macroeconomiaLEON PDF

MACROECONOMÍA
DE UNA ECONOMÍA ABIERTA
JUAN LEÓN MENDOZA
Universidad Nacional
Mayor de San Marcos
Fondo Editorial
Facultad de Ciencias Económicas
ISBN: 978-9972-2503-7-8
Hecho el Depósito Legal en la
Biblioteca Nacional del Perú N.º: 2015-00867
Primera edición
Lima, enero de 2015
© Fondo Editorial de la UNMSM

© Facultad de Ciencias Económicas
© Juan León Mendoza
Tiraje: 500 ejemplares
La universidad es lo que publica
CENTRO DE PRODUCCIÓN FONDO EDITORIAL

UNIVERSIDAD NACIONAL MAYOR DE SAN MARCOS
Calle Germán Amézaga s/n Pabellón de la Biblioteca Central -
4.° piso - Ciudad Universitaria,
Lima-Perú
Correo electrónico: fondo.editorial.unmsm@gmail.com
Página web: http://www.unmsm.edu.pe/fondoeditorial/
Directora / Emma Patricia Victorio Cánovas
—PRODUCCIÓN—
Editor / Juan León Mendoza
Corrección de estilo / Alejandro Montoya G.
Diagramación / Orlando Huerta B.
Diseño de carátula / Mery Quirito
—VENTAS, DISTRIBUCIÓN Y DIFUSIÓN—

619-7000 (anexo 7530)
Impreso en Lima-Perú
Queda prohibida la reproducción parcial o total de este libro

sin permiso de los editores
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1Dentro del pensamiento macroeconómico existe una serie de escuelas o miniescuelas económicas. Sin
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macroeconómicas: la teoría de orientación keynesiana (neokeynesianos, salario de eficiencia, coste de
menú, entre otros) y la teoría de corte neoclásica (monetaristas, expectativas racionales, enfoque
monetario de la balanza de pagos, ciclos reales, etc.). La economía política marxista no corresponde al
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provisional en tanto que no sea sustituida por otra de mayor consistencia empírica.
20 Macroeconomía
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variable exógena es una variable independiente, pero no todas las variables independientes son
exógenas.
22 Macroeconomía
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inflación doméstica fuera igual a la internacional, la inflación doméstica en términos relativos sería igual
a cero. Se tendría una estabilidad relativa de precios.
26 Macroeconomía
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8El premio Nobel de Economía Jan Tinbergen (1961) fue el que formuló el principio de que una política
económica óptima debe contener el mismo número de objetivos e instrumentos de política.
28 Macroeconomía
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9 Véase Instituto Nacional de Estadística e Informática (2001).

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42 Macroeconomía
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44 Macroeconomía
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14 Menores de edad respecto a la edad de trabajar.
46 Macroeconomía
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Capítulo 3
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indicadores del sector externo
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renta neta del exterior no necesariamente es igual al saldo neto de pagos a factores externos. El primero
56 Macroeconomía
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20La moneda extranjera dura está relacionada al país dominante en la economía mundial. Actualmente,
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una relativa mayor presencia en la reservas de los bancos centrales de muchos países. Si, en el futuro,
algún país pasara a ser nuevo líder económico, por ejemplo China, entonces la moneda de ese país
dominante desplazará al dólar en la composición de las reservas de activos internacionales.
58 Macroeconomía
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MES 1 MES 2
Crédito Débito Crédito Débito SALDO
I. Cuenta corriente 13
1. Bienes 4
a. Exportaciones FOB 11 8 19
b. Importaciones FOB -9 -6 -15
2. Servicios -1
a. Exportaciones 1 3 4
b. Importaciones -5 -5
3. Renta 9
a. Remuneración de empleados 4 4
b. Renta de inversión directa 12 12
c. Renta de inversión de cartera -7 -7
4. Transferencias netas 9 -8 1
II. Cuenta financiera -13
a. Inversión directa -12 -12
b. Inversión en cartera 7 -4 3
c. Otra inversión 5 -11 6 -3 -3
d. Activos de reserva -1 -1
III. Balanza de pagos 48 -48 17 -17 0
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64 Macroeconomía
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26En un determinado período, el saldo en la cuenta corriente de un país deudor neto es igual a la suma
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gasto de absorción doméstica (‫ ܥܤ‬ൌ ܻ െ ‫ܣ‬ሻ, se obtiene la misma ecuación formulada ‫ ܣ‬െ ܻ ൌ ‫ כܦ‬െ
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27El proceso descrito se conoce como el “esquema Ponzi” o “juego Ponzi”, en mención a Carlo Ponzi,
quien en la década del 20 del siglo XX protagonizó estafas de alta repercusión mediática en Estados
Unidos de Norteamérica. Ponzi, un inmigrante italiano de bajos recursos económicos, acumuló una gran
fortuna y derrochó opulencia económica implementando un sistema piramidal de estafas: recepción de
un creciente flujo de inversiones financieras prometiendo pagar altos intereses, financiándolo –en tanto
se podía- con nuevas captaciones o los mismos fondos captados. El proceso era insostenible. Cuando
este llegó a su final, todos aquellos que participaron en el sistema implementado por Ponzi perdieron
toda la inversión efectuada.
En el Perú, en la primera mitad de la década del 90 del siglo XX, se produjo una estafa muy similar al
estilo del “esquema Ponzi”, protagonizada por una institución financiera informal denominada CLAE y
encabezada por Carlos Manrique. En esa oportunidad, también todos aquellos que habían depositado
sus fondos en CLAE perdieron todo.
70 Macroeconomía
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28 Véase capítulo 1 de Obstfeld y Rogoff (1996).

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74 Macroeconomía
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omisiones netos (13,076 millones de dólares), le restamos los 2,907 millones del flujo de reservas netas
del BCRP, el saldo positivo de la cuenta financiera llega a ser 10,169 millones, lo cual confrontado con el
déficit en la balanza en cuenta corriente de -10,169 millones arroja un saldo de balanza de pagos igual a
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78 Macroeconomía
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80 Macroeconomía
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37Si bien en el corto plazo la PPC tiende a no cumplirse, este enfoque se torna muy consistente en la
explicación de la determinación del tipo de cambio en el largo plazo (Taylor y Taylor, 2004).
112 Macroeconomía
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114 Macroeconomía
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38 Véase capítulo 8 de De Gregorio (2007).

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39 El efecto positivo del incremento en el tipo de cambio real sobre las exportaciones netas de bienes y
servicios asume que se cumple la condición de Marshall-Lerner. Se dice que se cumple la citada
condición cuando las suma de las elasticidades precio demanda de exportación e importación son
mayores que uno. Véase en el capítulo 8, un desarrollo más detallado de la lógica del cumplimiento de
la condición de Marshall-Lerner.
116 Macroeconomía
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40 Véase en el apéndice la derivación algebraica correspondiente.

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118 Macroeconomía
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120 Macroeconomía

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45 En términos generales, la ley de Walras indica que, si hay n mercados y si n-1 mercados están en
equilibrio, entonces el enésimo mercado también debe estar en equilibrio. La utilidad de la ley de
Walras radica en el hecho de que con ella se puede prescindir, del análisis directo, un mercado y sus
variables involucradas, de manera que el proceso de análisis se puede efectuar de modo más manejable
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134 Macroeconomía
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47A diferencia del bono, las acciones son instrumentos financieros de renta variable, debido a que el
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empresa de la cual el inversionista es accionista.
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140 Macroeconomía
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49 Véase capítulo 9 de Sachs y Larraín (1994).

50 La tasa de interés que pagan los bancos por los depósitos captados se denomina tasa de interés
pasiva, en tanto que lo que cobran por el crédito otorgado se conoce como la tasa de interés activa.
Normalmente la tasa activa es mayor que la pasiva. La diferencia financia los costos operativos y la
ganancia bruta de las instituciones financieras. En la preferencia por circulante del público, la tasa de
interés relevante es la tasa de interés pasiva.
51 Aquí el aumento en la tasa de interés de mercado se refiere implícitamente al incremento en la tasa
de interés activa.
52 Se está asumiendo que la tasa de interés pasiva de mercado es igual a la activa.
53 El encaje legal está compuesto del encaje mínimo legal y de encajes obligatorios adicionales. El encaje
mínimo legal es la tasa de encaje aplicado a los depósitos captados por los bancos. El encaje obligatorio
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adicional al mínimo legal se efectúa, por ejemplo, cuando se provisiona reservas en los bancos por
créditos en problemas de cobranza.
54 Como veremos posteriormente en el capítulo del mercado cambiario, en un régimen de tipo de
cambio fijo, la compra y venta de moneda extranjera por parte del Banco Central es endógeno a los
desequilibrios del sector externo, por lo que en este caso deja de ser un instrumento de política
monetaria.
142 Macroeconomía
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55 Un instrumento de política monetaria muy utilizado por el Banco Central en el Perú es la tasa de
interés de referencia, que trata de tener influencia en la tasa de interés de mercado (‫ )ݎ‬mediante su
efecto en la tasa de interés interbancaria (݅௕ ).
56 Si no se dejara a un lado la tasa de interés de mercado, la curva de oferta de dinero sería de pendiente
positiva.
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144 Macroeconomía
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57 Véase Mishkin (2012). La discusión del dilema entre el uso de la tasa de interés o algún agregado
monetario en la instrumentalización de la política monetaria fue planteada de manera precursora por
Poole (1970).
58 Se está asumiendo constante el nivel de precios ܲ.
59 La política de regulación monetaria por parte del Banco Central no es una tarea muy sencilla. Por
ejemplo, si la autoridad monetaria optara por metas de masa monetaria, la consecución de ese objetivo
está sujeta no solo al accionar del Banco Central, sino también de los bancos y el público. Los cambios
en la preferencia por circulante de parte del público y la política de reservas voluntarias de los bancos,
en tanto que influyen en el valor del multiplicador monetario y no están bajo control del Banco Central,
también influirán en la determinación de la masa monetaria.
146 Macroeconomía
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60 Véase la versión originaria en Taylor (1970).


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61 Si no se desacelera la mayor tasa de crecimiento de la producción respecto al crecimiento de la

producción tendencial, se desatan presiones inflacionarias, de modo que se abre la posibilidad de que la
tasa de inflación se eleve.
62 Dado que la tasa de interés nominal objetivo es igual a la tasa de interés real objetivo más la tasa de
inflación (݅ ௢ ൌ ‫ ݎ‬௢ ൅ ߨ), la ecuación de la regla de Taylor también se puede expresar como: ݅ ൌ ‫ ݎ‬௢ ൅ ߨ ൅
߷ሺߨ െ ߨ ௢ ሻ ൅ ߜሺ‫ ݕ‬െ ‫ݕ‬തሻǤ En este caso, el valor del parámetro ߷ va a ser positivo, pero no
necesariamente mayor que uno. En este caso también cuando la tasa de inflación se coloca por encima
de su nivel meta, la tasa de interés nominal se debe elevar en (1+߷) por ciento, es decir, en un
148 Macroeconomía

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porcentaje mayor que el aumento en la tasa de inflación, de modo que se incremente la tasa de interés
real.
63Incluyen los depósitos de ahorro, los depósitos a plazo, las cédulas hipotecarias de ahorro, los bonos
de fomento, los bonos de arrendamiento financiero, los bonos subordinados, los valores emitidos por el
Banco Central de Reserva del Perú (BCRP).
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64Incluyen las operaciones de compra temporal de moneda extranjera (swaps) y de los certificados de
depósitos liquidables en dólares del BCRP.
65El Banco Central de Reserva del Perú utiliza la siguiente fórmula para estimar el multiplicador bancario:
ଵ
߮ ൌ ሺ௖௜ା௖௘ሺଵି௖௜ሻ ; donde ܿ݅ es la preferencia del público por el circulante, definido como un coeficiente
஼ூ
del circulante y la liquidez en moneda nacional del sistema bancario ቀ ெ ቁ Ǣ ܿ݁ representa la tasa de
encaje efectiva, que se define como los depósitos en moneda nacional que los bancos poseen en el
150 Macroeconomía
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PREFERENCIA POR CIRCULANTE TASA DE ENCAJE IMPLICITA


Banco Central más los fondos que mantienen estos en sus bóvedas dividido entre los depósitos a la vista
ோா
en moneda nacional del sector privado en el sistema bancario ቀ஽௏ቁǤ
Capítulo 7
El enfoque de la paridad de
intereses
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66 En términos de los componentes de la balanza de pagos, se asume que el mercado de divisas está
relacionado básicamente a las transacciones que se registran en la cuenta financiera más que en la
cuenta corriente; entonces, el supuesto implica que no se toma en cuenta la demanda de divisas por
motivo liquidez.
152 Macroeconomía
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'RQGH‫ݎ‬HVODWDVDGHUHQGLPLHQWRGHORVGHSyVLWRVGRPpVWLFRVHQVROHVTXH
QRHVRWUDFRVDTXHODWDVDGHLQWHUpVORFDO
(O UHWRUQR WRWDO HVSHUDGR GHO GHSyVLWR HQ DFWLYR H[WHUQR VH SXHGH H[SUHVDU
PHGLDQWHODVLJXLHQWHHFXDFLyQ
154 Macroeconomía

‫ܯ‬
ܴ ൌ ሺͳ ൅ ‫ ݎ‬ሻ‫ ܧ‬
‫כ‬ ‫כ‬ ௘
‫ܧ‬

'RQGH‫ כ ݎ‬HVODWDVDGHLQWHUpVLQWHUQDFLRQDOHQGyODUHV‫ ܧ‬௘ HOWLSRGHFDPELR
HVSHUDGR\‫ܧ‬ǡHOWLSRGHFDPELRQRPLQDODOFRQWDGR &XDQGRVHGLYLGHHOFDSLWDO
ILQDQFLHURGH‫ܯ‬VROHVHQWUHHOWLSRGHFDPELRQRPLQDOHOFDSLWDOILQDQFLHURTXHGD
ெ
H[SUHVDGRHQGyODUHV(OFRFLHQWH PXOWLSOLFDGRSRUͳ ൅ ‫ כ ݎ‬UHSUHVHQWDHOUHWRUQR
ா
WRWDOGHODFWLYRH[WHUQRHQWpUPLQRVGHGyODUHV6LVHPXOWLSOLFDGLFKRUHWRUQRFRQ
HO WLSR GH FDPELR TXH VH HVSHUD TXH YD D UHJLU SDUD HO ILQDO GHO SHUtRGR GH OD
LQYHUVLyQ WLSR GH FDPELR HVSHUDGR ‫ ܧ‬௘ TXHGD FXDQWLILFDGD OD UHQWDELOLGDG
HVSHUDGDGHODFWLYRH[WHUQRHQWpUPLQRVGHVROHV
5HHPSOD]DQGR OD HFXDFLyQ GH ORV UHWRUQRV WRWDOHV GH DFWLYRV GRPpVWLFRV \
H[WHUQRV HQ OD H[SUHVLyQ GH LJXDOGDG GH UHQGLPLHQWRV WRWDOHV \ GDGR TXH ‫ܯ‬VH
FDQFHODVHWLHQH

‫ܧ‬௘
ሺͳ ൅ ‫ݎ‬ሻ ൌ ሺͳ ൅ ‫ כ ݎ‬ሻ
‫ܧ‬

/DH[SUHVLyQͳ ൅ ‫ݎ‬LQGLFDODUHQWDELOLGDGGHFDGDVROLQYHUWLGRHQGHSyVLWRV
୉౛
GRPpVWLFRV HQ WDQWR TXH ͳ ൅ ‫ כ ݎ‬HV OD UHQWDELOLGDG HVSHUDGD GH FDGD VRO
୉
ா೐
LQYHUWLGR HQ ORV GHSyVLWRV HQ GyODUHV 'HELGR D TXH HO FRFLHQWH HV LJXDO D OD
ா
VXPDGHXQRPiVODWDVDGHGHSUHFLDFLyQHVSHUDGDGHODPRQHGDORFDOሺͳ ൅ ‫ כ ܧ‬ሻVH
WLHQH

ሺͳ ൅ ‫ݎ‬ሻ ൌ ሺͳ ൅ ‫ כ ݎ‬ሻሺͳ ൅ ‫ כ ܧ‬ሻ
‫ ݎ‬ൌ ‫ כ ݎ‬൅ ‫ כܧ‬൅ ‫כܧכ ݎ‬

'DGRTXHODWDVDGHLQWHUpVLQWHUQDFLRQDO \ODWDVDGHGHSUHFLDFLyQHVSHUDGD
HVWiQXVXDOPHQWHSRUGHEDMRGHVHSXHGHDVXPLUTXHHOSURGXFWRGH‫ כ ܧ כ ݎ‬
WLHQGHDFHUR

‫ ݎ‬ൌ ‫ כ ݎ‬൅ ‫כܧ‬

67 Si la tasa de depreciación esperada de la moneda local ‫ כ ܧ‬se define como:

‫ܧ‬௘ െ ‫ܧ ܧ‬௘
‫ כܧ‬ൌ ൌ െͳ
‫ܧ‬ ‫ܧ‬
Despejando, se tiene:
‫ܧ‬௘
ൌ ͳ ൅ ‫כܧ‬
‫ܧ‬
68 El resultado de la multiplicación de dos números menores que uno tiende a cero.
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HVSHUDGD GH OD PRQHGD ORFDO ‫ כ ܧ‬UHSUHVHQWD DSUR[LPDGDPHQWH OD WDVD GH
UHQWDELOLGDG HVSHUDGD GH ORV GHSyVLWRV HQ PRQHGD H[WUDQMHUD H[SUHVDGDV HQ
WpUPLQRVGHPRQHGDQDFLRQDO
(OPHUFDGRGHGLYLVDVHVWDUiHQHTXLOLEULRFXDQGRODWDVDGHLQWHUpVQDFLRQDO
VHD LJXDO D OD VXPD GH OD WDVD GH LQWHUpV LQWHUQDFLRQDO \ OD WDVD GH GHSUHFLDFLyQ
HVSHUDGD$TXtVHFXPSOHHOSULQFLSLRGHODSDULGDG QRFXELHUWDGHLQWHUHVHV/RV
LQWHUHVHVRUHQWDELOLGDGHVGHORVDFWLYRVILQDQFLHURVQDFLRQDOHV\H[WUDQMHURVHVWiQ
DODSDU
&RQ OD ILQDOLGDG GH IRUPXODU XQ PRGHOR GH PD\RU JHQHUDOLGDG VH SXHGH
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ULHVJR $KRUD VH DVXPH TXH HO LQYHUVLRQLVWD ILQDQFLHUR HV DGYHUVR DO ULHVJR \ ORV
GHSyVLWRVILQDQFLHURVHQPRQHGDQDFLRQDO\H[WUDQMHUDVRQVXVWLWXWRVLPSHUIHFWRV
/RVSDtVHV\VXVPHUFDGRVILQDQFLHURVXVXDOPHQWHQRPXHVWUDQHOPLVPRQLYHO
GHULHVJR([LVWHQSDtVHVFRQDOWRVPRGHUDGRVREDMRVQLYHOHVGHULHVJR$TXHOORV
FRQ PHQRUHV JUDGRV GH GHVDUUROOR LQVWLWXFLRQDO R FRQ PD\RUHV JUDGRV GH
LQHVWDELOLGDGHFRQyPLFDSROtWLFD\VRFLDOSUHVHQWDQJHQHUDOPHQWHXQPD\RUQLYHO
GHULHVJR
7RPDQGR HQ FXHQWD OD UHQWDELOLGDG ORV LQYHUVLRQLVWDV SUHIHULUiQ ORV DFWLYRV
ILQDQFLHURVTXHFRUUHVSRQGDQDSDtVHVGHPHQRUULHVJRGHELGRDTXHHOUHWRUQR
WRWDOGHODLQYHUVLyQILQDQFLHUDQHWRGHULHVJR GHODFWLYRILQDQFLHURGHOSDtVPiV
ULHVJRVRGLVPLQX\HHQWpUPLQRVUHODWLYRV(QHVWHHVFHQDULRHODFWLYRPiVULHVJRVR
WLHQH TXH HQWUHJDU XQD UHFRPSHQVD ILQDQFLHUD DO LQYHUVLRQLVWD XQD SULPD GH
ULHVJR SDUD UHFXSHUDU VX UHQWDELOLGDG 'HVGH HO SXQWR GH YLVWD GHO LQYHUVLRQLVWD
HVWHHVWDUiGLVSXHVWRDDGTXLULUHODFWLYRGHPD\RUULHVJRVLHPSUH\FXDQGRUHFLED
XQSUHPLRRUHFRPSHQVDSRUHOOR
6L DVXPLPRV TXH HO SDtV GRPpVWLFR SUHVHQWD XQ PD\RU ULHVJR UHODWLYR HO
UHWRUQR WRWDO TXH JHQHUD OD LQYHUVLyQ HQ HO DFWLYR ILQDQFLHUR GH HVWH SDtV TXHGD
UHIRUPXODGRGHODVLJXLHQWHPDQHUD

