IDEAS home Printed from https://ideas.repec.org/a/col/000520/018838.html
   My bibliography  Save this article

La política fiscal y monetaria en Colombia: un análisis experimental desde la toma coordinada de decisiones

Author

Listed:
  • Luna, Raúl Enrique Rodríguez

    (Universidad Cooperativa de Colombia sede Santa Marta)

  • Mendoza, Jairo Mendoza

    (Universidad del Magdalena)

  • Salas, Erik Romo

    (Universidad del Magdalena)

Abstract

En este documento se discuten los resultados de un ejercicio de simulación a partir de métodos de la economía experimental y modelado con elementos de la teoría de juegos, en el cual se formuló un juego secuencial que permitió encontrar equilibrios de Nash perfectos en subjuegos entre las decisiones de política monetaria y las decisiones de política #scal en Colombia. Se constató para cada uno de los escenarios planteados en el ejercicio la existencia de equilibrios perfectos en subjuegos en el sentido de Nash, que permitieron develar que la condición de racionalidad maximizadora de los jugadores es el elemento principal a la hora de la toma de decisiones al interior de grupos sociales. Por último, la observación puso en evidencia que las interacciones entre dos agentes están condicionadas por las estrategias que adopte el agente que opere de líder, y que las decisiones del agente seguidor regularmente se basan en criterios cooperativos y de coordinación; en este sentido, se pudo establecer que el Banco de la República determina la manera en la que el Gobierno, respetando los conductos constitucionales, toma sus decisiones de política con el #n de mantener la estabilidad económica del país.

Suggested Citation

  • Luna, Raúl Enrique Rodríguez & Mendoza, Jairo Mendoza & Salas, Erik Romo, 2014. "La política fiscal y monetaria en Colombia: un análisis experimental desde la toma coordinada de decisiones," Revista Tendencias, Universidad de Narino, vol. 15(1), pages 145-172, January.
  • Handle: RePEc:col:000520:018838
    DOI: 10.22267/rtend.141501.54
    as

