Multiplicador de políticas gubernamentales, inflación e intermediación financiera: probando la nueva teoría keynesiana
In a recent issue of the American Economic Review, several authors presented their views regarding what they believe constitute the core of macroeconomics. All of these authors agree that there is a short-run trade-odd between inflation and unemployment. Yet there is a lack of consensus as for why t...
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| Format: | Online |
| Langue: | anglais |
| Éditeur: |
El Colegio de México, A.C.
2000
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| Accès en ligne: | https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/214 |
| Institution: |
Estudios Económicos |
| authentication_code | dc |
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| _version_ | 1844256680360017920 |
| author | Cotler, Pablo |
| author_facet | Cotler, Pablo |
| author_sort | Cotler, Pablo |
| category_str_mv |
"Bolivia", "hyperinflation", "economic crisis", "Bolivia", "hiperinflación", "crisis económica"
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| collection | OJS |
| description | In a recent issue of the American Economic Review, several authors presented their views regarding what they believe constitute the core of macroeconomics. All of these authors agree that there is a short-run trade-odd between inflation and unemployment. Yet there is a lack of consensus as for why this happens. The purpose of this paper is to test the validity of one of these possible explanations: the new Keynesian theory. For this purpose, we use evidence from 18 countries for the period 1964-1996, on the relation between inflation, output supply elasticity and government-policy multipliers. Empirical evidence seems to support the proposition derived from the new Keynesian school: the value of the fiscal multiplier will be smaller as the average inflation increases and the degree of financial intermediation declines. One consequence of this result is that the effectiveness of government expenditure as a mean to stabilize output depends to a large extent on the soundness of the domestic banking system. |
| format | Online |
| id | oai:oai.estudioseconomicos.colmex.mx:article-214 |
| index_str_mv | CONAHCYT LATINDEX PKP Index DORA Redalyc Scielo México Handbook of Latin American Studies (HLAS) JSTOR Dialnet HAPI Ulrich’s International Periodicals Directory Google Scholar IBSS Gale OneFile: Informe Académico Global Issues in Context InfoTracCustom Cengage Learning EconLit Índice bibliográfico Publindex RePEc The Journal of Economic Literature |
| journal | Estudios Económicos |
| language | eng |
| publishDate | 2000 |
| publisher | El Colegio de México, A.C. |
| record_format | ojs |
| Terms_governing_use_and_reproduction_note | Copyright (c) 2018 Estudios Económicos |
| data_source_entry/ISSN | Estudios Económicos de El Colegio de México; 30-vol. 15, no. 2, july-december, 2000; 229-247 Estudios Económicos de El Colegio de México; 30-vol. 15, núm. 2, julio-diciembre, 2000; 229-247 0186-7202 0188-6916 |
| spelling | oai:oai.estudioseconomicos.colmex.mx:article-2142023-02-20T23:44:08Z Goverment policy multiplier, inflation and financial intermediation: Testing the New Keynesian theory Multiplicador de políticas gubernamentales, inflación e intermediación financiera: probando la nueva teoría keynesiana Cotler, Pablo macroeconomics new keynesian theory banking system teoría macroeconómica nueva teoría keynesiana sistemas bancarios In a recent issue of the American Economic Review, several authors presented their views regarding what they believe constitute the core of macroeconomics. All of these authors agree that there is a short-run trade-odd between inflation and unemployment. Yet there is a lack of consensus as for why this happens. The purpose of this paper is to test the validity of one of these possible explanations: the new Keynesian theory. For this purpose, we use evidence from 18 countries for the period 1964-1996, on the relation between inflation, output supply elasticity and government-policy multipliers. Empirical evidence seems to support the proposition derived from the new Keynesian school: the value of the fiscal multiplier will be smaller as the average inflation increases and the degree of financial intermediation declines. One consequence of this result is that the effectiveness of government expenditure as a mean to stabilize output depends to a large extent on the soundness of the domestic banking system. En un número reciente del American Economic Review, prominentes economistas presentan su visión sobre qué constituye el núcleo central de la teoría macroeconómica. Entre otros aspectos, coinciden en la existencia de un conflicto de corto plazo entre la inflación y el desempleo. Aunque no hay consenso respecto a su origen. Este trabajo examina la validez de una de las teorías que buscan explicar el origen de dicho conflicto: la nueva teoría keynesiana. Para ello se utiliza la evidencia empírica de 18 países de 1964 a 1996. Los resultados no rechazan la proposición que se deriva de la nueva teoría keynesiana. Así se muestra que el valor del multiplicador del gasto público disminuye conforme aumenta la inflación y se reduce la intermediación financiera. Una consecuencia de esto es que la efectividad del gasto público para estabilizar el producto, depende de manera importante de la salud del sistema bancario del país. El Colegio de México, A.C. 2000-07-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/214 10.24201/ee.v15i2.214 Estudios Económicos de El Colegio de México; 30-vol. 15, no. 2, july-december, 2000; 229-247 Estudios Económicos de El Colegio de México; 30-vol. 15, núm. 2, julio-diciembre, 2000; 229-247 0186-7202 0188-6916 eng https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/214/216 Copyright (c) 2018 Estudios Económicos |
| spellingShingle | macroeconomics new keynesian theory banking system teoría macroeconómica nueva teoría keynesiana sistemas bancarios Cotler, Pablo Multiplicador de políticas gubernamentales, inflación e intermediación financiera: probando la nueva teoría keynesiana |
| title | Multiplicador de políticas gubernamentales, inflación e intermediación financiera: probando la nueva teoría keynesiana |
| title_alt | Goverment policy multiplier, inflation and financial intermediation: Testing the New Keynesian theory |
| title_full | Multiplicador de políticas gubernamentales, inflación e intermediación financiera: probando la nueva teoría keynesiana |
| title_fullStr | Multiplicador de políticas gubernamentales, inflación e intermediación financiera: probando la nueva teoría keynesiana |
| title_full_unstemmed | Multiplicador de políticas gubernamentales, inflación e intermediación financiera: probando la nueva teoría keynesiana |
| title_short | Multiplicador de políticas gubernamentales, inflación e intermediación financiera: probando la nueva teoría keynesiana |
| title_sort | multiplicador de politicas gubernamentales inflacion e intermediacion financiera probando la nueva teoria keynesiana |
| topic | macroeconomics new keynesian theory banking system teoría macroeconómica nueva teoría keynesiana sistemas bancarios |
| topic_facet | macroeconomics new keynesian theory banking system teoría macroeconómica nueva teoría keynesiana sistemas bancarios |
| url | https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/214 |
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