Shocks monetarios bajo tipo de cambio flexible

Authors

  • Gustavo Reyes

Abstract

This paper studies the effects of monetary shocks on an open economy under flexible exchange rate, in the intertemporal maximization framework. Specifically, it analyses the effects of an increase of money supply, an open market operation and a change in the monetary growth rate. In all cases, the money is neutral in the long run. But in the short run, the open market operation has real effects because it changes the people's assets composition and induces to the people to save until they reach their optimal stock of foreign assets. This fact produces an overshooting in the exchange rate and a surplus in the balance of trade.

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Published

1993-12-30

How to Cite

Reyes, G. (1993). Shocks monetarios bajo tipo de cambio flexible. Económica, 39, p. 111–139. Retrieved from https://revistas.unlp.edu.ar/Economica/article/view/5554

Issue

Vol. 39 (1993)

Section

Articles

License

The material published in the journal is distributed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) license. This license requires proper credit to be given, a link to the license to be provided, and changes to be indicated. It does not permit commercial use of the work, and if the work is remixed, transformed, or otherwise modified, distribution of such modification is not allowed.