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Los modelos del dinero endógeno: la evolución de los modelos monetarios de búsqueda

  • Allan Hernández

    ()

La trascendencia del dinero como institución en la sociedad actual,hace indispensable contar con una teoría que permita tanto explicar rigurosamentelas razones por las cuales el dinero fiable tiene un valor positivo enequilibrio, como analizar la interacción de éste con el resto del sistema econoómico.Claramente en los modelos del dinero exógeno reconciliar estos dos objetivoses imposible, debido a que por definición éstos lo imponen exógenamente. Estalimitación ha dado origen al desarrollo de los modelos endógenos del dinero, loscuales suponen una fricción en el intercambio que sólo el dinero puede evitar.Dentro de éstos destacan los modelos de generaciones traslapadas, de autopistay de búsqueda. No obstante, estos últimos han probado ser los más útilesdebido a la flexibilidad con que permiten introducir micro-fundamentos y analizarfenómenos conexos al dinero como la inflación, la oferta monetaria, ladistribución óptima de los acervos monetarios en equilibrio, entre otros.**Relevance of Money as an institution for society turns as paramountto have a monetary theory available which allows for rigorous explanation of thereasons why fiat money has a positive equilibrium value and for accurate analysisof the relationships between itself and the economic system as a whole. Toreconcile these two objectives inside exogenous money models is clearly impossible.Endogenous money models have emerged as an answer to this limitation,and they suppose exchange frictions that can only be avoided through money.Among them the most useful are search models, given their flexibility to introducemicrofoundations and analyze monetary issues such as inflation, moneysupply, in-equilibrium optimal distribution of monetary assets, among others.

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Article provided by UNIVERSIDAD DEL ROSARIO in its journal REVISTA DE ECONOMÍA DEL ROSARIO.

Volume (Year): (2008)
Issue (Month): (November)
Pages:

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Handle: RePEc:col:000151:006166
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  1. Shouyong Shi, 1995. "Money and Prices: A Model of Search and Bargaining," Working Papers 916, Queen's University, Department of Economics.
  2. Ricardo Lagos & Randall Wright, 2005. "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, University of Chicago Press, vol. 113(3), pages 463-484, June.
  3. Lucas, Robert E, Jr & Stokey, Nancy L, 1987. "Money and Interest in a Cash-in-Advance Economy," Econometrica, Econometric Society, vol. 55(3), pages 491-513, May.
  4. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
  5. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
  6. P. A. Diamond, 1982. "Money in Search Equilibrium," Working papers 297, Massachusetts Institute of Technology (MIT), Department of Economics.
  7. Narayana R. Kocherlakota, 2005. "Optimal monetary policy: what we know and what we don’t know," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Oct, pages 10-19.
  8. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
  9. Aleksander Berentsen, 2002. "On the Distribution of Money Holdings in a Random-Matching Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(3), pages 945-954, August.
  10. Miguel Molico, 2006. "The Distribution Of Money And Prices In Search Equilibrium," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(3), pages 701-722, 08.
  11. Kocherlakota, Narayana R., 1998. "Money Is Memory," Journal of Economic Theory, Elsevier, vol. 81(2), pages 232-251, August.
  12. Neil Wallace, 1998. "A dictum for monetary theory," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 20-26.
  13. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
  14. Shouyong Shi, 1996. "A Divisible Search Model of Fiat Money," Working Papers 930, Queen's University, Department of Economics.
  15. Randall Wright, 2005. "Introduction to "Models of Monetary Economies II: The Next Generation"," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Oct, pages 2-9.
  16. Kiyotaki, Nobuhiro & Wright, Randall, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, American Economic Association, vol. 83(1), pages 63-77, March.
  17. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, number 9780198284239.
  18. Nobuhiro Kiyotaki & Randall Wright, 1989. "A contribution to the pure theory of money," Staff Report 123, Federal Reserve Bank of Minneapolis.
  19. King, Robert G & Plosser, Charles I, 1984. "Money, Credit, and Prices in a Real Business Cycle," American Economic Review, American Economic Association, vol. 74(3), pages 363-80, June.
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