Dinámica económica y coordinación de políticas fiscal – monetaria en América Latina: Evaluación a través de una DSGE[Dynamic economic and coordination on fiscal – monetary policies in Latin América: Evaluation through a DSGE model]

The recent sovereign debt and subprime crises affected the world economy and highlighted the role and importance of policy coordination against adverse scenarios (price, demand, supply and external shocks, etc.). This paper asses the effectiveness of fiscal and monetary policy coordination, for a set of Latin American countries (Bolivia, Brazil, Chile, Colombia, Peru, Uruguay, Venezuela) during the periods 2007-2008 and 2009-2010, through the application of dynamic stochastic general equilibrium model specified in parameters for each economy and comparable in structure to each other. The results show that a combined shock of fiscal and monetary policy have important effects when faced with an adverse situation, especially in preserving price stability and economic growth in the short and long run, as opposed to individual shocks, which in some cases be offset by not pursuing a common goal. In the first case, an active monetary policy, helped by fiscal intervention was more effective in maintaining macroeconomic stability, and in the second case the determinant was fiscal policy. Additionally, the framework proposed would contribute to an adoption and evaluation of fiscal and monetary policies through various instruments.