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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
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Web page: http://www.depeco.econo.unlp.edu.ar/doctrab.php

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  1. 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.
  2. Robert G. King, 2006. "Discretionary policy and multiple equilibria," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-15.
  3. Woodford, Michael, 1986. "Learning to Believe in Sunspots," Working Papers 86-16, C.V. Starr Center for Applied Economics, New York University.
  4. Cooper,Russell, 1999. "Coordination Games," Cambridge Books, Cambridge University Press, number 9780521570176, January.
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  8. Ennis, Huberto M. & Keister, Todd, 2005. "Optimal fiscal policy under multiple equilibria," Journal of Monetary Economics, Elsevier, vol. 52(8), pages 1359-1377, November.
  9. 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.
  10. Glomm, Gerhard & Ravikumar, B., 1996. "Endogenous public policy and multiple equilibria," European Journal of Political Economy, Elsevier, vol. 11(4), pages 653-662, April.
  11. Howitt, Peter & McAfee, R Preston, 1992. "Animal Spirits," American Economic Review, American Economic Association, vol. 82(3), pages 493-507, June.
  12. 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.
  13. P. Diamond, 1980. "Aggregate Demand Management in Search Equilibrium," Working papers 268, Massachusetts Institute of Technology (MIT), Department of Economics.
  14. Cooper,Russell, 1999. "Coordination Games," Cambridge Books, Cambridge University Press, number 9780521578967, January.
  15. 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.
  16. Vives, Xavier, 2004. "Complementarities and Games: New Developments," CEPR Discussion Papers 4742, C.E.P.R. Discussion Papers.
  17. V. V. Chari & Patrick J Kehoe, 1998. "Sustainable Plans," Levine's Working Paper Archive 600, David K. Levine.
  18. Morris, Stephen & Shin, Hyun Song, 1997. "Unique Equilibrium in a Model of Self-fulfilling Currency Attacks," CEPR Discussion Papers 1687, C.E.P.R. Discussion Papers.
  19. Ennis, Huberto M. & Keister, Todd, 2003. "Economic growth, liquidity, and bank runs," Journal of Economic Theory, Elsevier, vol. 109(2), pages 220-245, April.
  20. 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.
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