ܴ ൌ ‫ܯ‬ሺͳ ൅ ‫ݎ‬ሻ െ ‫ߠܯ‬

'RQGHߠHVODWDVDGHODSULPDSRUULHVJRSDtV
,JXDODQGR HO UHWRUQR WRWDO UHGHILQLGR GH ORV GHSyVLWRV HQ PRQHGD QDFLRQDO
ሾܴ ൌ ‫ܯ‬ሺͳ ൅ ‫ݎ‬ሻ െ ‫ߠܯ‬ሿFRQODHFXDFLyQGHODUHQWDELOLGDGHVSHUDGDGHORVGHSyVLWRV
ெ
HQ PRQHGD H[WUDQMHUD ቂܴ ‫ כ‬ൌ ሺͳ ൅ ‫ כ ݎ‬ሻ‫ ܧ‬௘ ቃ \ HIHFWXDQGR ODV RSHUDFLRQHV
ா
FRUUHVSRQGLHQWHVVHWLHQH

‫ ݎ‬െ ߠ ൌ ‫ כ ݎ‬൅ ‫כܧ‬

156 Macroeconomía
/DH[SUHVLyQ‫ ݎ‬െ ɅUHSUHVHQWDODWDVDGHUHQWDELOLGDGXQLWDULDGHODLQYHUVLyQ

HQHOGHSyVLWRGRPpVWLFRQHWRGHULHVJRSDtV$PD\RUULHVJRSDtVPD\RUߠVHUi
PHQRUGLFKDUHQWDELOLGDGQHWD5HRUGHQDQGRODHFXDFLyQGHULYDGDVHWLHQH

‫ ݎ‬ൌ ‫ כ ݎ‬൅ ‫ כ ܧ‬൅ Ʌ
‫ܧ‬௘ െ ‫ܧ‬
‫ ݎ‬ൌ ‫ כݎ‬൅ ൬ ൰ ൅ Ʌሺ͹Ǥͳሻ
‫ܧ‬

/DH[SUHVLyQGHOODGRGHUHFKRUHSUHVHQWDODWDVDGHUHQWDELOLGDGHVSHUDGDGHO
DFWLYRH[WUDQMHURWRPDQGRHQFXHQWDHOPD\RUULHVJRGHOSDtVORFDO
6HJ~Q HO SULQFLSLR GH OD SDULGDG QR FXELHUWD GH LQWHUHVHV OD UHQWDELOLGDG GH
ORV DFWLYRV ILQDQFLHURV HVWDUi D OD SDU ¦SRU HQGH HO PHUFDGR GH GLYLVDV HVWDUi HQ
HTXLOLEULRFXDQGRODWDVDGHLQWHUpVGRPpVWLFD VHDLJXDODODVXPDGHODWDVDGH
LQWHUpV LQWHUQDFLRQDO OD WDVD GH GHSUHFLDFLyQ HVSHUDGD GH OD PRQHGD ORFDO \ OD
SULPD GH ULHVJR SDtV 3DUD XQD HFRQRPtD SHTXHxD GDGDV OD WDVD GH LQWHUpV
LQWHUQDFLRQDO \ OD WDVD GH GHSUHFLDFLyQ HVSHUDGD LQFUHPHQWRV HQ HO ULHVJR SDtV
LPSOLFDUiQDXPHQWRVHQODWDVDGHLQWHUpVGRPpVWLFDDPD\RUULHVJRSDtVPD\RU
VHUiODWDVDGHLQWHUpV
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LQWHUpV GRPpVWLFD \ OD UHQWDELOLGDG GHO DFWLYR H[WHUQR ሾߠ ൌ ‫ ݎ‬െ ሺ‫ כ ݎ‬൅ ‫ כ ܧ‬ሻሿ 6L HO
YDORU GH OD WDVD GH GHSUHFLDFLyQ HVSHUDGD IXHUD LJXDO D FHUR OD SULPD GH ULHVJR
SDtVVHUtDLJXDODODGLIHUHQFLDHQWUHODWDVDGHLQWHUpVGRPpVWLFD\ODLQWHUQDFLRQDO
ߠ ൌ ‫ ݎ‬െ ‫ כ ݎ‬
6L HQ OD HFRQRPtD GRPpVWLFD KXELHUD GHSyVLWRV R DFWLYRV ILQDQFLHURV HQ
PRQHGDH[WUDQMHUDHQWRQFHVODGLIHUHQFLDHQWUHODWDVDGHLQWHUpVGHGLFKRDFWLYR\
OD WDVD GH LQWHUpV LQWHUQDFLRQDO UHIOHMDUtD HO QLYHO GH OD SULPD SRU ULHVJR SDtV (Q
HVWHFDVRQRKD\ODQHFHVLGDGGHLQFOXLUODYDULDEOHWDVDGHGHSUHFLDFLyQHVSHUDGD
GH OD PRQHGD QDFLRQDO SRUTXH DPEDV WDVDV GH LQWHUpV HVWiQ GHQRPLQDGDV HQ
PRQHGDH[WUDQMHUD
/DVLWXDFLyQGHHTXLOLEULRGHOPHUFDGRGHGLYLVDVGHODHFXDFLyQWDPELpQ
SXHGH H[SRQHUVH JUiILFDPHQWH HQ HO SODQR GHO WLSR GH FDPELR QRPLQDO ‫ \ ܧ‬OD
WDVDGHLQWHUpVGRPpVWLFD‫ݎ‬
(Q HO JUiILFR OD UHFWD ܴ‫ ܦ‬UHSUHVHQWD OD WDVD GH UHQWDELOLGDG GHO DFWLYR
GRPpVWLFR 'LFKD UHQWDELOLGDG HV LQGHSHQGLHQWH GHO WLSR GH FDPELR /D WDVD GH
UHQWDELOLGDGHVSHUDGDGHODFWLYRILQDQFLHURH[WHUQRTXHGDUHIOHMDGDHQODFXUYDܴ‫ܧ‬
GH SHQGLHQWH QHJDWLYD XQD GLVPLQXFLyQ HQ HO WLSR GH FDPELR JHQHUD XQ
69 Esta relación, en sentido directo, entre el riesgo país y la tasa de interés doméstica tiene mucha
relevancia para las decisiones de inversión productiva. En un país muy riesgoso, en la medida en que se
eleve su tasa de interés, tenderá a reducirse sus niveles de inversión productiva.
70 Véase capítulo 4 de Feenstra y Taylor (2012).
LQFUHPHQWR HQ OD WDVD GH GHSUHFLDFLyQ HVSHUDGD GH OD PRQHGD QDFLRQDO OR FXDO
LQFUHPHQWDODUHQWDELOLGDGHVSHUDGDGHODFWLYRH[WHUQR

*UiILFR(TXLOLEULRHQHOPHUFDGRGHGLYLVDV

/D FXUYD GH UHQGLPLHQWR GH ORV DFWLYRV R GHSyVLWRV H[WHUQRV GH SHQGLHQWH
QHJDWLYDVHJUDILFyDVXPLHQGRFRQVWDQWHVODWDVDGHLQWHUpVLQWHUQDFLRQDOHOWLSR
GH FDPELR HVSHUDGR \ OD SULPD SRU ULHVJR SDtV &DPELRV HQ GLFKDV YDULDEOHV
GHVSOD]DQODFXUYDܴ‫ܧ‬͹ʹ(QWDQWRTXHODFXUYDGHUHQGLPLHQWRGHODFWLYRORFDOܴ‫ܦ‬
VHWUDVODGDUiFXDQGRFDPELHODWDVDGHLQWHUpVGRPpVWLFD
(QHOSXQWR‫ܣ‬GHLQWHUVHFFLyQGHODVFXUYDVܴ‫ܧܴ\ܦ‬DOWLSRGHFDPELR‫ܧ‬௢ \D
OD WDVD GH LQWHUpV ‫ݎ‬௢ ODV UHQWDELOLGDGHV GH ORV GHSyVLWRV GRPpVWLFRV \ H[WHUQRV
HVWiQDODSDUSRUWDQWRHOPHUFDGRGHGLYLVDVHVWiHQHTXLOLEULR(QHOFRQMXQWR
GHSXQWRVGHODFXUYDܴ‫ܧ‬ǡSRUHQFLPDGHODFXUYDܴ‫ܦ‬ODUHQWDELOLGDGGHORVDFWLYRV
ILQDQFLHURV H[WUDQMHURV HV PD\RU TXH OD UHQWDELOLGDG GH ORV DFWLYRV ORFDOHV \ SRU
GHEDMRGHODFXUYDܴ‫ܦ‬ODUHQWDELOLGDGGHORVGHSyVLWRVHQVROHV HVPD\RUTXHOD
GHORVGHSyVLWRVHQGyODUHV
(QHVWHPRGHORGHODSDULGDGQRFXELHUWDGHLQWHUHVHVHOWLSRGHFDPELR\OD
WDVDGHLQWHUpVGRPpVWLFDVHGHWHUPLQDQGHPDQHUDVLPXOWiQHD6LQHPEDUJRHQ
pOHVWiQLPSOtFLWRVRVXE\DFHQHVSHFtILFDPHQWHHOPHUFDGRGHGLQHURGRPpVWLFR\
HO PHUFDGR QDFLRQDO GH PRQHGDV H[WUDQMHUDV GHELGR D TXH OD WDVD GH LQWHUpV VH
GHWHUPLQDHQHOPHUFDGRGHGLQHURQDFLRQDO\HOWLSRGHFDPELRGLUHFWDPHQWHHQ
HOPHUFDGRGRPpVWLFRGHPRQHGDVH[WUDQMHUDV3RUHOORDFRQWLQXDFLyQYROYHPRV
71La pendiente de la curva డோா ா೐

de rendimiento del activo externo es de signo negativo e igual a: ൌെ మ൏Ͳ
డா ா
72 En un sentido estricto, cambios en el tipo de cambio esperado hacen rotar la curva de rendimiento del
activo externo, debido a que está en la pendiente de ella. Véase pie de página precedente.
158 Macroeconomía
D UHVHxDU EUHYHPHQWH DPERV PHUFDGRV ORV TXH \D IXHURQ GHVDUUROODGRV HQ ORV
FDStWXORV\UHVSHFWLYDPHQWH

0HUFDGRGHGLQHURGRPpVWLFR

(OPHUFDGRGHGLQHURGRPpVWLFRHVWiHQHTXLOLEULRFXDQGRODRIHUWDGHGLQHUR
HQ WpUPLQRV UHDOHV HV LJXDO D OD GHPDQGD ‫ܮ‬ௌ ൌ ‫ܮ‬஽ ሻ 7DO FRPR \D YLPRV HQ HO
FDStWXOR OD RIHUWD GH GLQHUR HV HO VWRFN GH VDOGRV UHDOHV H[LVWHQWHV HQ HO
PHUFDGRTXHVHGHILQHFRPRHOFRHILFLHQWHGHODPDVDPRQHWDULDQRPLQDO‫\ܯ‬HO
QLYHOGHSUHFLRVGRPpVWLFRVܲ(QWDQWRTXHODGHPDQGDGHGLQHURGHSHQGHGHO
QLYHOGHODSURGXFFLyQܻ\ODWDVDGHLQWHUpVGRPpVWLFD‫ݎ‬

‫ܯ‬
‫ܮ‬ௌ ൌ
ܲ
‫ܮ‬஽ ൌ ܻ݇ െ ݄‫ݎ‬
‫ܯ‬
ൌ ܻ݇ െ ݄‫ݎ‬ሺ͹Ǥʹሻ
ܲ

'RQGH݇\݄VRQSDUiPHWURVTXHUHSUHVHQWDQODVHQVLELOLGDGGHODGHPDQGD
GH GLQHUR FRQ UHODFLyQ D OD SURGXFFLyQ \ OD WDVD GH LQWHUpV UHVSHFWLYDPHQWH
5HHPSOD]DQGR OD IXQFLyQ GH RIHUWD \ GHPDQGD GH GLQHUR HQ OD HFXDFLyQ GH
HTXLOLEULRPRQHWDULR\GHVSHMDQGRODWDVDGHLQWHUpVVHWLHQH

‫ ݎ‬ൌ ‫ݎ‬ሺ‫ܯ‬ǡ ܲǡ ݇ǡ ݄ሻ

6HJ~Q OD HFXDFLyQ SUHFHGHQWH OD WDVD GH LQWHUpV GRPpVWLFD GHSHQGH HQ
~OWLPDLQVWDQFLDGHODPDVDPRQHWDULDQRPLQDOGHOQLYHOGHSUHFLRVGRPpVWLFRV
GHODVVHQVLELOLGDGHVGHODGHPDQGDGHGLQHURUHVSHFWRDODSURGXFFLyQ\DODWDVD
GHLQWHUpV
(O PRGHOR JUiILFR GHO PHUFDGR GH GLQHUR GRPpVWLFR VH H[SRQH HQ HO SDQHO
VXSHULRUGHUHFKRGHOJUiILFR

0HUFDGRFDPELDULRGRPpVWLFR

7HQLHQGR HQ FXHQWD HO VXSXHVWR GH SHUIHFWD PRYLOLGDG GH FDSLWDOILQDQFLHUR
HQ OD OtQHD GHO HQIRTXH GH OD EDODQ]D GH SDJRV GHVDUUROODGR HQ HO FDStWXOR OD
RIHUWD\GHPDQGDGHPRQHGDH[WUDQMHUDHQHOPHUFDGRGRPpVWLFRGHSHQGHUiGH
ODVYDULDEOHVLQYROXFUDGDVHQODFXHQWDILQDQFLHUDGHODEDODQ]DGHSDJRV3RUHOOR
GDGRTXHODIXQFLyQGHRIHUWD\GHPDQGDGHPRQHGDH[WUDQMHUDHVWiUHODFLRQDGDD
OD LPSRUWDFLyQ ܼ஼ி \ H[SRUWDFLyQ ܺ஼ி GH FDSLWDO ILQDQFLHUR UHVSHFWLYDPHQWH OD
OyJLFDGHHVWHPHUFDGRTXHGDUHSUHVHQWDGDSRUODVVLJXLHQWHVHFXDFLRQHV

݀ ௌ ൌ ݀ ஽ ሺ͹Ǥ͵ሻ
݀ ௌ ൌ ܼ஼ி ൌ ݃ሺ‫ܧ‬ǡ ‫ݎ‬ǡ ‫ כ ݎ‬ǡ ‫ ܧ‬௘ ǡ ߠሻ
݀ ஽ ൌ ܺ஼ி ൌ ݂ሺ‫ܧ‬ǡ ‫ݎ‬ǡ ‫ כ ݎ‬ǡ ‫ ܧ‬௘ ǡ ߠሻ

'RQGH‫ܧ‬HVWLSRGHFDPELRQRPLQDO‫ݎ‬ǡODWDVDGHLQWHUpVGRPpVWLFD‫ כ ݎ‬ǡODWDVD
GH LQWHUpV LQWHUQDFLRQDO‫ ܧ‬௘ ǡ HO WLSR GH FDPELR HVSHUDGR \ߠǡOD SULPDSRU ULHVJR
SDtV
(Q HO PHUFDGR FDPELDULR GRPpVWLFR WDQWR OD RIHUWD ݀ ௌ FRPR OD GHPDQGD
݀ GHPRQHGDH[WUDQMHUDHVWiQGHWHUPLQDGDVSRUHOWLSRGHFDPELRQRPLQDOOD
஽
WDVD GH LQWHUpV GRPpVWLFR OD WDVD GH LQWHUpV LQWHUQDFLRQDO HO WLSR GH FDPELR
HVSHUDGR\ODSULPDSRUULHVJRSDtV
(O PRGHOR JUiILFR GHO PHUFDGR FDPELDULR QDFLRQDO HQ WpUPLQRV GH OD FXUYD
GHRIHUWD\GHPDQGDVHSUHVHQWDHQODSDUWHLQIHULRUGHUHFKDGHOJUiILFR
8QD YH] HVSHFLILFDGDV ODV IXQFLRQHV GH RIHUWD \ GHPDQGD HQ HO PHUFDGR GH
GLQHUR \ HO PHUFDGR ORFDO GH PRQHGD H[WUDQMHUD SUHVHQWDPRV HO PRGHOR GH
HTXLOLEULRJHQHUDOGHOPHUFDGRGHGLYLVDVHQODOyJLFDGHOHQIRTXHGHODSDULGDGQR
FXELHUWDGHLQWHUHVHV

(TXLOLEULRJHQHUDO

/D VLWXDFLyQ GH HTXLOLEULR JHQHUDO GHO PHUFDGR GH GLYLVDV VH H[SRQH HQ HO
JUiILFR (Q HO SDQHO VXSHULRU L]TXLHUGR OD LQWHUVHFFLyQ GH OD FXUYD GH
UHQGLPLHQWR GHO DFWLYR GRPpVWLFR ܴ‫ \ ܦ‬OD FXUYD GH UHQGLPLHQWR HVSHUDGR GHO
DFWLYRH[WUDQMHURܴ‫ܧ‬GHWHUPLQDQHOWLSRGHFDPELR‫ܧ‬௢ GHPRGRTXHHOPHUFDGR
GHGLYLVDVHVWiHQHTXLOLEULR
(QHOFXDGUDQWHVXSHULRUGHUHFKRVHSUHVHQWDHOPRGHORJUiILFRGHOPHUFDGR
GHGLQHURORFDOTXH\DIXHH[SXHVWRHQHOFDStWXOR/DFXUYDGHRIHUWDGHGLQHUR
HVWiGDGDSDUDXQVWRFNGHVDOGRVUHDOHV&DPELRVHQHOQLYHOGHSUHFLRV\ODPDVD
PRQHWDULDQRPLQDOGHVSOD]DQODFXUYDGHODRIHUWDGHGLQHUR/DFXUYDGHGHPDQGD
GHGLQHURHVGHSHQGLHQWHQHJDWLYD\VHWUDVODGDFXDQGRFDPELDODSURGXFFLyQR
ODVHQVLELOLGDGGHODGHPDQGDGHGLQHURUHVSHFWRDODSURGXFFLyQ
73En el enfoque de la balanza de pagos desarrollado en el capítulo 4, la oferta y demanda de moneda

extranjera dependía, además de las variables de la cuenta financiera, de variables relacionadas a la
balanza en cuenta corriente. En el presente capítulo no se toma en cuenta el canal de la cuenta
corriente por el supuesto de perfecta movilidad de capital. En este caso, la evolución del mercado
cambiario doméstico va a depender básicamente de la importación y exportación de capital financiero.
La ecuación de la importación de capital es igual a ܼ஼ி ൌ ܼ஼ி ሾ‫ ݎ‬െ ሺ‫ כ ݎ‬൅ ‫ כ ܧ‬൅ Ѳሻሿ, en tanto que la
ecuación de exportación de capital se define como ܺ஼ி ൌ ܺ஼ி ሾ‫ ݎ‬െ ሺ‫ כ ݎ‬൅ ‫ כ ܧ‬൅ Ѳሻሿ.
160 Macroeconomía
(Q HO SDQHO LQIHULRU GHUHFKR VH WLHQH HO PHUFDGR GRPpVWLFR GH PRQHGDV
H[WUDQMHUDV(QXQUpJLPHQFDPELDULRIOH[LEOHODRIHUWD\ODGHPDQGDGHWHUPLQDHO
WLSRGHFDPELRQRPLQDOGH‫ܧ‬௢ 0RGLILFDFLRQHVHQODWDVDGHLQWHUpVORFDOODWDVDGH
LQWHUpV LQWHUQDFLRQDO HO WLSR GH FDPELR HVSHUDGR \ OD SULPD SRU ULHVJR SDtV
GHVSOD]DQWDQWRODFXUYDGHGHPDQGDFRPRODGHRIHUWDGHPRQHGDH[WUDQMHUD
(OFXDGUDQWHLQIHULRUL]TXLHUGRFRQWLHQHXQDFXUYDDX[LOLDUTXHSHUPLWHLOXVWUDU
TXHGHWUiVGHODGHWHUPLQDFLyQGHOWLSRGHFDPELRGHHTXLOLEULRHQHOPHUFDGRGH
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170 Macroeconomía

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Capítulo 8
Un modelo básico de
determinación de la producción
en una economía abierta
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174 Macroeconomía
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77 Se asume que la producción es igual al ingreso o renta nacional.

