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El rol de las expectativas para la eficacia de las políticas de demanda

Author

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  • Liquitaya Briceño, José D.

    (Profesor - Investigador del Área de Teoría Económica y jefe del C.A. “Modelos Macroeconómicos”, Departameto de Economía, UAM - Iztapalapa)

Abstract

In this paper, we revise the diverse processes of agent’s expectations formation and their relationship with the economic policy effectiveness. We center our attention in the aggregate supply, particularly in the well-known relationship as Phillips curve, but we also address to the aggregate demand, due to its rule that carries out in the product and prices determination in the Keynesian system. In the first two sections we examine the explicit or implicit types of expectations incorporated in the Keynesian traditional analysis and their consequences for the economic policy;then we examine the monetarist perspective concerning the process of expectations formation and its relevance not only for the critics to the Keynesian system, but also for the demand administration policy effectiveness. Finally, we refer to the rational expectations hypothesis and its implications regarding the economic policy relevancy in the short term.

Suggested Citation

  • Liquitaya Briceño, José D., 2010. "El rol de las expectativas para la eficacia de las políticas de demanda," Revista Nicolaita de Estudios Económicos, Universidad Michoacana de San Nicolás de Hidalgo, Instituto de Investigaciones Económicas y Empresariales, vol. 0(1), pages 47-67.
    • Handle: RePEc:ris:rnicee:0050
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    Keywords

    inflation expectations; unemployment; economic policy;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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