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Expansión monetaria y ciclo económico en España: 1998-2012


  • Cendejas Bueno, José Luis

    () (Instituto de Investigaciones Económicas y Sociales Francisco de Vitoria)

  • Muñoz, Félix

    () (Departamento de Análisis Económico (Teoría e Historia Económica). Universidad Autónoma de Madrid.)

  • Castañeda, Juan

    () (Economics and International Studies Department, The University of Buckingham.)


La grave crisis económica y financiera que atraviesa España tiene, obviamente, numerosas causas. Una de ellas ha sido el brutal impacto que ha tenido la expansión de la masa monetaria tras la entrada de España en el euro sobre los precios de los activos y la estructura económica del país. Este artículo examina precisamente el origen, mecanismo de transmisión e impacto de esta expansión monetaria sobre la economía española. La principal conclusión que alcanzamos es que el “olvido del dinero” en la teoría macroeconómica y en el diseño e implementación de las llamadas reglas monetarias óptimas por parte de los bancos centrales durante la última expansión económica está en la base de la actual crisis.

Suggested Citation

  • Cendejas Bueno, José Luis & Muñoz, Félix & Castañeda, Juan, 2013. "Expansión monetaria y ciclo económico en España: 1998-2012," Working Papers in Economic Theory 2013/09, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
  • Handle: RePEc:uam:wpaper:201309

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    More about this item


    expansión monetaria y ciclos económicos; reglas monetarias óptimas.;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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