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78 Por simplificación, se asume que las importaciones de bienes y servicios dependen del ingreso
nacional ܻ y no del ingreso nacional disponible ܻௗ Ǥ
79 Alexander (1952) fue el primero en especificar que el exceso del ingreso sobre el gasto en absorción
es igual al saldo de la balanza en cuenta corriente.

176 Macroeconomía
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80
Véase la derivación en Williamson (1983).
81Dadoque los valores de la propensión marginal a consumir y la tasa de impuestos son positivos y
menores que uno, la pendiente de la curva ‫ܫܧ‬es positiva pero menor que uno.
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178 Macroeconomía
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89 El área ሺͳȀ‫ܧ‬ሻଵ Ǥ ‫ܤ‬ଶ Ǥ ܺଶ Ǥ ܱ es mayor que el ሺͳȀ‫ܧ‬ሻ௢ Ǥ ‫ܣ‬Ǥ ܺ௢ Ǥ ܱǤ

186 Macroeconomía
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߲‫ܧ‬

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188 Macroeconomía
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91Krugman (1989) muestra que, dada la devaluación, en el corto plazo, no se cumple la condición de
Marshall-Lerner porque el efecto volumen es menor que el efecto precio. En tanto que en el largo plazo,
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el efecto volumen es mucho más importante que el efecto precio, tal que se genera superávits en la
balanza en cuenta corriente.
190 Macroeconomía
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߲ܻ െ ߲ܻ ൅ ܿ‫ ܻ߲ݐ‬െ ߲‫ ܩ‬ൌ െܼ݁௬ ߲ܻ
൫ͳ െ ܿሺͳ െ ‫ݐ‬ሻ൯߲ܻ െ ߲‫ ܩ‬ൌ െ߲ܻ݉Ͳ ൏ ܼ݁௬ ൌ ݉ ൏ ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ߲‫ܩ‬
ͳ ߲ܻ
߲ܻ ൌ ൬ ൰ ߲‫ܩ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ܩ‬

߲‫ ܥܥܤ‬ൌ െ߲ܻ݉

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݉ ߲‫ܥܥܤ‬
߲‫ ܥܥܤ‬ൌ െ ൬ ൰ ߲‫ܩ‬ ൏ Ͳ
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ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െܻ߲ܿ‫ݐ‬
ܻܿ ߲ܻ
߲ܻ ൌ െ ൬ ൰ ߲‫ݐ‬ ൏ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ݐ‬

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ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ݐ‬
192 Macroeconomía
$XPHQWRHQHOWLSRGHFDPELRXQDGHYDOXDFLyQ

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ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
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'DGRܲ ൌ ܲ‫ כ‬ൌ ͳ߲݁ ൌ ߲‫ܧ‬

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ܼሺ݊௫ ൅ ݊௭ െ ͳሻ
ܻ݀ ൌ ቆ ቇ ߲‫ܧ‬

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߲‫ܧ‬ ߲‫ܧ‬

߲‫ ܥܥܤ‬ൌ ܺ௘ ߲݁ െ ܼ݁௒ ߲ܻ െ ܼ݁௘ ߲݁ െ ܼ߲݁
߲‫ ܥܥܤ‬ൌ ሺܺ െ ܼ݁௘ െ ܼሻ߲݁ െ ߲ܻ݉
߲‫ ܥܥܤ‬ൌ ܼሺ݊௑ ൅ ݊௭ െ ͳሻ߲‫ ܧ‬െ ߲ܻ݉

௓ሺ௡ೣ ା௡೥ ିଵሻ
5HHPSOD]DQGRܻ݀ ൌ ቀ ቁ ߲‫ܧ‬
ଵି௖ሺଵି௧ሻା௠

ܼ݉ሺ݊௑ ൅ ݊௭ െ ͳሻ
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݉
߲‫ ܥܥܤ‬ൌ ൬ͳ െ ൰ ܼሺ݊௑ ൅ ݊௭ െ ͳሻ߲‫ܧ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ
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߲‫ ܥܥܤ‬ൌ ቆ ቇ ߲‫ܧ‬
߲‫ܥܥܤ‬ ߲‫ܥܥܤ‬
൐ Ͳ‫݅ݏ‬ሺ݊௑ ൅ ݊௭ ሻ ൐ ͳ ൏ Ͳሺ݊௑ ൅ ݊௭ ሻ ൏ ͳ
߲‫ܧ‬ ߲‫ܧ‬

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߲ܻ െ ߲ܻܿ ൅ ܿ‫ ܻ߲ݐ‬ൌ ܺ௒ ‫ כ ܻ߲ כ‬െ ܼ݁௬ ߲ܻܺ௒ ‫ כ‬൐ Ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ܺ௒ ‫ כ ܻ߲ כ‬െ ߲ܻ݉
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ܺ௒ ‫ כ ܻ߲ כ‬
ܺ௒ ‫כ‬ ߲ܻ
߲ܻ ൌ ൬ ൰ ߲ܻ ‫ כ כ‬൐ Ͳ

߲‫ ܥܥܤ‬ൌ ܺ௒ ‫ כ ܻ߲ כ‬െ ܼ݁௒ ߲ܻ

5HHPSOD]DQGR
݉ܺ௒ ‫כ‬
߲‫ ܥܥܤ‬ൌ ܺ௒ ‫ כ ܻ߲ כ‬െ ߲ܻ ‫ כ‬
݉
߲‫ ܥܥܤ‬ൌ ൬ͳ െ ൰ ܺ ‫ כ ܻ߲ כ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ௒
൫ͳ െ ܿሺͳ െ ‫ݐ‬ሻ൯ܺ௒ ‫כ‬ ߲‫ܥܥܤ‬
߲‫ ܥܥܤ‬ൌ ቆ ቇ ߲ܻ ‫ כ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲ܻ ‫כ‬

Capítulo 9
El mercado de bienes y los

mercados financieros con
movilidad imperfecta de capital
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93El modelo IS-LM-BP es una generalización hecha por Mundell (1968) y Fleming (1962), inicialmente
para una economía pequeña y abierta, del modelo IS-LM para una economía cerrada, formulada por el
premio Nobel de Economía Jhon Hicks, en la década del 30 del siglo XX.
196 Macroeconomía
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198 Macroeconomía
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96 Una caída en el tipo de cambio nominal también ocasionará modificaciones en las expectativas
devaluatorias, lo cual afectará a la cuenta financiera mediante la menor importación y la mayor
exportación de capital financiero.
97 Por simplificación consideramos dada, o como una variable exógena, a la tasa de depreciación
esperada de la moneda nacional. En el modelo del capítulo 10 se levantará dicho supuesto.

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98Véase en el apéndice la derivación algebraica correspondiente.
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99 Asumiendo que se cumple la condición Marshall-Lerner.

100 Asumiendo que se cumple la condición Marshall-Lerner.
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‫ܯ‬
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ܴ‫ ܰܫ‬൅ ‫ ܦܧܴܥ‬൅ ‫ ܤ‬ൌ ܻ݇ െ ݄‫ܯܮݎ‬ሺͻǤʹሻ
230 Macroeconomía

ܲ‫݅ݏ݊݁݌݋ݎ‬y݊݉ܽ‫ݎܽݐݎ݋݌݈݉݅ܽܽ݊݅݃ݎ‬ǣ݉ ൌ ܼ݁௒
ܲ‫݅ݏ݊݁݌݋ݎ‬y݊݉ܽ‫ݎ݅݉ݑݏ݊݋݈ܿܽܽ݊݅݃ݎ‬ǣܿ ൌ ‫ܥ‬௒
ܲ ൌ ͳ݉‫ ݋݅ݎܽݐ݁݊݋݉ݎ݋݈݀ܽܿ݅݌݅ݐ݈ݑ‬ൌ ͳ


߲ܻ ൌ ‫ܥ‬௒ ߲ܻെ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ ൅ ߲‫ ܩ‬
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߲ܴ‫ ܰܫ‬ൌ ߲ܻ݇ െ ݄߲‫ݎ‬

߲‫ ܲܤ‬ൌ െ݁ଢ଼ ߲ ൅ ୰ ߲ ൌ ߲
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݇൅݉ ߲‫ݎ‬
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୰ ൅ ݇൅݉
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୰ െ
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߲ܴ‫ܰܫ‬
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߲‫ܩ‬
߲ܴ‫ܰܫ‬
൏ Ͳ‫ ݅ݏ‬୰ ൏
߲‫ܩ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻെ‫ܥ‬௒ ‫ ܻ߲ݐ‬െ ‫ܥ‬௒ ܻ߲‫ ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ݁ଢ଼ ߲
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ܻ߲ܿ‫ݐ‬

߲ܴ‫ ܰܫ‬ൌ ߲ܻ݇ െ ݄߲‫ݎ‬

߲‫ ܲܤ‬ൌ െ݁ଢ଼ ߲ ൅ ୰ ߲ ൌ ߲

െ߲ܻ݉ ൅ ୰ ߲୰ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
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ሺ݇ ൅ ݉ሻሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ
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୰ ൅
ሺ݇ ൅ ݉ሻሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቇ ߲ܻ ൌ െܻ߲ܿ‫ݐ‬
୰ ൅
ܻܿ ߲ܻ
߲ܻ ൌ െ ቎ ሺ௞ା௠ሻሺ஼ೝ ାூೝ ሻ
቏ ߲‫ݐ‬ ൏ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ߲‫ݐ‬
େ୊౨ ା୦

݇൅݉ ܻܿ
߲‫ ݎ‬ൌ െ ൬ ൰቎ ቏ ߲‫ݐ‬
୰ ൅ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ሺ௞ା௠ሻሺ஼ೝ ାூೝ ሻ
େ୊౨ ା୦
232 Macroeconomía
ሺ݇ ൅ ݉ሻܻܿ ߲‫ݎ‬
߲‫ ݎ‬ൌ െ ቈ ቉ ߲‫ ݐ‬൏ Ͳ
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߲ܴ‫ܰܫ‬
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߲‫ݐ‬
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ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ܼሺ݊௫ ൅ ݊௭ െ ͳሻ߲݁
‫݋݀ܽܦ‬ǣߚ ൌ ܼሺ݊௫ ൅ ݊௭ െ ͳሻ߲݁ ൌ ߲‫ܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߚ߲‫ܧ‬

߲ܴ‫ ܰܫ‬ൌ ߲ܻ݇ െ ݄߲‫ݎ‬

߲‫ ܲܤ‬ൌ ܺ௘ ߲݁Ȅ ܼ݁௘ ߲݁ െ ܼ߲݁ െ ܼ݁௒ ߲ܻ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ ߲ܴ‫ܰܫ‬
߲ܴ‫ ܰܫ‬ൌ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁ െ ߲ܻ݉ ൅ ‫ܨܥ‬௥ ߲‫ݎ‬
߲ܴ‫ ܰܫ‬ൌ ߚ߲‫ ܧ‬െ ߲ܻ݉ ൅ ‫ܨܥ‬௥ ߲‫ݎ‬

ߚ߲‫ ܧ‬െ ߲ܻ݉ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ሺ ୰ ൅ ሻ߲‫ ݎ‬ൌ ሺ݇ ൅ ݉ሻ߲ܻ െ ߚ߲‫ܧ‬
݇൅݉ ߚ
߲‫ ݎ‬ൌ ߲ܻ െ ߲‫ܧ‬
୰ ൅ ୰ ൅

݇൅݉ ߚ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ൤ ߲ܻ െ ߲‫ܧ‬൨ ൅ ߚ߲‫ܧ‬
୰ ൅ ୰ ൅
ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻߚ
ቈሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ െ ቉ ߲ܻ ൌ െ ߲‫ ܧ‬൅ ߚ߲‫ܧ‬
୰ ൅ ୰ ൅
ሾሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ ୰ ൅ ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻሿ߲ܻ ൌ ሾെሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ൅ ୰ ൅ ሿߚ߲‫ܧ‬
൫ ୰ ൅ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ൯ܼሺ݊௫ ൅ ݊௭ െ ͳሻ
߲ܻ ൌ ቈ ቉ ߲‫ܧ‬
߲ܻ
൐ Ͳ‫݅ݏ‬ሺ݊௫ ൅ ݊௭ ሻ ൐ ͳ
߲‫ܧ‬

݇൅݉ ൫ ୰ ൅ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ൯ߚ ߚ
߲‫ ݎ‬ൌ ൬ ൰ቈ ቉ ߲‫ ܧ‬െ ߲‫ܧ‬
୰ ൅ ሺͳ ሺ‫ܥ‬
െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ ୰ ൅ ሻ െ ௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ୰ ൅
ሺ݇ ൅ ݉ሻ൫ ୰ ൅ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ൯ െ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ ୰ ൅ ሻ ൅ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ
߲‫ ݎ‬ൌ ቈ ቉ ߚ߲‫ܧ‬
ሺ ୰ ൅ ሻሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ ୰ ൅ ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻሺ ୰ ൅ ሻ
݇ ൅ ݉ െ ͳ ൅ ܿ െ ܿ‫ ݐ‬െ ݉ ሺ ୰ ൅ ሻ
߲‫ ݎ‬ൌ ൤ ൨ ߚ߲‫ܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ ୰ ൅ ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺ ୰ ൅ ሻ
ሺ݇ ൅ ܿሺͳ െ ‫ݐ‬ሻ െ ͳሻܼሺ݊௫ ൅ ݊௭ െ ͳሻ
߲‫ ݎ‬ൌ ቈ ቉ ߲‫ܧ‬
߲‫ݎ‬
൐ Ͳ‫ ݇݅ݏ‬൅ ܿሺͳ െ ‫ݐ‬ሻ ൐ ͳ‫݋݀ܽܦ‬ሺ݊௫ ൅ ݊௭ ሻ ൐ ͳ
߲‫ܧ‬
߲‫ݎ‬
൏ Ͳ‫ ݇݅ݏ‬൅ ܿሺͳ െ ‫ݐ‬ሻ ൏ ͳ‫݋݀ܽܦ‬ሺ݊௫ ൅ ݊௭ ሻ ൐ ͳ
߲‫ܧ‬

5HHPSOD]DQGR HO UHVXOWDGR GH OD SURGXFFLyQ \ OD WDVD GH LQWHUpV HQ OD /0
GLIHUHQFLDGD
൫ ୰ ൅ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ൯ߚ ሺ݇ ൅ ܿሺͳ െ ‫ݐ‬ሻ െ ͳሻߚ
߲ܴ‫ ܰܫ‬ൌ ݇ ቈ ቉ ߲‫ ܧ‬െ ǟ ቈ ቉ ߲‫ܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ ୰ ൅ ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ ୰ ൅ ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ
൫݇‫ܨܥ‬௥ ൅ ݄݇ െ ݇ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ൯ߚ െ ሺ݄݇ ൅ ݄ܿ െ ݄ܿ‫ ݐ‬െ ݄ሻߚ
߲ܴ‫ ܰܫ‬ൌ ቈ ቉ ߲‫ܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ
൫݇ ୰ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ൅ ǟሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ൯ܼሺ݊௫ ൅ ݊௭ െ ͳሻ
߲ܴ‫ ܰܫ‬ൌ ቈ ቉ ߲‫ܧ‬
߲ܴ‫ܰܫ‬
൐ Ͳ‫݅ݏ‬ሺ݊௫ ൅ ݊௭ ሻ ൐ ͳ
߲‫ܧ‬

234 Macroeconomía

߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ ൅ ܺ௒ ‫ כ ܻ߲ כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬

߲ܴ‫ ܰܫ‬ൌ ߲ܻ݇ െ ݄߲‫ݎ‬

߲‫ ܲܤ‬ൌ ܺ௒ ‫ כ ܻ߲ כ‬െ ܼ݁௒ ߲ܻ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ ߲ܴ‫ܰܫ‬

ܺ௒ ‫ כ ܻ߲ כ‬െ ߲ܻ݉ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ሺ‫ܨܥ‬௥ ൅ ݄ሻ߲‫ ݎ‬ൌ ሺ݇ ൅ ݉ሻ߲ܻ െ ܺ௒ ‫ כ ܻ߲ כ‬
݇൅݉ ܺ௒ ‫כ‬
߲‫ ݎ‬ൌ ߲ܻ െ ߲ܻ ‫ כ‬
‫ܨܥ‬௥ ൅ ݄ ‫ܨܥ‬௥ ൅ ݄

݇൅݉ ܺ௒ ‫כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ൬ ߲ܻ െ ߲ܻ ‫ כ‬൰ ൅ ܺ௒ ‫ כ ܻ߲ כ‬
‫ܨܥ‬௥ ൅ ݄ ‫ܨܥ‬௥ ൅ ݄
ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቇ ߲ܻ ൌ ቆͳ െ ቇ ܺ௒ ‫ כ ܻ߲ כ‬
‫ܨܥ‬௥ ൅ ݄ ‫ܨܥ‬௥ ൅ ݄
ሺ‫ܨܥ‬௥ ൅ ݄ െ ‫ܥ‬௥ െ ‫ܫ‬௥ ሻܺ௒ ‫כ‬ ߲ܻ
߲ܻ ൌ ቈ ቉ ߲ܻ ‫ כ כ‬൐ Ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ߲ܻ

݇൅݉ ሺ‫ܨܥ‬௥ ൅ ݄ െ ‫ܥ‬௥ െ ‫ܫ‬௥ ሻܺ௒ ‫כ‬ ܺ௒ ‫כ‬
߲‫ ݎ‬ൌ ൬ ൰൤ ൨ ߲ܻ ‫ כ‬െ ߲ܻ ‫ כ‬
‫ܨܥ‬௥ ൅ ݄ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ‫ܨܥ‬௥ ൅ ݄
ሺ݇ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሾሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻሿ ܺ௒ ‫כ‬
߲‫ ݎ‬ൌ ቈ ቉ ߲ܻ ‫ כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ‫ܨܥ‬௥ ൅ ݄
ሺ݇ ൅ ݉ሻ െ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ ሺ‫ܨܥ‬௥ ൅ ݄ሻܺ௒ ‫כ כ‬
߲‫ ݎ‬ൌ ቈ ቉ ߲ܻ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ‫ܨܥ‬௥ ൅ ݄
ሺ݇ െ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻܺ௒ ‫כ‬
߲‫ ݎ‬ൌ ൤ ൨ ߲ܻ ‫ כ‬
߲‫ݎ‬
൐ Ͳ‫ ݇݅ݏ‬൐ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ
߲ܻ ‫כ‬
߲‫ݎ‬
൏ Ͳ‫ ݇݅ݏ‬൏ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ
߲ܻ ‫כ‬

