaria y ciclos económicos; reglas monetarias óptimas.;

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