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Item type:Publication, Fluctuaciones macroeconómicas en la economía peruana, 1950-1990(Pontificia Universidad Católica del Perú. Departamento de Economía, 1996)The main purpose of this paper is to answer the following question: which factors explain the persistence of fluctuation in the Peruvian economy? We answer it constructing a non-linear deterministic dynamical system obtaining fluctuations as a result of structural aspect of the Peruvian economy. We use in a dynamic framework the “Diaz-Alejandro” and “Foreign Exchange restrain” effects. - Some of the metrics are blocked by yourconsent settings
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. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, La macroeconomía de una economía abierta: el mercado de trabajo y la oferta agregada(Pontificia Universidad Católica del Perú. Departamento de Economía, 2003)In this paper we study the operation of the labor market, of which is derived the curve of aggregate supply, for the case of a closed and open economy, in the short, medium and Iong term. In an open economy, an important part of the production costs is derived of the use of imported inputs in the fabrication of the products. Therefore, the domestic level of prices, besides depending on the level of the nominal wage, is also associated to factors like the exchange rate or to the international price of the imported inputs. In the short term, since the nominal wage and the exchange rate are independent of the activity level, the level of prices is constant and therefore the aggregate supply is perfectly elastic. In the medium term, an increment of the level of economic activity, when reducing the unemployment rate, produces an increment of the wages, that which elevates the costs of production of the companies and the level of prices of the economy. Therefore, the companies are willing to offer a bigger production but at a higher level of prices. In the long term, the prices don’t influence in the level of economic activity, this implies that the aggregate supply is perfectly inelastic. After presenting the different versions of the aggregate supply, in the final part of the paper we carried out exercises of comparative static to show the effects in the aggregate supply of the technological change and the increment of the international price of the petroleum. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, La macroeconomía de una economía abierta en el corto plazo: del modelo Mundell – Fleming a la demanda agregada(Pontificia Universidad Católica del Perú. Departamento de Economía, 2003)In this paper the Mundell – Fleming model is used to derive the curve of the aggregate demand for regimens of fixed and flexible exchange rates, in a context of perfect capital mobility. A curve of perfectly elastic aggregate supply will be supposed. Though, all increment of the aggregate demand will be translated in a variation of the production of the same magnitude to return to the equilibrium, while the price level stays constant. The price level will be introduced in an explicit way, since the analysis requires that one works in the plane of the demanded production and the price level. The form of incorporating it will be through the real exchange rate, in the market for goods; and through the nominal demand of money, in the monetary market. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Políticas de estabilización vs políticas de crecimiento en Perú 2011-2018(Pontificia Universidad Católica del Perú. Departamento de Economía, 2019-02)En base a la distinción necesaria entre choques económicos temporales y choques permanentes, en este trabajo se cuestiona algunas propuestas de políticas de reactivación ante la ocurrencia de choques a la economía. Se considera que estas políticas deben ser requeridas cuando los choques son temporales, pero ante choques permanentes o de larga duración lo recomendable es suavizar el proceso de hacia el nuevo equilibrio. Analizando a la economía peruana, se observa que los choques que experimentó, en particular, desde 2007 no tuvieron efectos comparables a los que experimentaron algunas de las economías más grandes del mundo. En particular, en lo relacionado con la tasa de inflación y la tasa de interés. Por esto, se cuestiona las recomendaciones de política monetaria y fiscal para Perú, que hacen algunos economistas y analistas. Como se ha vuelto frecuente denominar “inversión pública” a las políticas de expansión de gasto fiscal orientadas a compensar alguna percibida caída de la demanda agregada, en este trabajo enfatizamos la diferencia entre políticas de reactivación y políticas de crecimiento. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Elementos de teoría y política macroeconómica para una economía abierta. Tercera parte: Capítulo 8(Pontificia Universidad Católica del Perú. Departamento de Economía, 2010)The third part, which consists of four chapters, presents the Mundell-Fleming model; the model of aggregate supply and demand; expectations and contracts as determinants of aggregate supply; the Phillips curve, and the model incorporating the Monetary Policy Reaction Function. The development of Mundell Fleming model is the main content of the eighth chapter. This model explains the conditions that allow the simultaneous achievement of internal and external equilibrium. To this end, the chapter includes some key concepts and identities to understand the functioning of an open economy. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Elementos de teoría y política macroeconómica para una economía abierta. Segunda parte: Capítulo 7(Pontificia Universidad Católica del Perú. Departamento de Economía, 2010)The seventh chapter presents the IS-LM model of simultaneous equilibrium in the goods and services market and the money market. IS-LM model determines the Aggregate Demand and, consequently, the level of output and employment, under the assumption of fixed prices or infinitely elastic Aggregate Supply. Then, it analyzes the effects of fiscal and monetary policies in the simultaneous equilibrium in both markets. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Elementos de teoría y política macroeconómica para una economía abierta. Tercera parte: Capítulo 11(Pontificia Universidad Católica del Perú. Departamento de Economía, 2010)The third part, which consists of four chapters, presents the Mundell-Fleming model; the model of aggregate supply and demand; expectations and contracts as determinants of aggregate supply; the Phillips curve, and the model incorporating the Monetary Policy Reaction Function. This chapter studies the inverse relationship between the rate of inflation and the rate of unemployment well-known as the Phillips Curve. Then, it analyses the short-term equilibrium between inflation, output and unemployment; and by including the Monetary Policy Rule (or Taylor rule) into the IS curve, the chapter describes the meaning of the reaction function of the monetary policy. Finally, it studies the equilibrium, starting from simultaneous analysis of the Phillips Curve and this reaction function. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Elementos de teoría y política macroeconómica para una economía abierta. Cuarta parte: Capítulos 12, 13 y 14(Pontificia Universidad Católica del Perú. Departamento de Economía, 2010)The fourth part, which consists of three chapters (12, 13 and 14), deals with macroeconomic policy in a full employment context. It analyses the labor market and its relationship with Aggregate Supply; then it presents the IS-LM model including this relation; and investment-saving relation in a full employment context. The twelfth chapter develops the link between employment and output in a flexible price economy, by studying the labor market and the production function. The thirteenth chapter presents the complete IS-LM model. This is the neoclassical synthesis model with flexible prices and full employment. It incorporates the neoclassical production function and the equations of supply and demand for labor. The fourteenth chapter examines the income-expenditure equilibrium in the (neo) classical model with flexible prices, and the investment-saving equilibrium for an open economy. It also emphasizes the importance of the role played by the interest rate in a model where the aggregate levels of expenditure and output don’t change, due to the full employment assumption.
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