    Download full text from publisher

    File URL: https://doi.org/10.22267/rtend.141501.54
    Download Restriction: no

    File URL: https://libkey.io/10.22267/rtend.141501.54?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Merrill M. Flood, 1958. "Some Experimental Games," Management Science, INFORMS, vol. 5(1), pages 5-26, October.
    2. Sergio Clavijo, 2000. "Banca Central y Coordinación Macroeconómica: El Caso de Colombia," Borradores de Economia 164, Banco de la Republica de Colombia.
    3. Hernando Vargas H., 1994. "¿A qué juegan el Gobierno y un Banco Central independiente?," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 13(26), pages 93-124, December.
    4. Woodford, Michael, 1995. "Price-level determinacy without control of a monetary aggregate," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 43(1), pages 1-46, December.
    5. Roubini, Nouriel & Sala-i-Martin, Xavier, 1995. "A growth model of inflation, tax evasion, and financial repression," Journal of Monetary Economics, Elsevier, vol. 35(2), pages 275-301, April.
    6. Crawford, Vincent P., 2000. "John Nash and the Analysis of Strategic Behavior," University of California at San Diego, Economics Working Paper Series qt4r56g8kd, Department of Economics, UC San Diego.
    7. Robert J Barro & David B Gordon, 1983. "Una Teoría Positiva de Política Monetaria en un Modelo de Tasa Natural," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 20(60), pages 211-228.
    8. WILLIAM A. BRANCH & TROY DAVIG & BRUCE McGOUGH, 2008. "Monetary-Fiscal Policy Interactions under Implementable Monetary Policy Rules," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(5), pages 1095-1102, August.
    9. Crawford, Vincent P., 2002. "John Nash and the analysis of strategic behavior," Economics Letters, Elsevier, vol. 75(3), pages 377-382, May.
    10. Dixit, Avinash & Lambertini, Luisa, 2001. "Monetary-fiscal policy interactions and commitment versus discretion in a monetary union," European Economic Review, Elsevier, vol. 45(4-6), pages 977-987, May.
    11. Roberto Junguito, 1994. "La Independencia de la Banca Central en América Latina," Borradores de Economia 002, Banco de la Republica de Colombia.
    12. Salomón Kalmanovitz, 1999. "La Política Fiscal Colombiana en un Contexto Histórico," Borradores de Economia 112, Banco de la Republica de Colombia.
    13. Sergio Clavijo, 2000. "Banca Central y Coordinación Macroeconómica: El Caso de Colombia," Borradores de Economia 2044, Banco de la Republica.
    14. Vernon L. Smith, 1994. "Economics in the Laboratory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 113-131, Winter.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. L. Lambertini & R. Rovelli, 2003. "Monetary and fiscal policy coordination and macroeconomic stabilization. A theoretical analysis," Working Papers 464, Dipartimento Scienze Economiche, Universita' di Bologna.
    2. Ley, Eduardo, 2006. "Statistical inference as a bargaining game," Economics Letters, Elsevier, vol. 93(1), pages 142-149, October.
    3. Eric M. Leeper & Todd B. Walker, 2012. "Perceptions and Misperceptions of Fiscal Inflation," NBER Chapters, in: Fiscal Policy after the Financial Crisis, pages 255-299, National Bureau of Economic Research, Inc.
    4. Svetla Stoilova, 2024. "An Integrated SIMUS–Game Theory Approach for Sustainable Decision Making—An Application for Route and Transport Operator Selection," Sustainability, MDPI, vol. 16(21), pages 1-31, October.
    5. Zhenliang Liao & Phillip Hannam, 2013. "The Mekong Game: Achieving an All-win Situation," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 27(7), pages 2611-2622, May.
    6. Uhlig, H.F.H.V.S., 2002. "One Money, But Many Fiscal Policies in Europe : What are the Consequences?," Other publications TiSEM f2cdcc6c-329f-4ae6-915b-2, Tilburg University, School of Economics and Management.
    7. Uhlig, Harald, 2002. "One Money, but Many Fiscal Policies in Europe: What Are the Consequences?," CEPR Discussion Papers 3296, C.E.P.R. Discussion Papers.
    8. Perc, Matjaz, 2007. "Flights towards defection in economic transactions," Economics Letters, Elsevier, vol. 97(1), pages 58-63, October.
    9. Libich, Jan & Nguyen, Dat Thanh & Stehlík, Petr, 2015. "Monetary exit and fiscal spillovers," European Journal of Political Economy, Elsevier, vol. 40(PA), pages 184-206.
    10. Heipertz, Martin, 2003. "The Stability and Growth Pact - Not the best but better than nothing. Reviewing the debate on fiscal policy in Europe's Monetary Union," MPIfG Working Paper 03/10, Max Planck Institute for the Study of Societies.
    11. Perc, Matjaz, 2007. "Microeconomic uncertainties facilitate cooperative alliances and social welfare," Economics Letters, Elsevier, vol. 95(1), pages 104-109, April.
    12. Andrew HUGHES HALLETT & Jan LIBICH & Petr STEHLÍK, 2014. "Monetary and Fiscal Policy Interaction with Various Degrees of Commitment," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 64(1), pages 2-29, February.
    13. Dat Thanh Nguyen & Viet Anh Hoang, 2020. "Monetary Consequences of Fiscal Stress in a Game Theoretic Framework," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 9(special i), pages 125-164.
    14. Nakamura, Masao & Zhang, Anming, 2018. "Foreign direct investment with host country market structures, with empirical application to Japan," Journal of the Japanese and International Economies, Elsevier, vol. 49(C), pages 43-53.
    15. Watson, Joel, 2021. "Nash, John Forbes (1928–2015)," University of California at San Diego, Economics Working Paper Series qt2zg9j4q1, Department of Economics, UC San Diego.
    16. Anton Muscatelli & Patrizio Tirelli & Carmine Trecroci, 2001. "Monetary and Fiscal Policy Interactions over the Cycle: Some Empirical Evidence," Working Papers 2002_13, Business School - Economics, University of Glasgow, revised Oct 2002.
    17. Bajo-Rubio, Oscar & Díaz-Roldán, Carmen & Esteve, Vicente, 2014. "Deficit sustainability, and monetary versus fiscal dominance: The case of Spain, 1850–2000," Journal of Policy Modeling, Elsevier, vol. 36(5), pages 924-937.
    18. Gabriele Camera & Cary Deck & David Porter, 2020. "Do economic inequalities affect long-run cooperation and prosperity?," Experimental Economics, Springer;Economic Science Association, vol. 23(1), pages 53-83, March.
    19. Creel, Jerome & Bihan, Herve Le, 2006. "Using structural balance data to test the fiscal theory of the price level: Some international evidence," Journal of Macroeconomics, Elsevier, vol. 28(2), pages 338-360, June.
    20. Ms. Francesca Castellani & Mr. Xavier Debrun, 2001. "Central Bank Independence and the Design of Fiscal Institutions," IMF Working Papers 2001/205, International Monetary Fund.

    More about this item

    Keywords

    Política Monetaria; Política Fiscal; Teoría de Juegos; Equilibrio de Nash; Economía Experimental;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000520:018838. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Universidad de Narino (email available below). General contact details of provider: https://edirc.repec.org/data/fenarco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.