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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. Todd Keister, 2006. "Expectations and contagion in self-fulfilling currency attacks," Staff Reports 249, Federal Reserve Bank of New York.
  2. P. Diamond, 1980. "Aggregate Demand Management in Search Equilibrium," Working papers 268, Massachusetts Institute of Technology (MIT), Department of Economics.
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  9. 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.
  10. Morris, Stephen & Shin, Hyun Song, 1998. "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks," American Economic Review, American Economic Association, vol. 88(3), pages 587-97, June.
  11. Caplin, Andrew & Leahy, John, 1994. "Business as Usual, Market Crashes, and Wisdom after the Fact," American Economic Review, American Economic Association, vol. 84(3), pages 548-65, June.
  12. Vives, Xavier, 2004. "Complementarities and Games: New Developments," CEPR Discussion Papers 4742, C.E.P.R. Discussion Papers.
  13. Bassetto, Marco, 2005. "Equilibrium and government commitment," Journal of Economic Theory, Elsevier, vol. 124(1), pages 79-105, September.
  14. Robert G. King, 2006. "Discretionary Policy and Multiple Equilibria," NBER Working Papers 12076, National Bureau of Economic Research, Inc.
  15. Huberto M. Ennis & Todd Keister, 2003. "Economic growth, liquidity, and bank runs," Working Paper 03-01, Federal Reserve Bank of Richmond.
  16. Woodford, Michael, 1986. "Learning to Believe in Sunspots," Working Papers 86-16, C.V. Starr Center for Applied Economics, New York University.
  17. Cooper,Russell, 1999. "Coordination Games," Cambridge Books, Cambridge University Press, number 9780521578967, November.
  18. 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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  20. Cass, David & Shell, Karl, 1983. "Do Sunspots Matter?," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 193-227, April.
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