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Complementariedades y Política Macroeconómica

  • Huberto M. Ennis

Este trabajo discute algunos desarrollos teóricos recientes sobre la determinación de la política macroeconómica óptima en situaciones en las que existen complementariedades estratégicas entre los agentes de la economía. Se presentan las ideas utilizando como base un modelo simple que permite capturar con simpleza los aspectos fundamentales involucrados en la discusión. En el modelo, los agentes deciden si participar, o no, en actividades de mercado y el beneficio de participar esta asociado con la decisión de participación del resto de los agentes. Se demuestra la presencia de equilibrios múltiples y se construyen equilibrios sunspot. Se discute la política macroeconómica óptima en tales situaciones y el rol de la estructura de información en la determinación de las propiedades de los equilibrios. Finalmente, se ilustra la posibilidad de que se produzcan avalanchas anticipadas de (no) participación, donde la diseminación limitada de la información juega un rol fundamental.

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File URL: http://www.depeco.econo.unlp.edu.ar/doctrab/doc54.pdf
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Paper provided by Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata in its series Department of Economics, Working Papers with number 054.

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Length: 25 pages
Date of creation: Aug 2005
Date of revision:
Handle: RePEc:lap:wpaper:054
Contact details of provider: Postal: Calle 48 No555 - La Plata (1900)
Phone: 21- 1466
Fax: 54-21-25-9536
Web page: http://www.depeco.econo.unlp.edu.ar/doctrab.php

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  1. Manuelli, Rodolfo & Peck, James, 1992. "Sunspot-like effects of random endowments," Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 193-206, April.
  2. Caplin, A. & Leahy, J., 1992. "Business as Usual, Market Crashes, and Wisdom after the Fact," Harvard Institute of Economic Research Working Papers 1594, Harvard - Institute of Economic Research.
  3. Todd Keister, 2009. "Expectations And Contagion In Self-Fulfilling Currency Attacks," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(3), pages 991-1012, 08.
  4. Marco Bassetto, 2002. "Equilibrium and government commitment," Working Papers 624, Federal Reserve Bank of Minneapolis.
  5. Robert G. King, 2006. "Discretionary policy and multiple equilibria," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-15.
  6. Chari, V V & Kehoe, Patrick J, 1990. "Sustainable Plans," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 783-802, August.
  7. Andrés Rodríguez-Clare, 2005. "Coordination Failures, Clusters and Microeconomic Interventions," Research Department Publications 4431, Inter-American Development Bank, Research Department.
  8. Woodford, Michael, 1990. "Learning to Believe in Sunspots," Econometrica, Econometric Society, vol. 58(2), pages 277-307, March.
  9. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April.
  10. Huberto M. Ennis & Todd Keister, 2003. "Economic growth, liquidity, and bank runs," Working Paper 03-01, Federal Reserve Bank of Richmond.
  11. Morris, S & Song Shin, H, 1996. "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks," Economics Papers 126, Economics Group, Nuffield College, University of Oxford.
  12. Ennis, Huberto M. & Keister, Todd, 2005. "Optimal fiscal policy under multiple equilibria," Journal of Monetary Economics, Elsevier, vol. 52(8), pages 1359-1377, November.
  13. P. Diamond, 1980. "Aggregate Demand Management in Search Equilibrium," Working papers 268, Massachusetts Institute of Technology (MIT), Department of Economics.
  14. Vives, Xavier, 2004. "Complementarities and Games: New Developments," CEPR Discussion Papers 4742, C.E.P.R. Discussion Papers.
  15. Glomm, Gerhard & Ravikumar, B., 1996. "Endogenous public policy and multiple equilibria," European Journal of Political Economy, Elsevier, vol. 11(4), pages 653-662, April.
  16. Ennis, Huberto M. & Keister, Todd, 2005. "Government policy and the probability of coordination failures," European Economic Review, Elsevier, vol. 49(4), pages 939-973, May.
  17. Howitt, Peter & McAfee, R Preston, 1992. "Animal Spirits," American Economic Review, American Economic Association, vol. 82(3), pages 493-507, June.
  18. Curtis R. Taylor & Thomas D. Jeitschko, 2001. "Local Discouragement and Global Collapse: A Theory of Coordination Avalanches," American Economic Review, American Economic Association, vol. 91(1), pages 208-224, March.
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