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Agentes no ricardianos y rigideces nominales: su efecto sobre el principio de Taylor

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  • Sergio Ocampo Díaz

    ()

Abstract

El documento aborda los posibles efectos que puede tener la inclusión de agentes noricardianos en un modelo de equilibrio general dinámico sobre el llamado principio deTaylor; al hacerlo se encuentra que el principio de Taylor sólo se modifica bajo ciertascondiciones sobre las rigideces nominales del modelo. Con el fin de encontrar las condicionesnecesarias para modificar el principio de Taylor se propone un modelo de equilibrio generaldinámico con múltiples fuentes de heterogeneidad (heterogeneidad causada por la presenciade agentes no ricardianos y por la de las rigideces nominales de salarios). Éste tipo demodelo es nuevo para la literatura y su uso permite concluir que sólo en presencia de altarigidez de precios, salarios altamente flexibles y un porcentaje considerable de agentes noricardianos, es posible alterar el resultado original deWoodford (2001) sobre las condicionesque deben cumplir los parámetros de la regla de Taylor para garantizar la determinacióndel equilibrio del modelo.

Suggested Citation

  • Sergio Ocampo Díaz, 2011. "Agentes no ricardianos y rigideces nominales: su efecto sobre el principio de Taylor," VNIVERSITAS ECONÓMICA 008302, UNIVERSIDAD JAVERIANA - BOGOTÁ.
  • Handle: RePEc:col:000416:008302
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    File URL: http://cea.javeriana.edu.co/documents/153049/2786252/Vol.11_3_2011.pdf/4bbf2eb6-5154-4c0d-9fa0-9adaab4e7b7f
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    References listed on IDEAS

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    1. Klein, Paul, 2000. "Using the generalized Schur form to solve a multivariate linear rational expectations model," Journal of Economic Dynamics and Control, Elsevier, vol. 24(10), pages 1405-1423, September.
    2. Jordi Galí & J. David López-Salido, 2003. "Rule-of-Thumb Consumers and the Design of Interest Rate Rules," Working Papers 104, Barcelona Graduate School of Economics.
    3. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 115(1), pages 147-180.
    4. Frank Smets & Rafael Wouters, 2007. "Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach," American Economic Review, American Economic Association, vol. 97(3), pages 586-606, June.
    5. Erceg, Christopher J. & Henderson, Dale W. & Levin, Andrew T., 2000. "Optimal monetary policy with staggered wage and price contracts," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 281-313, October.
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    7. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2005. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 1-45, February.
    8. Pietro Bonaldi & Juan D. Prada & Andrés González & Diego Rodríguez, 2011. "Método numérico para la calibración de un modelo dsge," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE, December.
    9. John B. Taylor, 1999. "A Historical Analysis of Monetary Policy Rules," NBER Chapters,in: Monetary Policy Rules, pages 319-348 National Bureau of Economic Research, Inc.
    10. Woodford Michael, 2002. "Inflation Stabilization and Welfare," The B.E. Journal of Macroeconomics, De Gruyter, vol. 2(1), pages 1-53, February.
    11. Pietro Bonaldi & Andrés González & Diego Rodríguez, 2011. "Importancia de las rigideces nominales y reales en Colombia: un enfoque de equilibrio general dinámico y estocástico," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 29(66), pages 48-78, December.
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    Cited by:

    1. Anzoategui Zapata, Juan Camilo, 2014. "Restricción a la liquidez en Colombia
      [Restriction liquidity Colombia]
      ," MPRA Paper 62043, University Library of Munich, Germany.

    More about this item

    Keywords

    DSGE; Principio de Taylor; reglas de tasa de interés; modeloneo-keynesiano; rigideces nominales; precios rígidos; salarios rígidos; agentes no ricardianos;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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