GLIHUHQFLDGD
ሺ‫ܨܥ‬௥ ൅ ݄ െ ‫ܥ‬௥ െ ‫ܫ‬௥ ሻܺ௒ ‫כ‬

߲ܴ‫ ܰܫ‬ൌ ݇ ቈ ቉ ߲ܻ ‫כ‬
ሺ݇ െ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻܺ௒ ‫כ‬
െ݄ቈ ቉ ߲ܻ ‫ כ‬
݇‫ܨܥ‬௥ ൅ ݄݇ െ ݇‫ܥ‬௥ െ ݇‫ܫ‬௥ െ ݄݇ ൅ ݄ െ ݄ܿሺͳ െ ‫ݐ‬ሻ
߲ܴ‫ ܰܫ‬ൌ ൤ ൨ ܺ ‫ כ ܻ߲ כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ௒
݇ሺ‫ܨܥ‬௥ െ ‫ܥ‬௥ െ ‫ܫ‬௥ ሻ ൅ ݄ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ
߲ܴ‫ ܰܫ‬ൌ ቈ ቉ ܺ ‫ כ ܻ߲ כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ௒
݇ሺ‫ܨܥ‬௥ െ ‫ܥ‬௥ െ ‫ܫ‬௥ ሻ ൅ ݄ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ ߲ܴ‫ܰܫ‬
߲ܴ‫ ܰܫ‬ൌ ቈ ቉ ܺ ‫ כ ܻ߲ כ‬ ൐ Ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ௒ ߲ܻ ‫כ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܻ݀ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ݎ‬

߲ܴ‫ ܰܫ‬ൌ ߲ܻ݇ െ ݄߲‫ݎ‬

߲‫ ܲܤ‬ൌ െܼ݁௒ ߲ܻ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬൅ ‫ܨܥ‬௥ ‫ כ ݎ߲ כ‬ൌ ߲ܴ‫ܨܥܰܫ‬௥ ‫ כ‬൏ Ͳ

െ߲ܻ݉ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬൅ ‫ܨܥ‬௥ ‫ כ ݎ߲ כ‬ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ሺ‫ܨܥ‬௥ ൅ ݄ሻ߲‫ ݎ‬ൌ ሺ݇ ൅ ݉ሻ߲ܻ െ ‫ܨܥ‬௥ ‫ כ ݎ߲ כ‬
ሺ݇ ൅ ݉ሻ ‫ܨܥ‬௥ ‫כ‬
߲‫ ݎ‬ൌ ߲ܻ െ ߲‫ כ ݎ‬
ሺ‫ܨܥ‬௥ ൅ ݄ሻ ሺ‫ܨܥ‬௥ ൅ ݄ሻ

ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ‫ܨܥ‬௥ ‫כ כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ߲ܻ െ ߲‫ ݎ‬
ሺ‫ܨܥ‬௥ ൅ ݄ሻ ሺ‫ܨܥ‬௥ ൅ ݄ሻ
ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ‫ܨܥ‬௥ ‫כ כ‬
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቇ ߲ܻ ൌ െ ߲‫ ݎ‬
ሺ‫ܨܥ‬௥ ൅ ݄ሻ ሺ‫ܨܥ‬௥ ൅ ݄ሻ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ‫ܨܥ‬௥ ‫כ כ‬
ቆ ቇ ߲ܻ ൌ െ ߲‫ ݎ‬
‫ܨܥ‬௥ ൅ ݄ ሺ‫ܨܥ‬௥ ൅ ݄ሻ
ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ‫ܨܥ‬௥ ‫כ‬ ߲ܻ
߲ܻ ൌ െ ቈ ቉ ߲‫ כ כ ݎ‬൏ Ͳ

ሺ݇ ൅ ݉ሻ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ‫ܨܥ‬௥ ‫כ‬ ‫ܨܥ‬௥ ‫כ‬
߲‫ ݎ‬ൌ െ ቈ ቉ ߲‫ כ ݎ‬െ ߲‫ כ ݎ‬
ሺ‫ܨܥ‬௥ ൅ ݄ሻ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺ‫ܨܥ‬௥ ൅ ݄ሻ
236 Macroeconomía
ሺ݇ ൅ ݉ሻሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ‫ܨܥ‬௥ ‫כ‬

߲‫ ݎ‬ൌ െቈ ൅ ͳ቉ ߲‫ כ ݎ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺ‫ܨܥ‬௥ ൅ ݄ሻ
ሺ݇ ൅ ݉ሻሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ൅ ሺͳ െ ܿ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ‫ܨܥ‬௥ ‫כ‬
߲‫ ݎ‬ൌ െቈ ቉ ߲‫ כ ݎ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺ‫ܨܥ‬௥ ൅ ݄ሻ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ‫ܨܥ‬௥ ‫כ‬ ߲‫ݎ‬
߲‫ ݎ‬ൌ െ ቈ ቉ ߲‫ כ כ ݎ‬൐ Ͳ

GLIHUHQFLDGD
ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ‫ܨܥ‬௥ ‫כ‬ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ‫ܨܥ‬௥ ‫כ‬
߲ܴ‫ ܰܫ‬ൌ െ݇ ቈ ቉ ߲‫ כ ݎ‬൅ ݄ ቈ ቉ ߲‫כ ݎ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ
ሺሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ݄ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ݇ሻ‫ܨܥ‬௥ ‫כ‬ ߲ܴ‫ܰܫ‬
߲ܴ‫ ܰܫ‬ൌ ቈ ቉ ߲‫ כ ݎ‬ ൏ Ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻሺ‫ܨܥ‬௥ ൅ ݄ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻሺ݇ ൅ ݉ሻ ߲‫כ ݎ‬

6,08/$&,21(6$/*(%5$,&$6&217,32'(&$0%,2)/(;,%/(

ܻ ൌ ‫ܥ‬ሺܻௗ ൌ ܻ ൅ ܴܶ െ ǡ ‫ݎ‬ሻ ൅ ‫ܫ‬ሺ‫ݎ‬ሻ ൅ ‫ ܩ‬൅ ܺሺ݁ǡ ܻ ‫ כ‬ሻ െ ܼ݁ሺǡ ܻሻሺͻǤͳሻ
‫ ܯ‬ൌ ܻ݇ െ ݄‫ܯܮݎ‬ሺͻǤʹሻ

ܲ‫݅ݏ݊݁݌݋ݎ‬y݊݉ܽ‫ݎܽݐݎ݋݌݈݉݅ܽܽ݊݅݃ݎ‬ǣ݉ ൌ ܼ݁௒
ܲ‫݅ݏ݊݁݌݋ݎ‬y݊݉ܽ‫ݎ݅݉ݑݏ݊݋݈ܿܽܽ݊݅݃ݎ‬ǣܿ ൌ ‫ܥ‬௒
6HDVXPHܲ ൌ ܲ ‫ כ‬ൌ ͳǡGHPRGRTXH݁ ൌ ‫ܧ‬Ǥ$VXYH]VHDVXPHTXHODWDVDGH

GHSUHFLDFLyQ HVSHUDGD GH OD PRQHGD GRPpVWLFD ‫ כ ܧ‬HVWi GDGD (Q WRGDV ODV
VLPXODFLRQHV VH VXSRQH TXH VH FXPSOH OD FRQGLFLyQ GH 0DUVKDOO/HUQHU ߚ ൌ
ሺܺ௘ െ ܼ݁௘ െ ܼሻ ൌ ܼሺ݊௫ ൅ ݊௭ െ ͳሻ ൐ Ͳ


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ൅ܺ௘ ߲௘ െ ܼ݁௘ ߲݁ െ ܼ߲߲݁‫ ܩ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܩ‬െ ߲ܻ݉ ൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܩ‬െ ߲ܻ݉ ൅ ߚ߲‫ ܧ‬

Ͳ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
݇
߲‫ ݎ‬ൌ ߲ܻ
݄

ܺ௘ ߲݁Ȅ ܼ݁௘ ߲݁ െ ܼ߲݁ െ ܼ݁௒ ߲ܻ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ Ͳ
ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁ െ ߲ܻ݉ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ Ͳ
ߚ߲݁ െ ߲ܻ݉ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ Ͳ
ߚ߲‫ ܧ‬ൌ ߲ܻ݉ െ ‫ܨܥ‬௥ ߲‫ݎ‬

݉ ‫ܨܥ‬௥
߲‫ ܧ‬ൌ ߲ܻ െ ߲‫ݎ‬
ߚ ߚ

5HHPSOD]DQGROD%3GLIHUHQFLDGDHQOD,6GLIHUHQFLDGD
ߚ݉ ߚ‫ܨܥ‬௥
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܩ‬െ ߲ܻ݉ ൅ ߲ܻ െ ߲‫ݎ‬
ߚ ߚ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܩ‬

5HHPSOD]DQGROD/0GLIHUHQFLDGD
݇
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ߲ܻ ൅ ߲‫ܩ‬
݄
݇
൬ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ൰ ߲ܻ ൌ ߲‫ ܩ‬
݄
ͳ ߲ܻ
߲ܻ ൌ ቎ ௞ ቏ ߲‫ܩ߲ ܩ‬ ൐ Ͳ
௛

݇ ͳ
߲‫ ݎ‬ൌ ቎ ቏ ߲‫ܩ‬
݄ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ௞
௛
ͳ ߲‫ݎ‬
߲‫ ݎ‬ൌ ቎ ௛ ቏ ߲‫ܩ‬ ൐ Ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ߲‫ܩ‬
௞

5HHPSOD]DQGRUHVXOWDGRGHODSURGXFFLyQ\WDVDGHLQWHUpVGLIHUHQFLDGDHQOD%3
GLIHUHQFLDGD

݉ ͳ ‫ܨܥ‬௥ ݇ ͳ
߲‫ ܧ‬ൌ ቎ ቏ ߲‫ ܩ‬െ ቎ ቏ ߲‫ ܩ‬
ߚ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ௞ ߚ݄ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ௞
௛ ௛
௞
݉ െ ‫ܨܥ‬௥ ͳ
௞ ቏ ߲‫ܩ‬
௛
߲‫ ܧ‬ൌ ቎ ቏቎
ߚ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ
௛

߲‫ܧ‬ ݇
൐ Ͳ‫݅ݏ‬ǣ݉ ൐ ‫ܨܥ‬௥
߲‫ܩ‬ ݄
߲‫ܧ‬ ݇
൏ Ͳ‫݅ݏ‬ǣ݉ ൏ ‫ܨܥ‬௥
߲‫ܩ‬ ݄


238 Macroeconomía
߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬െ ‫ܥ‬௒ ܻ߲‫ ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ൅ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ܻ߲ܿ‫ ݐ‬െ ߲ܻ݉ ൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ܻ߲ܿ‫ ݐ‬െ ߲ܻ݉ ൅ ߚ߲‫ ܧ‬

Ͳ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
݇
߲‫ ݎ‬ൌ ߲ܻ
݄

ܺ௘ ߲݁Ȅ ܼ݁௘ ߲݁ െ ܼ߲݁ െ ܼ݁௒ ߲ܻ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ Ͳ
ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁ െ ߲ܻ݉ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ Ͳ
ߚ߲݁ െ ߲ܻ݉ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ Ͳ
ߚ߲‫ ܧ‬ൌ ߲ܻ݉ െ ‫ܨܥ‬௥ ߲‫ݎ‬
݉ ‫ܨܥ‬௥
߲‫ ܧ‬ൌ ߲ܻ െ ߲‫ݎ‬
ߚ ߚ

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ܻ߲ܿ‫ ݐ‬െ ߲ܻ݉ ൅ ߲ܻ െ ߲‫ݎ‬
ߚ ߚ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ൫ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ െ ‫ܨܥ‬௥ ൯߲‫ ݎ‬െ ܻ߲ܿ‫ݐ‬

݇
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻܻ݀ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ߲ܻ െ ܻ߲ܿ‫ݐ‬
݄
݇
൬ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ൰ ߲ܻ ൌ െܻ߲ܿ‫ݐ‬
݄
ܻܿ ߲ܻ
߲ܻ ൌ െ ቎ ௞ ቏ ߲‫ݐ‬ ൏ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ߲‫ݐ‬
௛

5HHPSOD]DQGRHQOD/0GLIHUHQFLDGD
݇ ܻܿ
߲‫ ݎ‬ൌ െ ቎ ቏ ߲‫ݐ‬
௛
ܻܿ ߲‫ݎ‬
߲‫ ݎ‬ൌ െ ቎ ௛ ቏ ߲‫ݐ‬ ൏ Ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ߲‫ݐ‬
௞

GLIHUHQFLDGD
݉ ܻܿ ‫ܨܥ‬௥ ݇ ܻܿ
߲‫ ܧ‬ൌ െ ቎ ቏ ߲‫ ݐ‬൅ ቎ ቏ ߲‫ݐ‬
ߚ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ௞ ߚ݄ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ௞
௛ ௛
௞
‫ܨܥ‬௥ െ ݉ ܻܿ
߲‫ ܧ‬ൌ ቎௛
ߚ
቏቎ ௞ ቏ ߲‫ݐ‬
௛
߲‫ܧ‬ ݇
൐ Ͳ‫݅ݏ‬ǣ݉ ൏ ‫ܨܥ‬௥
߲‫ݐ‬ ݄
߲‫ܧ‬ ݇
൏ Ͳ‫݅ݏ‬ǣ݉ ൐ ‫ܨܥ‬௥
߲‫ݐ‬ ݄

3ROtWLFDPRQHWDULDH[SDQVLYDLQFUHPHQWRHQODPDVDPRQHWDULD

߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ൅ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ߲ܻ݉ ൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
൫ͳ െ ܿሺͳ െ ‫ݐ‬ሻ൯߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ߲ܻ݉ ൅ ߚ߲‫ ܧ‬

߲‫ ܯ‬ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ͳ
߲‫ ݎ‬ൌ ሺ߲ܻ݇ െ ߲‫ܯ‬ሻ
݄

ܺ௘ ߲݁Ȅ ܼ݁௘ ߲݁ െ ܼ߲݁ െ ܼ݁௒ ߲ܻ ൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ Ͳ
ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁ ൌ ߲ܻ݉ െ ‫ܨܥ‬௥ ߲‫ݎ‬
ߚ߲‫ ܧ‬ൌ ߲ܻ݉ െ ‫ܨܥ‬௥ ߲‫ݎ‬
݉ ‫ܨܥ‬௥
߲‫ ܧ‬ൌ ߲ܻ െ ߲‫ݎ‬
ߚ ߚ

5HHPSOD]DQGR%3GLIHUHQFLDGDHQOD,6GLIHUHQFLDGD
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ߲ܻ݉ ൅ ߲ܻ െ ߲‫ݎ‬
ߚ ߚ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ߲‫ݎ‬

ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ቆ ሺ߲ܻ݇ െ ߲‫ܯ‬ሻቇ
݄
݇ ͳ
൬ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ൰ ߲ܻ ൌ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ߲‫ܯ‬
݄ ݄
ଵ
ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ߲ܻ
௛
߲ܻ ൌ െ ቎ ௞ ቏ ߲‫ ܯ߲ ܯ‬൐ Ͳ
௛

240 Macroeconomía
ͳ െሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ݇

߲‫ ݎ‬ൌ ቈ ߲‫ ܯ‬െ ߲‫ܯ‬቉
݄ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ݄ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ݇
ͳ െሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ݇
߲‫ ݎ‬ൌ ቈ െ ͳ቉ ߲‫ܯ‬
ͳ െሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ݇ െ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ݄ ൅ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ݇
߲‫ ݎ‬ൌ ቈ ቉ ߲‫ܯ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ߲‫ݎ‬
߲‫ ݎ‬ൌ െ ൤ ൨ ߲‫ܯ‬ ൏ Ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ݄ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ݇ ߲‫ܯ‬

GLIHUHQFLDGD
ଵ ଵ
݉ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ‫ܨܥ‬௥ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ
߲‫ ܧ‬ൌ ቎ ௛
቏ ߲‫ ܯ‬൅ ቎ ௛
቏ ߲‫ܯ‬
ߚ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ௞ ߚ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ௞
௛ ௛
௠ ஼ிೝ
ͳ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ
௞ ߲‫ܯ‬቏
௛ ௛
߲‫ ܧ‬ൌ ቎ ߲‫ ܯ‬൅
ߚ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ௞ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ
௛ ௛
ͳ ‫ܨܥ‬௥ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ െ ݉ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ ߲‫ܧ‬
߲‫ ܧ‬ൌ ቈ ቉ ߲‫ܯ‬ ൐ Ͳ
ߚ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ݄ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ݇ ߲‫ܯ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ൅ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁൅ܺ௒ ‫ כ ܻ߲ כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ߲ܻ݉ ൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁ ൅ ܺ௒ ‫ כ ܻ߲ כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ߲ܻ݉ ൅ ߚ߲‫ ܧ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬

Ͳ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
݇
߲‫ ݎ‬ൌ ߲ܻ
݄

ܺ௘ ߲݁Ȅ ܼ݁௘ ߲݁ െ ܼ߲݁ െ ܼ݁௒ ߲ܻ൅ܺ௒ ‫ כ ܻ߲ כ‬൅ ‫ܨܥ‬௥ ߲‫ ݎ‬ൌ Ͳ
ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁ ൌ ߲ܻ݉െܺ௒ ‫ כ ܻ߲ כ‬െ ‫ܨܥ‬௥ ߲‫ݎ‬
ߚ߲‫ ܧ‬ൌ ߲ܻ݉െܺ௒ ‫ כ ܻ߲ כ‬െ ‫ܨܥ‬௥ ߲‫ݎ‬
݉ ܺ௒ ‫כ כ‬ ‫ܨܥ‬௥
߲‫ ܧ‬ൌ ߲ܻ െ ߲ܻ െ ߲‫ݎ‬
ߚ ߚ ߚ

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬െ ߲ܻ݉ ൅ ߲ܻ݉ െ ܺ௒ ‫ כ ܻ߲ כ‬െ ‫ܨܥ‬௥ ߲‫ݎ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬െ ܺ௒ ‫ כ ܻ߲ כ‬
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݄

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݉ ‫ܨܥ‬௥ ‫ܨܥ‬௥ ‫כ כ‬
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ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ‫ܨܥ‬௥ ሻ߲‫ ݎ‬െ ‫ܨܥ‬௥ ‫ כ ݎ߲ כ‬

݇
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݄
݇
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ሺ‫ܥ‬ ሻ
݄
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߲ܻ ൌ െ ቎ ௞ ቏ ߲‫ݎ‬
‫כ‬
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௛

242 Macroeconomía
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௞ ቏ ߚ ߲‫ כ ݎ߲ ݎ‬൐ Ͳ
௛

Capítulo 10
El mercado de bienes y los

mercados financieros con
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244 Macroeconomía
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246 Macroeconomía
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GRPpVWLFRVܲ

‫ ܦ‬ൌ ‫ ܥ‬൅ ‫ ܫ‬൅ ‫ ܩ‬൅ ܺ െ ܼ݁
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ܻௗ ൌ ܻ ൅ ܴܶ െ ܶ
ܶ ൌ ‫ܻݐ‬
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݁ൌ
ܲ

6LHQGRODHFXDFLyQGHHTXLOLEULRHQHOPHUFDGRGHELHQHVRODHFXDFLyQ‫ܵܫ‬ǣ

ܻ ൌ ‫ܥ‬ሺܻௗ ൌ ܻ ൅ ܴܶ െ ‫ܻݐ‬ǡ ‫ݎ‬ሻ ൅ ‫ܫ‬ሺ‫ݎ‬ሻ ൅ ‫ ܩ‬൅ ܺሺ݁ǡ ܻ ‫ כ‬ሻ െ ܼ݁ሺ݁ǡ ܻሻሺͳͲǤʹሻ

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߲‫ݎ‬ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉
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ܻ ൌ ‫ܥ‬ሺܻௗ ǡ ‫ ݎ‬ൌ ‫ כ ݎ‬൅ ‫ כ ܧ‬൅ ߠሻ ൅ ‫ܫ‬ሺ‫ ݎ‬ൌ ‫ כ ݎ‬൅ ‫ כ ܧ‬൅ ߠሻ ൅ ‫ ܩ‬൅ ܺሺ݁ǡ ܻ ‫ כ‬ሻ െ ܼ݁ሺ݁ǡ ܻሻሺͳͲǤ͵ሻ

