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Tipo de cambio flotante, tipo de cambio fijo y transmisión de la política fiscal
De acuerdo con el paradigma convencional, la política fiscal es más efectiva bajo un régimen cambiario fijo que con tipo de cambio flexible. En este trabajo se reconsidera la transmisión de shocks al gasto de gobierno a través de estos regímenes dentro de un modelo neokeynesiano para una economía ...
Monetary policy and dutch disease: the case of price and wage rigidity
From a theoretical point of view and as we will show the presence of both price and wage rigidities implies that to the extent that fiscal policy is unresponsive to shocks full price stability is not optimal. In this paper we study optimal monetary and exchange rate policy in a small open economy with ...
Fiscal inflation and cosmetic defaults in a small open economy
For a small open economy, maintaining a stable exchange rate and moderate levels of inflation is often a goal of primary importance. At the same time, the profession has recognized the tight link between fiscal and monetary policies in determining inflation dynamics. Thus, the goal of a stable exchange ...