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Item type:Publication, La macroeconomía de una economía abierta en el corto plazo : el modelo Mundell-Fleming(Pontificia Universidad Católica del Perú. Departamento de Economía, 2003)In this paper we present the Mundell – Fleming model for a regime of fixed and flexible exchange rate, in a context of perfect capital mobility. In the first part we present the model for the case of a fixed exchange – regime, in which the basic equations will be introduced describing the market for goods, the monetary market, the domestic market of bonds and the external bond market; as well as the interaction mechanisms between this markets. There will be carried out three simulation exercises, in which the effects will be seen on the production, the international reserves and the domestic interest rate of an expanding fiscal police, a devaluation and an increment of the external interest rate. In the second part we will develop the model for the case of a flexible exchange – regime, and the effects of fiscal and monetary policy, and of an increment of the external interest rate on production, domestic interest rates and the exchange rate will be examined. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, El estado actual de la teoría macroeconómica(Pontificia Universidad Católica del Perú. Departamento de Economía, 2004)This paper describes the evolution of macroeconomic theory in both closed and open economies. In the first section we present the evolution of the theory of a closed economy ¾economies that do not have international trade; nor do it have links to the international financial markets. Since Keynes, the neoclassical synthesis, the monetarists, the revolution of rational expectations, until the most recent literature such as the real business cycle theory and the new Keynesian economics. In the second section we present the evolution of the theory of an open economy. Since Hume, the work of Mundell and Fleming, the monetary approach of the balance of payments, the overshooting and the Open Economy Macroeconomics by Rudiger Dornbusch, until the most recent literature developed in the Foundations of International Macroeconomics by Obstfeld and Rogoff. As is evident, this presentation is not intended to be comprehensive in its coverage of the topics.