248 Macroeconomía
(QODYHUVLyQGHODHFXDFLyQODHFXDFLyQGHOD‫ܵܫ‬GHSHQGHPHGLDQWHHO

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௫ ௭ ௥ ௥ ாమ

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250 Macroeconomía
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113Esta versión del modelo IS-LM-BP, en la línea de lo originalmente formulado por Robert Mundell y
Marcus Fleming, considera en la LM el mercado de masa monetaria. Un texto muy similar en el esquema
en que presentamos el modelo es el de Mendoza y Herrera (2006). Sin embargo, dichos autores
consideran en la LM el mercado de base monetaria. Si asumimos el valor del multiplicador monetario, el
cambio en la masa monetaria será igual a la variación de la base monetaria; por ende, en términos
generales, el análisis con ambos tipos de agregados monetarios arrojarán resultados similares.
252 Macroeconomía
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268 Macroeconomía
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ܻ ൌ ‫ܥ‬ሺܻௗ ൌ ܻ ൅ ܴܶ െ ǡ ‫ ݎ‬ൌ ‫ כ ݎ‬൅ ‫ כ ܧ‬൅ ߠሻ ൅ ‫ܫ‬ሺ‫ ݎ‬ൌ ‫ כ ݎ‬൅ ‫ כ ܧ‬൅ ߠሻ ൅ ‫ ܩ‬൅ ܺሺ݁ǡ ܻ ‫ כ‬ሻ
െ ܼ݁ሺ݁ǡ ܻሻ

(QHOSODQRGHODWDVDGHLQWHUpV‫\ݎ‬ODSURGXFFLyQܻ

߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬െ ‫ܥ‬௥ ߲‫ ݎ‬െ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ݎ‬
߲‫ݎ‬ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ݎ‬
ൌെ ൏ Ͳ
߲ܻ ‫ܥ‬௥ ൅ ‫ܫ‬௥ ߲ܻ

(QHOSODQRGHOWLSRGHFDPELR‫\ܧ‬ODSURGXFFLyQܻ

‫ܧ‬௘ ‫ܧ‬௘
߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬െ ‫ܥ‬௥ ଶ ߲‫ ܧ‬െ ‫ܫ‬௥ ଶ ߲‫ ܧ‬െ ܼ݁௒ ߲ܻ൅ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁
‫ܧ‬ ‫ܧ‬௘
‫ܧ‬ ‫ܧ‬௘
߲ܻ െ ‫ܥ‬௒ ߲ܻ ൅ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ܼ݁௒ ߲ܻ ൌ െ‫ܥ‬௥ ଶ ߲‫ ܧ‬െ ‫ܫ‬௥ ଶ ߲‫ ܧ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁
‫ܧ‬ ‫ܧ‬
‫ܧ‬௘
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ଶ ߲‫ ܧ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
‫ܧ‬
‫ܧ‬௘
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ଶ ߲‫ ܧ‬൅ ܼሺ݊௫ ൅ ݊௭ െ ͳሻ߲‫ܧ‬
‫ܧ‬
߲‫ܧ‬ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ܧ‬
ൌ ൐ Ͳ‫݅ݏ‬ሺ݊௫ ൅ ݊௭ ሻ ൐ ͳ
߲ܻ ܼሺ݊ ൅ ݊ െ ͳሻ െ ሺ‫ ܥ‬൅ ‫ ܫ‬ሻ ா೐ ߲ܻ
௫ ௭ ௥ ௥ ாమ

6,08/$&,21(6$/*(%5$,&$6&217,32'(&$0%,2),-2

‫ܧ‬௘ െ ‫ܧ‬
‫ܧ‬
ܴ‫ ܰܫ‬൅ ‫ ܦܧܴܥ‬൅ ‫ ܤ‬ൌ ܻ݇ െ ݄‫ܯܮݎ‬ሺͳͲǤͶሻ

6HDVXPHPXOWLSOLFDGRUPRQHWDULR \ܲ ൌ ͳ


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬െ ܼ݁௒ ߲ܻ ൅ ߲‫ܩ‬
278 Macroeconomía
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ߲‫ܩ‬

ͳ ߲ܻ
߲ܻ ൌ ൤ ൨ ߲‫ܩ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ܩ‬

߲ܴ‫ ܰܫ‬ൌ ߲ܻ݇

5HHPSOD]DQGROD,6GLIHUHQFLDGDHQOD/0GLIHUHQFLDGD
ͳ
߲ܴ‫ ܰܫ‬ൌ ݇ ൤ ൨ ߲‫ܩ‬
݇ ߲ܴ‫ܰܫ‬
߲ܴ‫ ܰܫ‬ൌ ൤ ൨ ߲‫ܩ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ܩ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬െ ‫ܥ‬௒ ܻ߲‫ ݐ‬െ ܼ݁௒ ߲ܻ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െܻ߲ܿ‫ݐ‬
ܻܿ ߲ܻ
߲ܻ ൌ െ ൤ ൨ ߲‫ݐ‬ ൏ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ݐ‬


ܻܿ
߲ܴ‫ ܰܫ‬ൌ െ݇ ൤ ൨ ߲‫ܩ‬
ܻ݇ܿ ߲ܴ‫ܰܫ‬
߲ܴ‫ ܰܫ‬ൌ െ ൤ ൨ ߲‫ܩ‬ ൏ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ݐ‬

3ROtWLFDPRQHWDULDH[SDQVLYDFRPSUDGHERQRVGHO%DQFR&HQWUDO

߲ܴ‫ ܰܫ‬൅ ߲‫ ܤ‬ൌ Ͳ
߲ܴ‫ܰܫ‬
Ȃ ߲ܴ‫ ܰܫ‬ൌ ߲‫ܤ‬ ൌ െͳ ൏ Ͳ
߲‫ܤ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ݁ଢ଼ ߲൅ୣ ߲݁ െ ୣ ߲݁ െ ߲݁

'DGRܲ ൌ ܲ‫ כ‬ൌ ͳߚ ൌ ܼሺ݊௫ ൅ ݊௭ െ ͳሻ ൌ ሺܺ௘ െ ܼ݁௘ െ ܼሻ ൐ Ͳ


߲ܴ‫ ܰܫ‬ൌ ߲ܻ݇ െ ߲‫ݎ‬

‫ܧ‬௘ ߲‫ݎ‬
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬ ൏ Ͳ
‫ܧ‬ ߲‫ܧ‬

‫ܧ‬௘
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ଶ ߲‫ ܧ‬൅ ߚ߲‫ܧ‬
‫ܧ‬
‫ܧ‬௘
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ൬ߚ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ଶ ൰ ߲‫ܧ‬
‫ܧ‬
ா೐
ߚ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ మ ߲ܻ
ா
߲ܻ ൌ ቎ ቏ ߲‫ܧ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ܧ‬

5HHPSOD]DQGRHOUHVXOWDGRGHODWDVDGHLQWHUpV\SURGXFFLyQHQOD/0
GLIHUHQFLDGD
ா೐
ቀߚ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ாమ ቁ ǟ‫ ܧ‬௘
߲ܴ‫ ܰܫ‬ൌ ቎ ቏ ߲‫ ܧ‬൅ ଶ ߲‫ܧ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ‫ܧ‬
ா೐
ቀߚ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ாమ ቁ ݇ ǟ‫ ܧ‬௘
߲ܴ‫ ܰܫ‬ൌ ቎ ቏ ߲‫ ܧ‬൅ ߲‫ܧ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ‫ܧ‬ଶ
ா೐
ቀߚ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ாమ ቁ ݇ ǟ‫ ܧ‬௘ ߲ܴ‫ܰܫ‬
߲ܴ‫ ܰܫ‬ൌ ቎ ൅ ቏ ߲‫ܧ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ‫ܧ‬ଶ ߲‫ܧ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬െ ܼ݁௒ ߲ܻ൅ܺ௒ ‫ כ ܻ߲ כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ܺ௒ ‫ כ ܻ߲ כ‬
ܺ௒ ‫כ‬ ߲ܻ
߲ܻ ൌ ൤ ൨ ߲ܻ ‫ כ כ‬൐ Ͳ


280 Macroeconomía
ܺ௒ ‫כ‬
߲ܴ‫ ܰܫ‬ൌ ݇ ൤ ൨ ߲ܻ ‫ כ‬
݇ܺ௒ ‫כ‬ ߲ܴ‫ܰܫ‬
߲ܴ‫ ܰܫ‬ൌ ൤ ൨ ߲ܻ ‫ כ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲ܻ ‫כ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻെ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ݎ‬

߲ܴ‫ ܰܫ‬ൌ ߲ܻ݇ െ ǟ߲‫ݎ‬

߲‫ݎ‬
߲‫ ݎ‬ൌ ߲‫ כ כ ݎ‬൐ Ͳ
߲‫ݎ‬

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ כ ݎ‬
‫ܥ‬௥ ൅ ‫ܫ‬௥ ߲ܻ
߲ܻ ൌ ൤ ൨ ߲‫ כ כ ݎ‬൏ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ݎ‬

5HHPSOD]DQGRHOUHVXOWDGRGHODWDVDGHLQWHUpV\SURGXFFLyQHQOD/0
GLIHUHQFLDGD
‫ܥ‬௥ ൅ ‫ܫ‬௥
߲ܴ‫ ܰܫ‬ൌ ݇ ൤ ൨ ߲‫ כ ݎ‬െ ݄߲‫ כ ݎ‬
݇ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ߲ܴ‫ܰܫ‬
߲ܴ‫ ܰܫ‬ൌ ൤ െ ݄൨ ߲‫ כ ݎ‬ ൏ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫כ ݎ‬

6,08/$&,21(6$/*(%5$,&$6&217,32'(&$0%,2)/(;,%/(

‫ܧ‬௘ െ ‫ܧ‬
‫ܧ‬
‫ ܯ‬ൌ ܻ݇ െ ݄‫ܯܮݎ‬ሺͳͲǤͶሻ

'DGRܲ ൌ ܲ‫ כ‬ൌ ͳǡ ݁݊‫ ܧݏ݁ܿ݊݋ݐ‬ൌ ݁ǡ ߚ ൌ ܼሺ݊௫ ൅ ݊௭ െ ͳሻ ൌ ሺܺ௘ െ ܼ݁௘ െ ܼሻ ൐ Ͳ


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬൅ ߲‫ ܩ‬െ ܼ݁௒ ߲ܻ ൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܩ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܩ‬൅ ߚ߲‫ܧ‬

Ͳ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
݇
߲‫ ݎ‬ൌ ߲ܻ
݄

‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ
߲‫ ܧ‬ൌ െ ௘ ߲‫ݎ‬
‫ܧ‬

ߚ‫ ܧ‬ଶ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܩ‬െ ௘ ߲‫ݎ‬
‫ܧ‬
ߚ‫ ܧ‬ଶ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ߲‫ ݎ‬൅ ߲‫ܩ‬
‫ܧ‬

ߚ‫ ܧ‬ଶ ݇
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ߲ܻ ൅ ߲‫ܩ‬
‫ܧ‬ ݄
ߚ‫ ܧ‬ଶ ݇
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ቇ ߲ܻ ൌ ߲‫ܩ‬
‫ܧ‬ ݄
ͳ ߲ܻ
߲ܻ ൌ ቎ ఉா మ ௞
቏ ߲‫ܩ‬ ൐ Ͳ
ா೐

݇ ͳ
߲‫ ݎ‬ൌ ቎ ቏ ߲ܻ
݄ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ ܥ‬൅ ‫ ܫ‬െ ఉாమቁ ௞
௥ ௥ ೐ ா ௛
௞
௛ ߲‫ݎ‬
߲‫ ݎ‬ൌ ቎ ఉா మ ௞
቏ ߲‫ܩ‬ ൐ Ͳ
ா೐

5HHPSOD]DQGRHQOD%3GLIHUHQFLDGD
282 Macroeconomía
௞
‫ܧ‬ଶ ௛
߲‫ ܧ‬ൌ െ ቎ ቏ ߲‫ܩ‬
‫ ܧ‬௘ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ ܥ‬൅ ‫ ܫ‬െ ఉாమቁ ௞
௥ ௥ ೐ ா ௛
ாమ ௞
ா೐ ௛ ߲‫ܧ‬
߲‫ ܧ‬ൌ െ ቎ ఉா మ ௞
቏ ߲‫ܩ‬ ൏ Ͳ
ா೐


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬െ ‫ܥ‬௒ ܻ߲‫ ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ ൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ‫ܥ‬௒ ܻ߲‫ ݐ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ‫ܥ‬௒ ܻ߲‫ ݐ‬൅ ߚ߲‫ܧ‬

Ͳ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
݇
߲‫ ݎ‬ൌ ߲ܻ
݄

‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ
߲‫ ܧ‬ൌ െ ௘ ߲‫ݎ‬
‫ܧ‬

ߚ‫ ܧ‬ଶ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ܻ߲ܿ‫ ݐ‬െ ௘ ߲‫ݎ‬
‫ܧ‬
ߚ‫ ܧ‬ଶ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ߲‫ ݎ‬െ ܻ߲ܿ‫ݐ‬
‫ܧ‬

ߚ‫ ܧ‬ଶ ݇
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ߲ܻ െ ܻ߲ܿ‫ݐ‬
‫ܧ‬ ݄
ߚ‫ ܧ‬ଶ ݇
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ቇ ߲ܻ ൌ െܻ߲ܿ‫ݐ‬
‫ܧ‬ ݄
ܻܿ ߲ܻ
቏ ܻ߲ܿ‫ݐ‬ ൏ Ͳ
ா೐

݇ ܻܿ
߲‫ ݎ‬ൌ െ ቎ ቏ ߲‫ݐ‬
݄ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ ܥ‬൅ ‫ ܫ‬െ ఉாమ ቁ ௞
௥ ௥ ೐ ா ௛
௞
ܻܿ ߲‫ݎ‬
௛
߲‫ ݎ‬ൌ െ ቎ ఉா మ ௞
቏ ߲‫ݐ‬ ൏ Ͳ
ா೐

௞
‫ܧ‬ଶ െ ܻܿ
௛
߲‫ ܧ‬ൌ െ ௘ ቎ ቏ ߲‫ݐ‬
‫ ͳ ܧ‬െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ ܥ‬൅ ‫ ܫ‬െ ఉாమ ቁ ௞
௥ ௥ ೐ ா ௛
ாమ ௞
ܻܿ ߲‫ܧ‬
ா೐ ௛
߲‫ ܧ‬ൌ ቎ ఉா మ ௞
቏ ߲‫ݐ‬ ൐ Ͳ
ா೐


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܼ݁௒ ߲ܻ ൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁

߲‫ ܯ‬ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
݇ ͳ
߲‫ ݎ‬ൌ ߲ܻ െ ߲‫ܯ‬
݄ ݄

‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ
߲‫ ܧ‬ൌ െ ௘ ߲‫ݎ‬
‫ܧ‬

ߚ‫ ܧ‬ଶ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ௘ ߲‫ݎ‬
‫ܧ‬
ߚ‫ ܧ‬ଶ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ߲‫ݎ‬
‫ܧ‬

ߚ‫ ܧ‬ଶ ݇ ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ൬ ߲ܻ െ ߲‫ܯ‬൰
‫ܧ‬ ݄ ݄
284 Macroeconomía
ߚ‫ ܧ‬ଶ ݇ ߚ‫ ܧ‬ଶ ͳ
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ቇ ߲ܻ ൌ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲‫ܯ‬
‫ܧ‬௘ ݄ ‫ܧ‬௘ ݄
ఉா మ ଵ
ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ா೐
ቁ௛ ߲ܻ
቏ ߲‫ܯ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ௛ ߲‫ܯ‬
ா೐

ఉா మ ଵ
݇ ቀ‫ܥ‬௥ା ‫ܫ‬௥Ȃ ா೐ ቁ ௛ ͳ
߲‫ ݎ‬ൌ െ ቎ మ ௞ ቏ ߲‫ ܯ‬െ ߲‫ܯ‬
݄ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ ܫ ܥ‬െ ఉா ݄
௥ା ௥ ೐ ቁ ா ௛
௞ ఉா మ
െ ቀ‫ܥ‬௥ା ‫ܫ‬௥Ȃ ቁ ͳ
௛ ா೐
߲‫ ݎ‬ൌ ቎ െ ͳ቏ ߲‫ܯ‬
ఉா మ ௞
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ା ‫ܫ‬௥ െ ೐ ቁ ݄
ா ௛
௞ ఉா మ ఉா మ ௞
െ ቀ‫ܥ‬௥ା ‫ܫ‬௥Ȃ ቁ െ ቀͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ା ‫ܫ‬௥Ȃ ቁ ௛ቁ ͳ
௛ ா೐ ா೐
߲‫ ݎ‬ൌ ቎ ఉா మ ௞
቏ ߲‫ܯ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ା ‫ܫ‬௥ െ ቁ௛ ݄
ா೐
ଵ
െ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ
௛
߲‫ ݎ‬ൌ ቎ ఉா మ ௞
቏ ߲‫ܯ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ା ‫ܫ‬௥ െ ቁ௛
ா೐
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ߲‫ݎ‬

߲‫ ݎ‬ൌ െ ቎ ఉா మ
቏ ߲‫ܯ‬ ൏ Ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ݄ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ݇ ߲‫ܯ‬
ா೐

‫ܧ‬ଶ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉
߲‫ ܧ‬ൌ ቎ ቏ ߲‫ܯ‬
‫ ܧ‬௘ ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ݄ െ ቀ‫ ܥ‬൅ ‫ ܫ‬െ ఉாమቁ ݇
௥ ௥ ೐ ா
ாమ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ ߲‫ܧ‬
ா೐
߲‫ ܧ‬ൌ ቎ ఉா మ
቏ ߲‫ܯ‬ ൐ Ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ݄ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ݇ ߲‫ܯ‬
ா೐


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬െ ܼ݁௒ ߲ܻ ൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬൅ ߚ߲‫ܧ‬

Ͳ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
݇
߲‫ ݎ‬ൌ ߲ܻ
݄

‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ
߲‫ ܧ‬ൌ െ ௘ ߲‫ݎ‬
‫ܧ‬

ߚ‫ ܧ‬ଶ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬െ ௘ ߲‫ݎ‬
‫ܧ‬
ߚ‫ ܧ‬ଶ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬
‫ܧ‬

ߚ‫ ܧ‬ଶ ݇
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ߲ܻ ൅ ܺ௒ ‫ כ ܻ߲ כ‬
‫ܧ‬ ݄
ߚ‫ ܧ‬ଶ ݇
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ቇ ߲ܻ ൌ ܺ௒ ‫ כ ܻ߲ כ‬
‫ܧ‬ ݄
ܺ௒ ‫כ‬ ߲ܻ
߲ܻ ൌ ቎ ఉா మ ௞
቏ ߲ܻ ‫ כ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ௛ ߲ܻ ‫כ‬
ா೐

݇ ܺ௒ ‫כ‬
߲‫ ݎ‬ൌ ቎ ቏ ߲ܻ ‫ כ‬
݄ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ ܥ‬൅ ‫ ܫ‬െ ఉாమ ቁ ௞
௥ ௥ ೐ ா ௛
௞
ܺ ௒‫כ‬
௛
߲‫ ݎ‬ൌ ቎ ఉா మ ௞
቏ ߲ܻ ‫ כ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ
ா೐ ௛
ܺ௒ ‫כ‬ ߲‫ݎ‬
߲‫ ݎ‬ൌ ൦ ଵି௖ሺଵି௧ሻା௠ ൪ ߲ܻ ‫ כ כ‬൐ Ͳ
ఉா మ
െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ೐ ቁ ߲ܻ
ೖ
ா
೓

‫ܧ‬ଶ ܺ௒ ‫כ‬
߲‫ ܧ‬ൌ െ ൦ ൪ ߲ܻ ‫ כ‬
‫ ܧ‬௘ ଵି௖ା௠ െ ቀ‫ ܥ‬൅ ‫ ܫ‬െ ఉாమ ቁ
ೖ ௥ ௥ ೐ ா
೓
ாమ
ܺ௒ ‫כ‬ ߲‫ܧ‬
ா೐
߲‫ ܧ‬ൌ െ ൦ ଵି௖ା௠ ൪ ߲ܻ ‫ כ כ‬൏ Ͳ
ఉா మ
െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ೐ ቁ ߲ܻ
ೖ
ா
೓

286 Macroeconomía


Ͳ ൌ ߲ܻ݇ െ ǟ߲‫ݎ‬
݇
߲‫ ݎ‬ൌ ߲ܻ
݄

‫ܧ‬௘
߲‫ ݎ‬ൌ ߲‫ כ ݎ‬െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ ‫ܧ כ‬ଶ
߲‫ ܧ‬ൌ ௘ ߲‫ ݎ‬െ ௘ ߲‫ݎ‬
‫ܧ‬ ‫ܧ‬

