IDEAS home Printed from https://ideas.repec.org/p/col/000089/019560.html
   My bibliography  Save this paper

Efecto de la política fiscal sobre la transmisión de la política monetaria a través de la desigualdad en el ingreso

Author

Listed:
  • David Augusto Montoya Ruiz

Abstract

Este documento analiza el impacto que tiene la política fiscal, a través de la fijación de impuestos, en la distribución del ingreso y cómo esta última afecta la transmisión de la política monetaria. Para entender este mecanismo, se propone un modelo neokeynesiano analítico de dos agentes en una economía con dos activos, restricciones de acceso a los mercados financieros e incertidumbre idiosincrática en donde el gobierno fija impuestos a los dividendos y al ingreso laboral. Se encuentra que el tipo de impuesto elegido por el gobierno afecta de forma diferenciada el comportamiento cíclico de la desigualdad en el ingreso. Cuando la desigualdad es procíclica con relación al ingreso agregado de la economía, se generan efectos de atenuación en la demanda agregada. Si es contracíclica, ello provoca efectos de amplificación. Esto obliga al banco central a ajustar su objetivo operativo de tasa de interés en una magnitud menor o mayor, respectivamente, con relación al Principio de Taylor para lograr la determinación del equilibrio. Se concluye que la política fiscal condiciona la política monetaria a través del tipo de esquema redistributivo adoptado.

Suggested Citation

  • David Augusto Montoya Ruiz, 2021. "Efecto de la política fiscal sobre la transmisión de la política monetaria a través de la desigualdad en el ingreso," Documentos CEDE 19560, Universidad de los Andes, Facultad de Economía, CEDE.
    • Handle: RePEc:col:000089:019560
    as

    Download full text from publisher

    File URL: https://repositorio.uniandes.edu.co/bitstream/handle/1992/52043/dcede2021-49.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Taylor, John B. & Williams, John C., 2010. "Simple and Robust Rules for Monetary Policy," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 15, pages 829-859, Elsevier.
    2. Michael Woodford, 1999. "Optimal Monetary Policy Inertia," Manchester School, University of Manchester, vol. 67(s1), pages 1-35.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Singh, Ajay Pratap & Nikolaou, Michael, 2014. "Optimal rules for central bank interest rates subject to zero lower bound," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 8, pages 1-67.
    2. Pelin Ilbas & Øistein Røisland & Tommy Sveen, 2013. "The Influence of the Taylor rule on US monetary policy," Working Paper Research 241, National Bank of Belgium.
    3. R. P. Agenor & K. Alper & L. Pereira da Silva, 2013. "Capital Regulation, Monetary Policy, and Financial Stability," International Journal of Central Banking, International Journal of Central Banking, vol. 9(3), pages 198-243, September.
    4. Ragna Alstadheim & Øistein Røisland, 2017. "When Preferences for a Stable Interest Rate Become Self‐Defeating," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(2-3), pages 393-415, March.
    5. Paul De Grauwe & Yuemei Ji, 2023. "On the use of current and forward-looking data in monetary policy: a behavioural macroeconomic approach," Oxford Economic Papers, Oxford University Press, vol. 75(2), pages 526-552.
    6. Mahir Binici & Yin-Wong Cheung, 2011. "Exchange Rate Dynamics under Alternative Optimal Interest Rate Rules," CESifo Working Paper Series 3577, CESifo.
    7. Fatás, Antonio & Singh, Sanjay R., 2024. "Supply or demand? Policy makers’ confusion in the presence of hysteresis," European Economic Review, Elsevier, vol. 161(C).
    8. Paul De Grauwe & Yuemei Ji, 2021. "On the Use of Current or Forward-Looking Data in Monetary Policy: A Behavioural Macroeconomic Approach," CESifo Working Paper Series 8853, CESifo.
    9. De Grauwe, Paul & Ji, Yuemei, 2020. "Should central banks be forward-looking?," CEPR Discussion Papers 14540, C.E.P.R. Discussion Papers.
    10. De Grauwe, Paul & Ji, Yuemei, 2023. "On the use of current and forward-looking data in monetary policy: a behavioural macroeconomic approach," LSE Research Online Documents on Economics 115547, London School of Economics and Political Science, LSE Library.
    11. Herman Bennett & Norman Loayza, 2002. "Policy Biases when the Monetary and Fiscal Authorities Have Different Objectives," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.),Monetary Policy: Rules and Transmission Mechanisms, edition 1, volume 4, chapter 11, pages 299-330, Central Bank of Chile.
    12. Rajesh Singh & Chetan Subramanian, 2008. "The optimal choice of monetary policy instruments in a small open economy," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 41(1), pages 105-137, February.
    13. Pelin Ilbas, 2006. "Optimal Monetary Policy rules for the Euro area in a DSGE framework," Working Papers of Department of Economics, Leuven ces0613, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
    14. Stefano Eusepi, 2005. "Comparing forecast-based and backward-looking Taylor rules: a "global" analysis," Staff Reports 198, Federal Reserve Bank of New York.
    15. Luboš Komárek & Filip Rozsypal, 2009. "Vymezení a vyhodnocení agresivity centrálních bank [Definition and Evaluation of the Central Bank agresivity]," Politická ekonomie, Prague University of Economics and Business, vol. 2009(3), pages 383-404.
    16. repec:hal:wpspec:info:hdl:2441/2942 is not listed on IDEAS
    17. Erdem Basci & Özgür Özel & Cagri Sarikaya, 2008. "The monetary transmission mechanism in Turkey: new developments," BIS Papers chapters, in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 475-499, Bank for International Settlements.
    18. Richard T. Froyen & Alfred V Guender, 2016. "The Real Exchange Rate in Open-Economy Taylor Rules: A Re-Assessment," Working Papers in Economics 16/10, University of Canterbury, Department of Economics and Finance.
    19. Giuseppe Ferrero, 2004. "Monetary Policy and the Transition to Rational Expectations," Econometric Society 2004 North American Summer Meetings 101, Econometric Society.
    20. repec:zbw:bofrdp:2007_032 is not listed on IDEAS
    21. George W. Evans & Seppo Honkapohja, 2009. "Robust Learning Stability with Operational Monetary Policy Rules," Central Banking, Analysis, and Economic Policies Book Series, in: Klaus Schmidt-Hebbel & Carl E. Walsh & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.),Monetary Policy under Uncertainty and Learning, edition 1, volume 13, chapter 5, pages 145-170, Central Bank of Chile.
    22. Jean Boivin & Marc P. Giannoni, 2006. "Has Monetary Policy Become More Effective?," The Review of Economics and Statistics, MIT Press, vol. 88(3), pages 445-462, August.

    More about this item

    Keywords

    desigualdad; política fiscal; política monetaria; redistribución; regla de Taylor.;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • 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

    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:col:000089:019560. See general information about how to correct material in RePEc.

    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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Universidad De Los Andes-Cede (email available below). General contact details of provider: https://edirc.repec.org/data/ceandco.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.