La paradoja de Gibson y el dilema de la política monetaria

The mechanism by means of which changes in the nominal quantity of money affect the economic system is a focal point in the theory of monetary policy, The increasing tendency of the general price level would indicate, in the first place, the adjustment of the economy lo an excess of money supply . But, if al the same time we find increasing tendencies in the securities market, this conclusion is not as obvious since such pressures can, partly, reflect scarcity of real liquidity, Monetary policy es thus confronted with a dilemma not always easy to solve. This article explores this matter with simple analytical tools, and shows how it is not always possible to determine without mistake the directionary which should be given to monetary action.