ߚ‫ ܧ‬ଶ ߚ‫ ܧ‬ଶ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ௘ ߲‫ כ ݎ‬െ ௘ ߲‫ݎ‬
‫ܧ‬ ‫ܧ‬
ߚ‫ ܧ‬ଶ ߚ‫ ܧ‬ଶ ‫כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ߲‫ ݎ‬൅ ௘ ߲‫ ݎ‬
‫ܧ‬ ‫ܧ‬

ߚ‫ ܧ‬ଶ ݇ ߚ‫ ܧ‬ଶ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ߲ܻ ൅ ௘ ߲‫ כ ݎ‬
‫ܧ‬ ݄ ‫ܧ‬
ఉா మ
ா೐ ߲ܻ
߲ܻ ൌ ቎ ఉா మ ௞
቏ ߲‫ כ ݎ‬ ൐ Ͳ
ா೐

ఉா మ
݇ ா೐
߲‫ ݎ‬ൌ ቎ ቏ ߲‫ כ ݎ‬
݄ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ ܥ‬൅ ‫ ܫ‬െ ఉாమቁ ௞
௥ ௥ ೐ ா ௛
௞ ఉா మ
௛ ா೐ ߲‫ݎ‬
߲‫ ݎ‬ൌ ቎ ఉா మ ௞
቏ ߲‫ כ ݎ‬ ൐ Ͳ
ா೐

௞ ఉா మ
‫ܧ‬ଶ ‫ܧ‬ଶ ௛ ா೐
߲‫ ܧ‬ൌ ௘ ߲‫ כ ݎ‬െ ௘ ቎ ቏ ߲‫ כ ݎ‬
‫ܧ‬ ‫ ͳ ܧ‬െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ ܥ‬൅ ‫ ܫ‬െ ఉாమ ቁ ௞
௥ ௥ ೐ ா ௛
ா మ ௞ ఉா మ
‫ܧ‬ଶ ா೐ ௛ ா೐
߲‫ ܧ‬ൌ ቎ ௘ െ ఉா మ ௞
቏ ߲‫ כ ݎ‬
‫ܧ‬ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ೐ ቁ
ா ௛
ாమ ఉா మ ௞ ா మ ா మ ௞ ఉா మ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ ೐
െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ ௛ ா೐ െ ா೐ ௛
ா ா೐ ா೐
߲‫ ܧ‬ൌ ቎ ఉா మ ௞
቏ ߲‫ כ ݎ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ
ா೐ ௛
௞ ௞ ఉா మ ௞ ఉா మ ா మ
ቀͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ௛ ൅ ௛ ா೐
െ
௛ ா ೐
ቁ ா೐
߲‫ ܧ‬ൌ ቎ ఉா మ ௞
቏ ߲‫ כ ݎ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ
ா೐ ௛
௞ ாమ
ቀͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ௛ቁ ா೐ ߲‫ܧ‬
߲‫ ܧ‬ൌ ቎ ఉா మ ௞
቏ ߲‫ כ ݎ‬ ൐ Ͳ
ா೐

Capítulo 11
La demanda agregada en una

economía abierta
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‫ܯ‬
ൌ ܻ݇ െ ݄‫ܯܮݎ‬ሺͳͳǤʹሻ
ܲ
‫ܧ‬௘ െ ‫ܧ‬
‫ ݎ‬ൌ ‫ כ ݎ‬൅ ‫ כ ܧ‬൅ ߠ ൌ ‫ כ ݎ‬൅ ൬ ൰ ൅ ߠ‫ܲܤ‬ሺͳͳǤ͵ሻ
‫ܧ‬

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LJXDODODGHPDQGDGHGLQHURܻ݇ െ ݄‫)ݎ‬LQDOPHQWHODVLWXDFLyQGHHTXLOLEULRGHOD
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290 Macroeconomía
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HVSHUDGDGHODFWLYRILQDQFLHURH[WHUQR‫ כ ݎ‬൅ ‫ כ ܧ‬൅ ߠ
(O PRGHOR GH OD GHPDQGD DJUHJDGD GH FRUWR SOD]R WDPELpQ VH SXHGH
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FRPRHQHOPHGLDQRSOD]RHOWLSRGHFDPELRHIHFWLYRRVSRW‫ܧ‬QRHVLJXDODOWLSR
GH FDPELR HVSHUDGR ‫ ܧ‬௘ GH PRGR TXH OD WDVD GH GHSUHFLDFLyQ HVSHUDGD GH OD
PRQHGDQDFLRQDO‫ כ ܧ‬HVGLIHUHQWHGHFHUR

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െ ଶ ߲ܲ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ܲ
‫ܯ‬
݄߲‫ ݎ‬ൌ ߲ܻ݇ ൅ ଶ ߲ܲ
ܲ
݇ ‫ܯ‬
߲‫ ݎ‬ൌ ߲ܻ ൅ ଶ ߲ܲ
݄ ݄ܲ

‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬
318 Macroeconomía
‫ܧ‬ଶ
߲‫ ܧ‬ൌ െ ߲‫ݎ‬
‫ܧ‬௘

ߚܲ‫ ܧ כ‬ଶ ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ߲‫ݎ‬ െ ߲ܲ
ܲ‫ ܧ‬௘ ܲଶ
‫ כ‬ଶ ‫כ‬
ߚܲ ‫ܧ‬ ߚ‫ܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲‫ ݎ‬െ ଶ ߲ܲ
ܲ‫ ܧ‬௘ ܲ

ߚܲ ‫ ܧ כ‬ଶ ݇ ‫ܯ‬ ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ൬ ߲ܻ ൅ ߲ܲ൰ െ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ݄ܲଶ ܲଶ
ߚܲ‫ ܧ כ‬ଶ ݇ ߚܲ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘
ቇ ߲ܻ ൅ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘
ቇ ଶ ߲ܲ െ ଶ ߲ܲ
ܲ‫ܧ‬ ݄ ܲ‫ܧ‬ ݄ܲ ܲ
ߚܲ‫ ܧ כ‬ଶ ݇ ߚܲ‫ ܧ כ‬ଶ ‫ܯ‬ ‫כ‬
ͳ
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘
ቇ ቇ ߲ܻ ൌ ቆቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘
ቇ െ ߚ‫ ܲܧ‬ቇ ଶ ߲ܲ
ܲ‫ܧ‬ ݄ ܲ‫ܧ‬ ݄ ܲ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲ‫ ܧ‬௘ ݄ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ݇ܲ‫ ܧ‬௘ ൅ ߚܲ ‫ ܧ כ‬ଶ ݇ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻܲ‫ ܧ‬௘ ‫ ܯ‬െ ߚܲ ‫ ܧ כ‬ଶ ‫ ܯ‬െ ߚ‫ ܧܲ כ ܲܧ‬௘ ݄ ͳ
ቆ ቇ ߲ܻ ൌ ቆ ቇ ଶ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ܲ‫ ܧ‬௘ ݄ ܲ
௘ ௘ ‫כ‬ ଶ ଶ
߲ܲ ሺሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲ‫ ݄ ܧ‬െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ݇ܲ‫ ܧ‬൅ ߚܲ ‫݇ ܧ‬ሻܲ
ൌቈ ቉ ൏ Ͳ
߲ܻ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻܲ‫ ܧ‬௘ ‫ ܯ‬െ ߚܲ‫ ܧ כ‬ଶ ‫ ܯ‬െ ߚ‫ ܧܲ כܲܧ‬௘ ݄

3HQGLHQWHGHODGHPDQGDDJUHJDGDGHODUJRSOD]RFRQWLSRGHFDPELRIOH[LEOH

‫ܯ‬
െ ଶ ߲ܲ ൌ ߲ܻ݇
ܲ
݇ܲଶ
߲ܲ ൌ െ ߲ܻ
‫ܯ‬
ଶ
߲ܲ ݇ܲ
ൌെ ൏ Ͳ
߲ܻ ‫ܯ‬

Capítulo 12
La oferta agregada en una

economía abierta
(QHVWHFDStWXORGHVDUUROODUHPRVODRIHUWDDJUHJDGDGHFRUWR\ODUJRSOD]R(Q
HO FRUWR SOD]R VH DVXPH TXH HO SUHFLR HVSHUDGR HV GLIHUHQWH DO GHO SHUtRGR
FRUULHQWHHQWDQWRTXHHQHOODUJRSOD]RDPERVSUHFLRVVRQLJXDOHV

/$2)(57$$*5(*$'$'(&25723/$=2

(O PRGHOR GH OD RIHUWD DJUHJDGD GH FRUWR SOD]R VH HODERUD VREUH ORV
VLJXLHQWHVVXSXHVWRV

D /DHFRQRPtDHVGHFRPSHWHQFLDLPSHUIHFWDGRQGHODVHPSUHVDVIRUPDQHO
SUHFLR SRU FRVWRV DJUHJiQGROH D VX FRVWR YDULDEOH PHGLR XQ PDUJHQ GH
JDQDQFLDTXHDVXYH]JXDUGDUHODFLyQHQVHQWLGRGLUHFWRFRQHOJUDGRGH
FRQFHQWUDFLyQGHPHUFDGR
E /DV HPSUHVDV GRPpVWLFDV XWLOL]DQ LQVXPRV LPSRUWDGRV (VWRV VRQ XQ ELHQ
FRPSOHPHQWDULRGHODSURGXFFLyQQDFLRQDO\FRPSRQHQWHGHODHVWUXFWXUD
GHFRVWRV
F /D IXQFLyQ GH SURGXFFLyQ HV GH FRHILFLHQWHV ILMRV GH PRGR TXH OD
SURGXFWLYLGDGPDUJLQDOGHORVIDFWRUHVHVFRQVWDQWH
G (Q HO PHUFDGR GH WUDEDMR HO VDODULR VH GHWHUPLQD PHGLDQWH HO VLVWHPD GH
FRQWUDWRVGHPRGRTXHDQWHFDPELRVHQVXVGHWHUPLQDQWHVHVWHVHDMXVWD
JUDGXDOPHQWH
H (O QLYHO GH SUHFLRV GHO SHUtRGR FRUULHQWH GLILHUH GHO SUHFLR HVSHUDGR GH
ODUJRSOD]R

(QODRIHUWDDJUHJDGDGHELHQHV\VHUYLFLRVVXE\DFHQDVSHFWRVWHFQROyJLFRV\
ORV PHUFDGRV GH IDFWRUHV GH SURGXFFLyQ (Q HO VLVWHPD HFRQyPLFR ORV IDFWRUHV
SURGXFWLYRV WUDEDMR FDSLWDO WLHUUD HWF VH FRPELQDQ EDMR XQD GHWHUPLQDGD
WpFQLFD SDUD KDFHU SRVLEOH OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV TXH OXHJR VHUiQ
320 Macroeconomía
RIHUWDGRV DO PHUFDGR /D IRUPD FRPR VH FRPELQDQ ORV IDFWRUHV SURGXFWLYRV
FRUUHVSRQGHDOFDPSRGHODWHFQRORJtD(QODWHRUtDHFRQyPLFDGLFKDWHFQRORJtD
VHUHSUHVHQWDFRQODIXQFLyQGHSURGXFFLyQ
3RU HOOR HQ HO SUHVHQWH FDStWXOR HQ OD IRUPXODFLyQ GHO PRGHOR GH OD RIHUWD
DJUHJDGD VH WRPDQ HQ FXHQWD GRV HOHPHQWRV OD IXQFLyQ GH SURGXFFLyQ \ HO
PHUFDGRGHIDFWRUHVSURGXFWLYRV6LQHPEDUJRSRUVLPSOLFLGDGHQHOFDVRGHORV
IDFWRUHV GH SURGXFFLyQ VH FRQVLGHUD VROR HO PHUFDGR LQWHUQR GH WUDEDMR /D
FRWL]DFLyQGHOIDFWRULQVXPRLPSRUWDGRVHGHWHUPLQDHQHOPHUFDGRLQWHUQDFLRQDO
\HOORVHFRQVLGHUDGDGR

/DIXQFLyQGHSURGXFFLyQ

/D IXQFLyQ GH SURGXFFLyQ HV GH /HRQWLHI FRHILFLHQWHV ILMRV \ FRQVLGHUD GRV
IDFWRUHVSURGXFWLYRVPDQRGHREUDܰHLQVXPRVLPSRUWDGRVܼ௜

ܻ ൌ ‫݊݅ܯ‬ሾܽܰǡ ܾܼ௜ ሿ
'RQGHܽ \ܾUHSUHVHQWDQ OD SURGXFWLYLGDG GH OD PDQR GHREUD \GHO LQVXPR
LPSRUWDGRUHVSHFWLYDPHQWH'DGRTXHODSURGXFWLYLGDGGHOLQVXPRLPSRUWDGRHV
OD LQYHUVD GH OD FDQWLGDG GH LQVXPRV LPSRUWDGRV QHFHVDULRV SDUD SURGXFLU XQD
XQLGDG GHO ELHQ ILQDO OD IXQFLyQ GH SURGXFFLyQ VH SXHGH UHSUHVHQWDU
DOWHUQDWLYDPHQWHFRPR

ͳ
ܻ ൌ ‫ ݊݅ܯ‬൤ܽܰǡ ܼ௜ ൨
‫ݍ‬

'RQGH ‫ ݍ‬HV XQ FRHILFLHQWH WpFQLFR TXH UHSUHVHQWD OD FDQWLGDG GH LQVXPRV
ଵ
LPSRUWDGRVQHFHVDULRVSDUDSURGXFLUXQDXQLGDGGHOELHQILQDOቀܾ ൌ ቁ
௤
(Q HO SODQR GH OD SURGXFFLyQ ܻ \ OD PDQR GH REUD ܰ OD IXQFLyQ GH
SURGXFFLyQGHFRHILFLHQWHVILMRVWLHQHSHQGLHQWHSRVLWLYDHLJXDODODSURGXFWLYLGDG
GHODPDQRGHREUDܽ9pDVHJUiILFR
$PD\RUSURGXFWLYLGDGGHOWUDEDMRPD\RUVHUiODSHQGLHQWHGHODFXUYDGHOD
IXQFLyQ GH SURGXFFLyQ OD FXUYD GH OD IXQFLyQ GH SURGXFFLyQ URWD KDFLD OD
L]TXLHUGD\VHKDFHPiVHPSLQDGD

136Véase el capítulo 11 de Gámez y Mochón (1995) y capítulo 5 de Belzunegui et al. (2007).

137 Dado que la función de producción es de coeficientes fijos, la productividad marginal del factor es
constante e igual a la productividad media. Por ello, a los parámetros ܽ y ܾ denominamos simplemente
como productividad de la mano de obra y del insumo importado, respectivamente. Si ‫ ݍ‬representa la
cantidad de insumos importados necesarios para producir una unidad del bien ܻ, la inversa de ella
equivale a la productividad del insumo importado.
138 డ௒ ൌ ܽ ൐ Ͳ
డே

*UiILFR/DIXQFLyQGHSURGXFFLyQ

(OPHUFDGRGHWUDEDMR

(Q HO PHUFDGR GH WUDEDMR HO QLYHO GH HPSOHR \ UHPXQHUDFLRQHV HVWi
UHODFLRQDGDFRQODIRUPDFLyQGHSUHFLRV\VDODULRV6HDVXPHTXHORVSUHFLRVGHORV
ELHQHV GRPpVWLFRV VH GHWHUPLQDQ SRU FRVWRV (O SUHFLR ܲ HV LJXDO DO FRVWR
YDULDEOHXQLWDULRPiVXQPDUJHQGHJDQDQFLD‫(ݖ‬OFRVWRYDULDEOHXQLWDULRRFRVWR
XQLWDULR ‫ ܷܥ‬HVWi FRPSXHVWR SRU HO FRVWR VDODULDO XQLWDULR \ HO FRVWR XQLWDULR GH
LQVXPRVLPSRUWDGRV(OFRVWRVDODULDOXQLWDULRHVLJXDODOVDODULRSRUWUDEDMDGRUܹ
GLYLGLGR HQWUH OD SURGXFWLYLGDG GHO WUDEDMDGRU (O FRVWR XQLWDULR GHO LQVXPR
LPSRUWDGRHVLJXDODODFDQWLGDGGHLQVXPRVLPSRUWDGRVQHFHVDULRVSDUDSURGXFLU
XQ ELHQ ILQDO ‫ ݍ‬PXOWLSOLFDGR SRU HO SUHFLR LQWHUQDFLRQDO GHO LQVXPR LPSRUWDGR
H[SUHVDGRHQPRQHGDORFDOVROHV(OSUHFLRLQWHUQDFLRQDOGHOLQVXPRLPSRUWDGR
HQVROHVHVLJXDODGLFKRSUHFLRHQGyODUHVܲ௜‫ כ‬PXOWLSOLFDGRSRUHOWLSRGHFDPELR
QRPLQDO‫ܧ‬

ܹ
ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ ൤ ൅ ‫ܲܧݍ‬௜‫ כ‬൨ ‫ݏ݋݅ܿ݁ݎ݌݁݀݊×݅ܿܽݑܿܧ‬
ܽ

&RVWRXQLWDULR

6HJ~Q OD HFXDFLyQ SUHFHGHQWH GHQRPLQDGD WDPELpQ FRPR OD HFXDFLyQ GH
SUHFLRV HO QLYHO GH SUHFLRV GHSHQGH HQ VHQWLGR GLUHFWR GHO VDODULR QRPLQDO GHO
WLSRGHFDPELRQRPLQDOGHOSUHFLRLQWHUQDFLRQDOGHORVLQVXPRVLPSRUWDGRVGHO
322 Macroeconomía
PDUJHQGHJDQDQFLDGHOFRHILFLHQWHWpFQLFRGHLQVXPRVLPSRUWDGRV\HQVHQWLGR
LQYHUVR GH OD SURGXFWLYLGDG GH OD PDQR GH REUD 0DQWHQLHQGR FRQVWDQWHV ODV
GHPiV YDULDEOHV XQ LQFUHPHQWR HQ HO VDODULR LPSOLFD DXPHQWRV HQ ORV FRVWRV
YDULDEOHV PHGLRV TXH DO ILQDO VHWUDGXFHQ HQ OD VXELGD HQ HO QLYHO GH SUHFLRV (Q
IRUPD VLPLODU LQFUHPHQWRV HQ HO WLSR GH FDPELR HOHYDQ ORV SUHFLRV PHGLDQWH
DXPHQWRV HQ ORV SUHFLRV GH ORV LQVXPRV LPSRUWDGRV \ GH ORV FRVWRV YDULDEOHV
XQLWDULRV
5HRUGHQDQGRODHFXDFLyQGHSUHFLRVVHWLHQH

ܽܲ
ܹൌ െ ܽ‫ܲܧݍ‬௜‫ݏ݋݅ܿ݁ݎ݌݁݀݊×݅ܿܽݑܿܧ כ‬
ͳ൅‫ݖ‬

/DHFXDFLyQGHSUHFLRVLQGLFDHOQLYHOGHVDODULRVTXHHVWiQGLVSXHVWDVDSDJDU
ODVHPSUHVDVFRQFRUGDQWHVFRQXQPDUJHQGHJDQDQFLDGHVHDGR
(OVDODULRGHSHQGHGHOSUHFLRHVSHUDGRܲ௘ \GHODVLWXDFLyQGHOPHUFDGRGH
WUDEDMRUHSUHVHQWDGDSRUODWDVDGHGHVHPSOHR‫ݑ‬

ܹ ൌ ܲ௘ ߪሺͳ െ ‫ݑ‬ሻ

'RQGHߪHVODVHQVLELOLGDGGHOVDODULRUHVSHFWRDODVLWXDFLyQGHOPHUFDGRGH
WUDEDMR
$VXPLHQGRTXH்ܰ HVODSREODFLyQHFRQyPLFDPHQWHDFWLYD3($\ܰOD3($
HPSOHDGDODWDVDGHGHVHPSOHRVHGHILQHFRPR

