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Política Monetaria Óptima en un Modelo con Intermediación Financiera

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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
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    Keywords

    Impuesto inflacionario óptimo; Coeficiente legal de caja;

    JEL classification:

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

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