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Keynesianismo, monetarismo y nueva macroeconomía “clásica”

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  • Félix Jiménez

    (Departamento de Economía- Pontificia Universidad Católica del Perú)

Abstract

This essay presents the Keynesian and monetarist approaches to the effects of monetary policies on output and employment. The Keynesians argue that the monetary authorities could permanently increase output or employment by raising monetary growth, trading this off against a higher wage and price inflation. But, according to monetarists, a government attempting to trade off a higher inflation rate against lower unemployment will merely obtain a short run reduction in unemployment and a permanently higher inflation rate. The answer of new classical macroeconomists to monetarists is also analyzed. Monetarist argument is based on the adaptive expectations hypothesis. For the new classical economists real income and employment respond only to unanticipated demand changes; output never systematically deviates from its natural level and systematic government policy cannot affect real output or employment. This policy neutrality result is based on the rational expectations hypothesis. The meaning of policy optimality and Lucas critique are also analyzed. Finally, the essay presents the three basic methods for solving problems with rational expectation.

Suggested Citation

  • Félix Jiménez, 1999. "Keynesianismo, monetarismo y nueva macroeconomía “clásica”," Documentos de Trabajo / Working Papers 1999-165, Departamento de Economía - Pontificia Universidad Católica del Perú.
    • Handle: RePEc:pcp:pucwps:wp00165
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