்ܰ െ ܰ ܰ
‫ݑ‬ൌ ൌͳെ
்ܰ ்ܰ

(IHFWXDQGR HO UHHPSOD]R FRUUHVSRQGLHQWH VH GHULYD HQ OD HFXDFLyQ TXH
HVSHFLILFDODPDQHUDHQTXHVHGHWHUPLQDHOVDODULR

ܰ
ܹ ൌ ܲ௘ ߪ ‫݅ܿܽݑܿܧ‬y݊݀݁‫ݏ݋݅ݎ݈ܽܽݏ‬
்ܰ

6HJ~Q OD HFXDFLyQ GH OD GHWHUPLQDFLyQ GHO VDODULR QRPLQDO GHQRPLQDGR
WDPELpQFRPRODHFXDFLyQGHVDODULRVGDGDODVHQVLELOLGDGGHOVDODULRUHVSHFWRDOD
VLWXDFLyQGHOPHUFDGRGHWUDEDMRHOVDODULRWHQGHUiDDXPHQWDUHQODPHGLGDHQ
TXHVHDPD\RUHOSUHFLRHVSHUDGRRTXHVHLQFUHPHQWHHOQLYHOGHHPSOHR
(QSHUtRGRVHQTXHORVSUHFLRVGHORVELHQHV\VHUYLFLRVQRVRQFRQVWDQWHVR
VHWLHQHQWDVDVGHLQIODFLyQSRVLWLYDVORVVDODULRVUHDOHVSXHGHQFDHUVLORVVDODULRV
QRPLQDOHVQRVHDMXVWDQDOULWPRGHODWDVDGHLQIODFLyQ&RPRHOSDJRGHOVDODULR
XVXDOPHQWHVHHIHFW~DGHVSXpVGHKDEHUODERUDGRSRUHMHPSORDODTXLQFHQDRDO
PHV D ORV WUDEDMDGRUHV OHV LQWHUHVD HO VDODULR UHDO TXH UHJLUi HQ HO PRPHQWR HQ
TXHVHHIHFWLYLFHHOSDJRTXHQRQHFHVDULDPHQWHVHUiLJXDODOYLJHQWHDOLQLFLRGHO
FRQWUDWRODERUDO
'HELGR D TXH QR VH WLHQH XQD FHUWH]D WRWDO VREUH OD HYROXFLyQ IXWXUD GH
SUHFLRV ORV WUDEDMDGRUHV QHJRFLDUiQ DMXVWHV VDODULDOHV HQ IXQFLyQ GH XQ SUHFLR
HVSHUDGR6LHQHOSHUtRGRGHODFRQWUDWDODERUDOVHHVSHUDXQDXPHQWRHQHOQLYHO
GH SUHFLRV HQWRQFHV ORV WUDEDMDGRUHV SXJQDUiQ SRU XQ VDODULR PD\RU HQ HO
SURFHVRGHQHJRFLDFLyQVDODULDO
/D FDSDFLGDG GH QHJRFLDFLyQ VDODULDO GH ORV WUDEDMDGRUHV TXH RIHUWDQ VX
VHUYLFLRODERUDO\ODVHPSUHVDVTXHORGHPDQGDQHVWiWDPELpQFRQGLFLRQDGDSRUOD
VLWXDFLyQGHOPHUFDGRODERUDO(OSRGHUGHQHJRFLDFLyQGHORVWUDEDMDGRUHVJXDUGD
XQD UHODFLyQ LQYHUVD FRQ OD WDVD GH GHVHPSOHR ODERUDO HQ WDQWR TXH SDUD ODV
HPSUHVDVODUHODFLyQHVHQVHQWLGRGLUHFWR3RUHOORGDGDOD3($DPD\RUWDVDGH
GHVHPSOHR R PHQRU QLYHO GH HPSOHR GLVPLQX\H HO SRGHU GH QHJRFLDFLyQ GH ORV
WUDEDMDGRUHV \ DXPHQWD HO GH ODV HPSUHVDV SRU OR TXH HO VDODULR SXHGH WHQGHU
KDFLDODEDMD

*UiILFR0HUFDGRGHWUDEDMR

6LQ HPEDUJR OD WHQGHQFLD VDODULDO GHVFULWD FDPELD FXDQGR GLVPLQX\H OD WDVD
GHGHVHPSOHRHVGHFLUFXDQGRVXEHHOQLYHOGHHPSOHR(QHVWHFDVRORVVDODULRV
WHQGHUiQ D VXELU GHELGR D TXH ORV WUDEDMDGRUHV GLVSRQGUiQ GH XQD PD\RU
FDSDFLGDGGHQHJRFLDFLyQ
/D HFXDFLyQ GH VDODULRV UHIOHMD HO QLYHO GH VDODULRV TXH HVWiQ GLVSXHVWRV D
UHFLELU ORV WUDEDMDGRUHV WHQLHQGR HQ FXHQWD HO SUHFLR HVSHUDGR \ OD VLWXDFLyQ GHO
PHUFDGRODERUDO
324 Macroeconomía
/D OyJLFD GH OD HFXDFLyQ GH SUHFLRV \ GH VDODULRV VH SXHGH PRVWUDU HQ
WpUPLQRV JUiILFRV HQ HO SODQR GHO VDODULR QRPLQDO \ HO HPSOHR ODERUDO YpDVH
JUiILFR
'DGRTXHODHFXDFLyQGHSUHFLRV‫ܲܧ‬QRGHSHQGHGHOQLYHOGHHPSOHRܰOD
OtQHD TXHOR UHSUHVHQWD HV KRUL]RQWDO\ SDUDOHODDOHMHGHO HPSOHR /D FXUYDGH OD
HFXDFLyQ GH SUHFLRV VH GHVSOD]D FXDQGR FDPELD HO SUHFLR ܲ HO WLSR GH FDPELR
‫ܧ‬HOSUHFLRLQWHUQDFLRQDOGHORVLQVXPRVLPSRUWDGRVܲ௜‫ כ‬HOPDUJHQGHJDQDQFLD
‫ ݖ‬OD SURGXFWLYLGDG GH OD PDQR GH REUD ܽ \ HO FRHILFLHQWH WpFQLFR GHO LQVXPR
LPSRUWDGR‫ݍ‬
/DOyJLFDGHODHFXDFLyQGHVDODULRV‫ܹܧ‬TXHGDUHSUHVHQWDGDSRUXQDFXUYD
GHSHQGLHQWHSRVLWLYD/DSHQGLHQWHHVSRVLWLYDSRUTXHDPD\RUQLYHOGHHPSOHR
GLVPLQX\HODWDVDGHGHVHPSOHR\SRUHQGHDXPHQWDHOVDODULR(OHPSOHRSXHGH
DXPHQWDUVRORKDVWDHOQLYHOGHOD3($WRWDO்ܰ
/RV FDPELRV HQ HO SUHFLR HVSHUDGR OD 3($ WRWDO \ OD VHQVLELOLGDG GHO VDODULR
UHVSHFWRDOHVWDGRGHOPHUFDGRGHWUDEDMRKDFHQTXHURWHODFXUYDGHODHFXDFLyQ
GH VDODULRV 3RU HMHPSOR ORV LQFUHPHQWRV HQ HO SUHFLR HVSHUDGR \ OD VHQVLELOLGDG
GHO VDODULR D OD VLWXDFLyQ GHO PHUFDGR GH WUDEDMR VH WUDGXFLUiQ HQ XQD PD\RU
SHQGLHQWHGHODFLWDGDFXUYD
(O PHUFDGR GH WUDEDMR HVWi HQ HTXLOLEULR FXDQGR OD FXUYD GH OD HFXDFLyQ GH
VDODULRV ‫ ܹܧ‬VH LQWHUVHFWD FRQ OD FXUYD GH OD HFXDFLyQ GH SUHFLRV ‫ ܲܧ‬HV GHFLU
FXDQGR HO VDODULR TXH HVWiQ GLVSXHVWRV D UHFLELU ORV WUDEDMDGRUHV HV LJXDO DO TXH
HVWiQ GLVSXHVWDV D SDJDU ODV HPSUHVDV (O HPSOHR ܰ HV GH SOHQR HPSOHR GH
PRGR TXH OD GLVWDQFLD HQWUH ܰ7 \ ܰ DJUXSD D OD 3($ GHVHPSOHDGD TXH HVWi
FRPSUHQGLGDGHQWURGHODWDVDQDWXUDOGHGHVHPSOHR
6H SURGXFLUiQ FDPELRV HQ HO QLYHO GH HPSOHR FXDQGR VH PRGLILTXHQ ORV
SUHFLRV HVSHUDGRV OD GRWDFLyQGH OD 3($ OD VHQVLELOLGDGGHO VDODULR UHVSHFWRD OD
VLWXDFLyQGHOPHUFDGRGHWUDEDMRHOSUHFLRFRUULHQWHHOWLSRGHFDPELRQRPLQDOHO
SUHFLR LQWHUQDFLRQDO GH ORV LQVXPRV LPSRUWDGRV HO PDUJHQ GH JDQDQFLD OD
SURGXFWLYLGDGGHODPDQRGHREUD\HOFRHILFLHQWHWpFQLFRGHOLQVXPRLPSRUWDGR

/DRIHUWDDJUHJDGD

$KRUD \D FRQWDPRV FRQ ORV HOHPHQWRV QHFHVDULRV SDUD GHULYDU OD IXQFLyQ \
FXUYDGHRIHUWDDJUHJDGDGHFRUWRSOD]RODWHFQRORJtDFDSWDGDHQODIXQFLyQGH
SURGXFFLyQ GH FRHILFLHQWHV ILMRV \ HO PHUFDGR GH IDFWRUHV UHSUHVHQWDGR SRU HO
PHUFDGRGHPDQRGHREUD
139 డௐ ௉೐ఙ
Formalmente, la pendiente de la curva de la ecuación de salario es igual a: డே
ൌ ே೅
൐ ͲǤ
,JXDODQGRODHFXDFLyQGHVDODULRV\ODHFXDFLyQGHSUHFLRV\UHHPSOD]DQGRHQ
௒
HOOD OD IXQFLyQ GH SURGXFFLyQ GHVSHMDGD ܰ ൌ VH GHULYD OD VLJXLHQWH IXQFLyQ GH
௔
RIHUWDDJUHJDGDGHFRUWRSOD]R

ܲ ௘ ߪܻ
ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ ൤ ଶ ൅ ‫ܲܧݍ‬௜‫ כ‬൨ሺͳʹǤͳሻ
ܽ ்ܰ

(QODHFXDFLyQGHRIHUWDDJUHJDGDIRUPXODGDVHREVHUYDODH[LVWHQFLDGHXQD
UHODFLyQ HQ VHQWLGR SRVLWLYR HQWUH HO QLYHO GH SUHFLRV ܲ \ OD SURGXFFLyQ ܻ $
PD\RUQLYHOGHSURGXFFLyQOHFRUUHVSRQGHXQPD\RUQLYHOGHSUHFLRV
/D UHODFLyQ HQ VHQWLGR GLUHFWR HQWUH OD SURGXFFLyQ RIHUWDGD \ HO QLYHO GH
SUHFLRV VH H[SOLFD SRU HO KHFKR GH TXH XQ DXPHQWR HQ HO QLYHO GH SURGXFFLyQ
JHQHUDXQLQFUHPHQWRHQHOQLYHOGHHPSOHR'DGDOD3($VLDXPHQWDHOHPSOHR
GLVPLQX\HODWDVDGHGHVHPSOHRORFXDOHPSXMDORVVDODULRVKDFLDHODO]D&RQXQ
PD\RUVDODULRVXEHQORVFRVWRVVDODULDOHVSRUWDQWRORVFRVWRVYDULDEOHVXQLWDULRV
$ PD\RUHV FRVWRV XQLWDULRV GDGR HO PDUJHQ GH JDQDQFLD ODV HPSUHVDV VXEHQ HO
SUHFLRGHVXVSURGXFWRV
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LQWHUQDFLRQDOGHORVLQVXPRVLPSRUWDGRVܲ௜‫ כ‬ODSURGXFWLYLGDGGHODPDQRGHREUD
ܽHOFRHILFLHQWHWpFQLFRGHOLQVXPRLPSRUWDGR‫ݍ‬HOPDUJHQGHJDQDQFLD‫\ݖ‬OD
VHQVLELOLGDGGHOVDODULRUHVSHFWRDODVLWXDFLyQGHOPHUFDGRGHWUDEDMRߪ
(QHOJUiILFRVHPXHVWUDODGHULYDFLyQGHODFXUYDGHRIHUWDDJUHJDGDGH
FRUWRSOD]RHQHOSODQRGHSUHFLRV\SURGXFFLyQGRPpVWLFD
(Q HO SDQHO VXSHULRU L]TXLHUGR VH WLHQH HO PHUFDGR GH WUDEDMR (Q HO SDQHO
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GHOSDQHOGHJUiILFRVGHOODGRL]TXLHUGRHQHOSDQHOVXSHULRUGHUHFKRVHGHULYDOD
FXUYDGHRIHUWDDJUHJDGDFRUUHVSRQGLHQWH
(OSUHFLRܲ଴ ǡODSURGXFFLyQܻ଴ HOHPSOHRܰ଴ \HOVDODULRܹ଴ FRUUHVSRQGHQDXQ
SXQWR ‫ ܣ‬GH HTXLOLEULR LQLFLDO HQ HO PHUFDGR GH WUDEDMR \ OD FXUYD GH RIHUWD
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FXUYDGHODHFXDFLyQGHSUHFLRV‫ܲܧ‬VHGHVSOD]DKDFLDDUULEDDXPHQWDQGRHOQLYHO
GHHPSOHR3DUDܰଵ GHHPSOHRVHWLHQHܻଵ GHSURGXFFLyQ$KRUDHOQXHYRSXQWR
GH HTXLOLEULR HV ‫ ܤ‬$ XQ SUHFLR PD\RU OH FRUUHVSRQGH XQD PD\RU FDQWLGDG
RIHUWDGD GH ELHQHV \ VHUYLFLRV OD FXUYD GH OD RIHUWD DJUHJDGD WLHQH SHQGLHQWH
SRVLWLYD
140 Alternativamente, se puede derivar la oferta agregada reemplazando la ecuación de salarios ܹ ൌ

ே ௐ ௒
ܲ௘ ߪ ே en la ecuación de precios ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ ቂ ௔ ൅ ‫ܲܧݍ‬௜‫ כ‬ቃ y tomando en cuentaܰ ൌ ௔ .
೅
326 Macroeconomía
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DOJHEUDLFDPHQWHDSDUWLUGHODIXQFLyQGHRIHUWDDJUHJDGD'HULYDQGR ORVSUHFLRV
ܲUHVSHFWRDODSURGXFFLyQܻHQODHFXDFLyQVHWLHQH

߲ܲ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ
ฬ ൌ ൐ Ͳ
߲ܻ ୓୅ ܽଶ ்ܰ

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Y no N no W no CU no P n

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SURGXFLUXQDXQLGDGGHOELHQILQDO

$ FRQWLQXDFLyQ YHDPRV ORV HIHFWRV TXH JHQHUDQ XQ FDPELR HQ OD
SURGXFWLYLGDGODERUDO\HOWLSRGHFDPELRVREUHODRIHUWDDJUHJDGDGHFRUWRSOD]R

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OD SURGXFWLYLGDG GH OD PDQR GH REUD LPSOLFD XQ DXPHQWR HQ HO QLYHO GH OD
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ODERUDOHVXQLWDULRV\FRQVHFXHQWHPHQWHHQHOQLYHOGHSUHFLRV
(QWpUPLQRVGHOJUiILFRDVXPLHQGRTXHODVLWXDFLyQLQLFLDOGHHTXLOLEULR
HVWiORFDOL]DGDHQHOSXQWR‫ܣ‬HODXPHQWRHQODSURGXFWLYLGDGGHODPDQRGHREUD
KDFH URWDU OD FXUYD GH OD RIHUWD DJUHJDGD GH ܱ‫ܣ‬௢ D ܱ‫ܣ‬ଵ GH PDQHUD TXH SDUD HO
PLVPRQLYHOGHSUHFLRVODSURGXFFLyQRIHUWDGDDXPHQWDGHܻ௢ Dܻଵ
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GLVPLQX\H HO FRVWR YDULDEOH XQLWDULR SRU OD FDtGD HQ HO FRVWR VDODULDO XQLWDULR
HQWRQFHVGHEHDXPHQWDUHOVDODULRQRPLQDO\DVtPDQWHQHUVHFRQVWDQWHHOSUHFLR
3RUHOORHQHOJUiILFRODFXUYDGHODHFXDFLyQGHSUHFLRV‫ܲܧ‬VHWUDVODGDKDFLD
DUULED

328 Macroeconomía
*UiILFR(IHFWRVGHODXPHQWRHQODSURGXFWLYLGDGGHOWUDEDMR

8QDXPHQWRHQHOWLSRGHFDPELRXQDGHYDOXDFLyQ

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HOPLVPRQLYHOGHSURGXFFLyQDXPHQWDHOQLYHOGHSUHFLRV
(QHOJUiILFRHODXPHQWRHQHOWLSRGHFDPELRGHVSOD]DODFXUYDGHRIHUWD
DJUHJDGD GH ܱ‫ܣ‬௢ D ܱ‫ܣ‬ଵ GH PRGR TXH SDUD HO PLVPR QLYHO GH SUHFLRV OD
SURGXFFLyQ RIHUWDGD GLVPLQX\H GH ܻ௢ D ܻଵ 3RU HO LQFUHPHQWR HQ ORV FRVWRV
XQLWDULRVJHQHUDGRSRUODVXELGDHQHOWLSRGHFDPELRGHEHFDHUHOVDODULRGHܹ௢ D
ܹଵ FRVWRVDODULDOSDUDPDQWHQHUHOSUHFLRFRQVWDQWHODFXUYDGHODHFXDFLyQGH
SUHFLRV‫ܲܧ‬VHWUDVODGDKDFLDDEDMR

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/$2)(57$$*5(*$'$'(/$5*23/$=2

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DVXPH TXH ORV DJHQWHV HFRQyPLFRV PLQLPL]DQ VX HUURU HQ OD IRUPDFLyQ GH VXV
H[SHFWDWLYDVVREUHODHYROXFLyQHVSHUDGDGHORVSUHFLRV(VWHKHFKRVLJQLILFDDVX
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FRUULHQWH
$VLPLVPRODIXQFLyQGHSURGXFFLyQ\ODHFXDFLyQGHSUHFLRVVRQODVPLVPDV
TXH HQ HO PRGHOR GH RIHUWD DJUHJDGD GH FRUWR SOD]R /D GLIHUHQFLD HVWi HQ OD
HFXDFLyQGHVDODULRV$KRUDHQODPHGLGDHQTXHORVWUDEDMDGRUHVQRVHHTXLYRFDQ
HQ VX IRUPDFLyQ GH H[SHFWDWLYDV HO VDODULR IXWXUR QHJRFLDGR VHUi LJXDO D OR TXH
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H[LVWH XQD UHODFLyQ ILMD HQWUH HO QLYHO GH SURGXFFLyQ ܻ FRQ HO QLYHO GH HPSOHR
330 Macroeconomía
ODERUDOܰ\ODFDQWLGDGGHLQVXPRVLPSRUWDGRVXWLOL]DGRVܼ௜ (OQLYHOGHSUHFLRV

VH GHWHUPLQD DJUHJDQGR XQ PDUJHQ GH JDQDQFLD ‫ ݖ‬DO FRVWR YDULDEOH XQLWDULR
ௐ
FRPSXHVWR SRU HO FRVWR VDODULDO ቀ ቁ \ HO FRVWR GH LQVXPRV LPSRUWDGRV ‫ܲܧݍ‬௜‫ כ‬
௔
'DGDOD3($்ܰ \ODVHQVLELOLGDGGHOVDODULRUHVSHFWRDODVLWXDFLyQGHOPHUFDGR
GHWUDEDMRߪHOVDODULRGHSHQGHHQVHQWLGRGLUHFWRGHOQLYHOGHSUHFLRVܲ\GHO
HPSOHRܰ

ͳ
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‫ݍ‬
ܹ
ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ ൤ ൅ ‫ܲܧݍ‬௜‫ כ‬൨ ݁ܿ‫ݏ݋݅ܿ݁ݎ݌݁݀݊×݅ܿܽݑ‬
ܽ
ܰ
ܹ ൌ ܲߪ ݁ܿ‫ݏ݋݅ݎ݈ܽܽݏ݁݀݊×݅ܿܽݑ‬
்ܰ

(IHFWXDQGRORVUHHPSOD]RVFRUUHVSRQGLHQWHVVHKDOODODVLJXLHQWHIXQFLyQGH
RIHUWDDJUHJDGDGHODUJRSOD]R

ܽଶ ்ܰ ʐ
ܻൌ ሺͳʹǤʹሻ
ሺͳ ൅ ‫ݖ‬ሻߪ

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GHOFRVWRYDULDEOHXQLWDULR
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SOD]R HV YHUWLFDO H LQGHSHQGLHQWH GHO QLYHO GH SUHFLRV /D GHULYDFLyQ JUiILFD GH
GLFKDFXUYDGHRIHUWDVHPXHVWUDHQHOJUiILFR
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GHVDODULRV‫ܹܧ‬WDPELpQKDFLDDUULED(OQXHYRSXQWRGHHTXLOLEULR‫ܤ‬HVWiDOPLVPR
QLYHO GH ‫ ܣ‬WDO TXH QR FDPELD HO QLYHO GH HPSOHR &RPR QR FDPELD HO HPSOHR
WDPSRFRYDUtDODSURGXFFLyQ3HVHDTXHDXPHQWyHOQLYHOGHSUHFLRVVHRIHUWDOD
PLVPD FDQWLGDG GH ELHQHV \ VHUYLFLRV 'H DKt TXH VH GHULYD XQD FXUYD GH RIHUWD
DJUHJDGDYHUWLFDORSHUIHFWDPHQWHLQHOiVWLFDUHVSHFWRDOSUHFLR
141En el apéndice, véase la derivación algebraica correspondiente.

