Sobre el rol de las políticas fiscales y financieras en las fluctuaciones macroeconómicas

Abstract

We study second-best macroeconomic policies for open economies subject to intertemporal sustainability problems and where agents may face liquidity constraints. If the private sector has biased expectations of future incomes, fiscal policies could offset the consequent distortions, according to the nature and origin of those biases. When some agents confront liquidity constraints, there is a potential counter-cyclical role for policies that shift current disposable incomes. With heterogeneous agents, macroeconomic policies may be confronted with dilemmas whose resolution involves distributive considerations.