La posición monetaria neta

Abstract

This note relates to professor SALAMA`s commentary on our previous article, in which the net monetary position is analysed as a parameter or "control" of macroeconomic equilibrium. The substitution effect and the wealth effect of variations in the rate of interest operate normally in the same direction, both in the market for goods and in the market for money. Hence the qualitative properties of the excess demand functions are identical whether we calculate the net monetary position at the nominal value of bonds or at their market value. None the less, if used to identify a parameter of the general equilibrium relations, the net monetary position must be defined in such form that it does not include endogenous variables.