IDEAS home Printed from https://ideas.repec.org/p/ucm/doicae/0206.html
   My bibliography  Save this paper

Política Monetaria Óptima en un Modelo con Intermediación Financiera

Author

Abstract

Se analiza cuál es la política monetaria óptima bajo una regla de gasto público no habitual en la literatura: el gasto representa un porcentaje constante en la producción. En este caso, dado que el ritmo de crecimiento de la ofeta monetaria y el coeficiente legal de caja influyen sobre el nivel de producción, el nivel de gasto dependerá del valor que tomen dichos instrumentos. Se muestra que la validez de la regla Friedman depende del valor del ratio consumo público/output. Asimismo, cuando es óptimo utilizar el coeficiente legal de caja, éste resulta ser un instrumento equivalente al crecimiento monetario.

Suggested Citation

  • Esther Fernández, 2002. "Política Monetaria Óptima en un Modelo con Intermediación Financiera," Documentos de Trabajo del ICAE 0206, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
  • Handle: RePEc:ucm:doicae:0206
    as

    Download full text from publisher

    File URL: http://eprints.ucm.es/7656/1/0206.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Elton, Edwin J & Gruber, Martin J & Michaely, Roni, 1990. " The Structure of Spot Rates and Immunization," Journal of Finance, American Finance Association, vol. 45(2), pages 629-642, June.
    2. Fisher, Lawrence & Weil, Roman L, 1971. "Coping with the Risk of Interest-Rate Fluctuations: Returns to Bondholders from Naive and Optimal Strategies," The Journal of Business, University of Chicago Press, vol. 44(4), pages 408-431, October.
    3. Hall, Anthony D & Anderson, Heather M & Granger, Clive W J, 1992. "A Cointegration Analysis of Treasury Bill Yields," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 116-126, February.
    4. Dominguez, Emilio & Novales, Alfonso, 2000. "Testing the expectations hypothesis in Eurodeposits," Journal of International Money and Finance, Elsevier, vol. 19(5), pages 713-736, October.
    5. Nelson, Charles R & Siegel, Andrew F, 1987. "Parsimonious Modeling of Yield Curves," The Journal of Business, University of Chicago Press, vol. 60(4), pages 473-489, October.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Impuesto inflacionario óptimo; Coeficiente legal de caja;

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ucm:doicae:0206. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Águeda González Abad). General contact details of provider: http://edirc.repec.org/data/feucmes.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.