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El modelo Mundell-Fleming: una versión intertemporal


  • Waldo Mendoza

    () (Departamento de Economía- Pontificia Universidad Católica del Perú)

  • Ricardo Huamán A.
  • Alejandro Olivares R.

    () (Departamento de Economía- Pontificia Universidad Católica del Perú)


This paper presents an intertemporal version of the Mundell-Fleming model, with free capital movements and floating exchange rate. The model includes two subsystems, one for each period that allows exchange rate, production, and interest rate expectations to be determined, under perfect foresight, without losing the simplicity and transparency of the comparative static. The connection between the first period and the second period is given according to the expectation that the public makes in the first period about some variables of the second period. These ones, at the same time, are the variables that are determined on the second period. The model allows the identification of the effects of an expected monetary policy in the future (period 2) on the production, exchange rate, and the interest rate in the present (period 1). These results differ from Sargent and Wallace´s proposition (1975), where expected monetary policy has no effects on the economy activity; but these results are like Fischer’s model (1977), where monetary policy, even if it is expected, does have effects on the real variables such as production.

Suggested Citation

  • Waldo Mendoza & Ricardo Huamán A. & Alejandro Olivares R., 2000. "El modelo Mundell-Fleming: una versión intertemporal," Documentos de Trabajo / Working Papers 2000-178, Departamento de Economía - Pontificia Universidad Católica del Perú.
  • Handle: RePEc:pcp:pucwps:wp00178

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    References listed on IDEAS

    1. Gloria Canales, 1992. "Tasa de cambio real efectiva y exportaciones de manufacturados. El caso de Brasil," Documentos de Trabajo / Working Papers 1992-101, Departamento de Economía - Pontificia Universidad Católica del Perú.
    2. Edmar Bacha, 1982. "Growth with limited supplies of foreign exchanges: a reappraisal of the two-gap model," Textos para discussão 26, Department of Economics PUC-Rio (Brazil).
    3. Dioniso Dias CArneiro & Rogerio Werneck, 1989. "Brazil: Growth exercices for the nineties," Textos para discussão 226, Department of Economics PUC-Rio (Brazil).
    4. Alan Fairlie, 1993. "Precios relativos y cambio de régimen en el Perú: del fracaso de la heterodoxia a la hiperinflación," Documentos de Trabajo / Working Papers 1993-114, Departamento de Economía - Pontificia Universidad Católica del Perú.
    5. repec:mes:challe:v:33:y:1990:i:4:p:57-59 is not listed on IDEAS
    6. Solimano,Andres R., 1990. "Macroeconomic constraints for medium term growth and distribution : a model for Chile," Policy Research Working Paper Series 400, The World Bank.
    7. Alan Fairlie, 1994. "Una lectura peruana del plan de convertibilidad argentino," Documentos de Trabajo / Working Papers 1994-118, Departamento de Economía - Pontificia Universidad Católica del Perú.
    8. Dionisio Dias Carneiro & Rogerio L. F. Werneck, 1988. "External debt, economic growth and fiscal adjustment," Textos para discussão 202, Department of Economics PUC-Rio (Brazil).
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