142En el panel superior izquierdo del gráfico 12.6, correspondiente al mercado de trabajo, la curva de
ecuación de precios ‫ ܲܧ‬es la misma que en el caso de la oferta agregada de corto plazo. En tanto que la
డௐ ௉ఙ
pendiente de la curva de salarios ‫ ܹܧ‬es igual a డே
ൌ ே ൐ ͲǤ
೅
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HVWDGRGHOPHUFDGRODERUDOߪ\FXDQGRVHPRGLILFDODSDUWLFLSDFLyQSRUFHQWXDO
GHOVDODULRHQODHVWUXFWXUDGHFRVWRVʐ
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,QFUHPHQWDUHGXFHODSURGXFWLYLGDGGHODPDQRGHREUD
,QFUHPHQWDUHGXFHODGRWDFLyQGHOD3($
,QFUHPHQWD UHGXFH OD SDUWLFLSDFLyQ SRUFHQWXDO GHO VDODULR HQ OD HVWUXFWXUD
GHFRVWRV
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5HGXFH LQFUHPHQWD OD VHQVLELOLGDG GHO VDODULR UHVSHFWR D OD VLWXDFLyQ GHO
PHUFDGRODERUDO

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P n Pe n W no N o Y
332 Macroeconomía
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PDQRGHREUDVREUHODFXUYDGHRIHUWDDJUHJDGDGHODUJRSOD]R

8QDXPHQWRHQODSURGXFWLYLGDGGHODPDQRGHREUD

8QDXPHQWRHQODSURGXFWLYLGDGGHODPDQRGHREUDRFDVLRQDXQLQFUHPHQWR
HQODRIHUWDDJUHJDGDGHODUJRSOD]R
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HOPLVPRQLYHOGHSUHFLRVVHRIHUWDXQDPD\RUFDQWLGDGGHELHQHVODSURGXFFLyQ
RIHUWDGDVHLQFUHPHQWDGHܻ௢ Dܻଵ YpDVHJUiILFR

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XQLWDULR WRWDO \ HO SUHFLR WLHQH TXH DXPHQWDU HO VDODULR QRPLQDO 3RU HOOR HQ HO
PHUFDGR ODERUDO OD FXUYD GH OD HFXDFLyQ GH SUHFLRV ‫ ܲܧ‬VH GHVSOD]D KDFLD DUULED
PRVWUDQGRDVXYH]HODXPHQWRHQHOVDODULRQRPLQDO
1RH[LVWHQGLIHUHQFLDVHQFXDQWRDODPDJQLWXGGHOHIHFWRGHODXPHQWRHQOD
SURGXFWLYLGDG GHO WUDEDMR VREUH OD SURGXFFLyQ RIHUWDGD GH FRUWR \ ODUJR SOD]R
3DUDHOPLVPRQLYHOGHSUHFLRVHQDPERVFDVRVODSURGXFFLyQVHLQFUHPHQWDHQHO
PLVPR PRQWR (Q WpUPLQRV GH SURGXFFLyQ OD FXUYD GH RIHUWD DJUHJDGD VH
GHVSOD]DRURWDHQODPLVPDGLVWDQFLD

143 En el apéndice, véase la demostración algebraica correspondiente.

334 Macroeconomía
$3e1',&(

'(5,9$&,Á1$/*(%5$,&$'(/$)81&,Á1'(2)(57$$*5(*$'$'(/$5*2
3/$=2
3DUWLHQGRGHODHFXDFLyQGHRIHUWDDJUHJDGDGHFRUWRSOD]R

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ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ ൤ ଶ ൅ ‫ܲܧݍ‬௜‫ כ‬൨
ܽ ்ܰ

$VXPLHQGRܲ ൌ ܲ௘

ܲߪܻ
ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ ൤ ଶ ൅ ‫ܲܧݍ‬௜‫ כ‬൨
ܽ ்ܰ

ܽଶ ்ܰ ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻܲߪܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲܧݍ‬௜‫ܽ כ‬ଶ ்ܰ
ܽଶ ்ܰ ሾܲ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲܧݍ‬௜‫ כ‬ሿ ൌ ሺͳ ൅ ‫ݖ‬ሻܲߪܻ

'HVSHMDQGRܻ

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ܻൌ
ሺͳ ൅ ‫ݖ‬ሻܲߪ
ܽଶ ்ܰ ܲ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲܧݍ‬௜‫כ‬
ܻൌ ቈ ቉
ሺͳ ൅ ‫ݖ‬ሻߪ ܲ
ܽଶ ்ܰ ሺͳ ൅ ‫ݖ‬ሻ‫ܲܧݍ‬௜‫כ‬
ܻൌ ቈͳ െ ቉
ሺͳ ൅ ‫ݖ‬ሻߪ ܲ

(OSUHFLRHVLJXDODOFRVWRYDULDEOHPHGLRRFRVWRXQLWDULR‫ܷܥ‬PiVXQPDUJHQGH
JDQDQFLD‫ݖ‬HVGHFLUܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ‫ܷܥ‬Ǥ3RUHOORUHHPSOD]DQGR

ܽଶ ்ܰ ሺͳ ൅ ‫ݖ‬ሻ‫ܲܧݍ‬௜‫כ‬
ܻൌ ቈͳ െ ቉
ሺͳ ൅ ‫ݖ‬ሻߪ ሺͳ ൅ ‫ݖ‬ሻ‫ܷܥ‬
ܽଶ ்ܰ ‫ܲܧݍ‬௜‫כ‬
ܻൌ ቈͳ െ ቉
ሺͳ ൅ ‫ݖ‬ሻߪ ‫ܷܥ‬
ܽ ்ܰ ʐ
ଶ
ܻ ൌ

௤ா௉೔‫כ‬
'DGR TXH ‫ܲܧݍ‬௜‫ כ‬HV HO FRVWR XQLWDULR GH LQVXPRV LPSRUWDGRV UHSUHVHQWD OD
஼௎
SDUWLFLSDFLyQ SRUFHQWXDO GHO FRVWR GH LQVXPRV LPSRUWDGRV HQ HO FRVWR YDULDEOH
௤ா௉೔‫כ‬
XQLWDULR WRWDO SRU OR TXH ʐ ൌ ቂͳ െ ቃHV OD SDUWLFLSDFLyQ SRUFHQWXDO GHO FRVWR
஼௎
VDODULDOHQHOFRVWRXQLWDULR

Capítulo 13
La oferta y la demanda
agregada en el corto plazo
8WLOL]DQGRHOPRGHORGHODGHPDQGD\HOGHODRIHUWDDJUHJDGDIRUPXODGRVHQ
ORV FDStWXORV \ UHVSHFWLYDPHQWH HQ HO SUHVHQWH FDStWXOR PRVWUDUHPRV OD
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144Véase en el capítulo 11 el detalle de la función y curva de demanda agregada de corto plazo con tipo
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340 Macroeconomía
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145 Dado ߚ ൌ ܼሺ݊௫ ൅ ݊௭ െ ͳሻ, si dice que se cumple la condición de Marshall-Lerner cuando la suma de
la elasticidad precio demanda de exportaciones (݊௫ ) y la elasticidad precio demanda de importaciones
(݊௭ ) es mayor que uno.
146
En el apéndice, véase la derivación algebraica correspondiente.

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149
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152 El costo laboral unitario se define como el salario del trabajador dividido entre la productividad del
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costos unitarios totales y los precios.
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156Véase, en el apéndice del capítulo 11, la ecuación de la pendiente de la demanda agregada de corto
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360 Macroeconomía

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߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬െ ‫ܥ‬௒ ܻ߲‫ ݐ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ݁௒ ߲ܻ െ ܼ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െܻ߲ܿ‫ ݐ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െܻ߲ܿ‫ ݐ‬൅ ߚ߲݁
ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െܻ߲ܿ‫ ݐ‬െ ଶ ߲ܲ
ܲ

'LIHUHQFLDQGRODHFXDFLyQRIHUWDDJUHJDGD
߲ܲ ൌ ߲ܻ
ܽଶ ்ܰ

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െܻ߲ܿ‫ ݐ‬െ ߲ܻ
ܽଶ ்ܰ ܲଶ
௘ ‫כ‬
ሺͳ ൅ ‫ݖ‬ሻܲ ߪߚ‫ܲܧ‬
൬ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ൰ ߲ܻ ൌ െܻ߲ܿ‫ݐ‬
ܽଶ ்ܰ ܲଶ
ܻܿ ߲ܻ
߲ܻ ൌ െ ቎ ሺଵା௭ሻ௉೐ ఙఉா௉‫כ‬
቏ ߲‫ݐ‬ ൏ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ߲‫ݐ‬
௔మ ே೅ ௉మ

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ܻܿ
߲ܲ ൌ െ ଶ
቎ ሺଵା௭ሻ௉೐ ఙఉா௉‫כ‬
቏ ߲‫ݐ‬
ܽ ்ܰ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅
௔మ ே೅ ௉మ
ܻܿ ߲ܲ
߲ܲ ൌ െ ቎ሺଵି௖ሺଵି௧ሻା௠ሻ௔మே ఉா௉‫כ‬
቏ ߲‫ݐ‬ ൏ Ͳ
೅
൅ ߲‫ݐ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ ൅ ‫ܥ‬௥ ߲‫ ݎ‬െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁ െ ܼ݁௒ ߲ܻ
߲ܲ‫ כܲܧ‬െ ‫כܲ ߲ܲ כܲܧ‬ ‫כܲܧ‬

߲݁ ൌ ൌ ߲‫ܧ‬ െ ߲ܲ
ܲଶ ܲ ܲଶ
ߚܲ‫כ‬ ߚ‫כܲܧ‬
ܲ ܲ

߲‫ ݎ‬ൌ ߲‫ כ ܧ‬
‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬

5HHPSOD]DQGRHQOD,6GLIHUHQFLDGDVHWLHQHODGHPDQGDDJUHJDGDGLIHUHQFLDGD
‫ܧ‬௘ ߚܲ‫כ‬ ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ଶ ߲‫ ܧ‬൅ ߲‫ ܧ‬െ ଶ ߲ܲ
‫ܧ‬ ܲ ܲ
ߚܲ‫כ‬ ‫ܧ‬௘ ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ൬ ሺ‫ܥ‬ ሻ
െ ௥ ൅ ‫ܫ‬௥ ଶ ൰ ߲‫ ܧ‬െ ଶ ߲ܲ
ܲ ‫ܧ‬ ܲ

߲ܲ ൌ ߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ܧ߲ כ‬
ܽଶ ்ܰ

5HHPSOD]DQGRHQODGHPDQGDDJUHJDGDGLIHUHQFLDGD
ߚܲ‫כ‬ ‫ܧ‬௘ ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ߚ‫ כ ܲܧ‬ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ൬ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ଶ ൰ ߲‫ ܧ‬െ ߲ܻ െ ߲‫ܧ‬
ܲ ‫ܧ‬ ܲଶ ܽଶ ்ܰ ܲଶ
‫ כ‬ሺͳ ௘ ‫כ‬ ௘ ‫ כ‬ሺͳ ‫כ‬
ߚ‫ܲܧ‬ ൅ ‫ݖ‬ሻܲ ߪ ߚܲ ‫ܧ‬ ߚ‫ܲܧ‬ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ቇ ߲ܻ ൌ ቆ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ଶ െ ቇ ߲‫ܧ‬
ܲଶ ܽଶ ்ܰ ܲ ‫ܧ‬ ܲଶ
ఉ௉‫כ‬ ா೐ ఉா௉ ‫ כ‬ሺଵା௭ሻ௤௉೔‫כ‬
െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ െ
௉ ாమ ௉మ
቏ ߲‫ܧ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅
௉మ ௔మ ே೅
ఉ௉‫כ‬ ሺଵା௭ሻ௤ா௉೔‫כ‬ ா೐
௉
ቀͳ െ ௉
ቁ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ாమ
቏ ߲‫ܧ‬
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅
௉మ ௔మ ே೅
ఉ௉‫ כ‬ʐ ா೐
െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ߲ܻ
௉ ாమ
቏ ߲‫ܧ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ߲‫ܧ‬
௉మ ௔మ ே೅

ሺଵା௭ሻ௤ா௉೔‫כ‬
'RQGH ʐ ቀͳ െ ቁUHSUHVHQWDODSDUWLFLSDFLyQSRUFHQWXDOGHOVDODULRHQOD
௉
HVWUXFWXUDGHFRVWRV

ఉ௉‫ כ‬ʐ ா೐
ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ మ
௉ ா
߲ܲ ൌ ቎ ఉா௉ ‫ כ‬ሺଵା௭ሻ௉೐ ఙ
቏ ߲‫ ܧ‬൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ܧ߲ כ‬
௉మ ௔మ ே೅
372 Macroeconomía
ఉ௉‫ כ‬ʐா మ ିሺ஼ೝ ାூೝ ሻா ೐ ௉

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ మ
߲ܲ ൌ ቎ ሺଵି௖ሺଵି௧ሻା௠ሻ௉మ௔௉ா ‫כ‬
మ ே ାఉா௉ ‫ כ‬ሺଵା௭ሻ௉ ೐ ఙ ቏ ߲‫ ܧ‬൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ߲‫ܧ‬
ܽଶ ்ܰ ೅
௉మ ௔మ ே೅
ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ሺߚܲ‫ כ‬ʐ‫ ܧ‬ଶ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ‫ ܧ‬௘ ܲሻܲܽଶ ்ܰ
߲ܲ ൌ ቈ ቉ ߲‫ܧ‬
ଶ
ܽ ்ܰ ሺሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲ ଶ ܽଶ ்ܰ ൅ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪሻ‫ ܧ‬ଶ
൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ܧ߲ כ‬
ሺߚܲ‫ כ‬ʐ‫ ܧ‬ଶ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ‫ ܧ‬௘ ܲሻܲሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ
߲ܲ ൌ ቈ ቉ ߲‫ ܧ‬൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ܧ߲ כ‬
ሺሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲଶ ܽଶ ்ܰ ൅ߚ‫ כ ܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪሻ‫ ܧ‬ଶ
ሺߚܲ‫ כ‬ʐ‫ ܧ‬ଶ െ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ‫ ܧ‬௘ ܲሻܲܲ௘ ߪ ߲ܲ
߲ܲ ൌ ቈ ൅ ‫ܲݍ‬௜‫ כ‬቉ ሺͳ ൅ ‫ݖ‬ሻ߲‫ܧ‬ ൐ Ͳ
ሺሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲଶ ܽଶ ்ܰ ൅ߚ‫ כ ܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪሻ‫ ܧ‬ଶ ߲‫ܧ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ݁௒ ߲ܻ െ ܼ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ܺ௒ ‫ כ ܻ߲ כ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ܺ௒ ‫ כ ܻ߲ כ‬൅ ߚ߲݁
ߚ‫כ ܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ܺ௒ ‫ כ ܻ߲ כ‬െ ଶ ߲ܲ
ܲ

߲ܲ ൌ ߲ܻ
ܽଶ ்ܰ

ߚ‫ כ ܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ܺ௒ ‫ כ ܻ߲ כ‬െ ߲ܻ
ܲଶ ܽଶ ்ܰ
ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ቇ ߲ܻ ൌ ܺ௒ ‫ כ ܻ߲ כ‬
ܲଶ ܽଶ ்ܰ
ܺ௒ ‫כ‬ ߲ܻ
቏ ߲ܻ ‫ כ‬ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ߲ܻ ‫כ‬
௉మ ௔మ ே೅

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ܺ௒ ‫כ‬
߲ܲ ൌ ቎ ఉா௉‫ כ‬ሺଵା௭ሻ௉೐ ఙ
቏ ߲ܻ ‫ כ‬
௉మ ௔మ ே೅
ܺ௒ ‫כ‬ ݀ܲ
߲ܲ ൌ ቎ሺଵି௖ሺଵି௧ሻା௠ሻ௔మ ே ఉா௉‫כ‬
቏ ߲ܻ ‫ כ‬ ൐ Ͳ
೅
൅ ܻ݀ ‫כ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬െ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ݁௒ ߲ܻ െ ܼ߲݁
ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ଶ ߲ܲ
ܲ

'DGR
߲‫ ݎ‬ൌ ߲‫ כ ݎ‬

5HHPSOD]DQGRVHWLHQHODGHPDQGDDJUHJDGDGLIHUHQFLDGD
ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ כ ݎ‬െ ଶ ߲ܲ
ܲ

߲ܲ ൌ ߲ܻ
ܽଶ ்ܰ

ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ כ ݎ‬െ ߲ܻ
ܲଶ ܽଶ ்ܰ
‫ כ‬ሺͳ ௘
ߚ‫ܲܧ‬ ൅ ‫ݖ‬ሻܲ ߪ
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ቇ ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ כ ݎ‬
ܲ ܽଶ ்ܰ
ଶ
ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ ߲ܻ
቏ ߲‫ כ ݎ‬ ൏ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ߲‫כ ݎ‬
௉మ ௔మ ே೅

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ
߲ܲ ൌ ଶ
቎ ఉா௉‫ כ‬ሺଵା௭ሻ௉೐ ఙ
቏ ߲‫ כ ݎ‬
ܽ ்ܰ ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅
௉మ ௔మ ே೅
ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ

߲ܲ ൌ ቎ ఉா௉‫ כ‬ሺଵା௭ሻ௉೐ ఙ
቏ ߲‫ כ ݎ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܽଶ ்ܰ ൅
௉మ
ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻܲଶ ݀ܲ

߲ܲ ൌ ቎ሺଵି௖ሺଵି௧ሻା௠ሻ௔మ ே ௉మ ቏ ߲‫ כ כ ݎ‬൏ Ͳ
೅
൅ ߚ‫כܲܧ‬ ݀‫ݎ‬
ሺଵା௭ሻ௉೐ ఙ

8QLQFUHPHQWRHQODSURGXFWLYLGDGGHODPDQRGHREUD

߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ݁௒ ߲ܻ െ ܼ߲݁
374 Macroeconomía

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ߚ߲݁
ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െ ଶ ߲ܲ
ܲ

ܲ௘ ߪܻ
߲ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ߲ ൬ ଶ ൰
ܽ ்ܰ
ܽଶ ்ܰ ܲ௘ ߪ߲ܻ െ ܲ௘ ߪܻʹ்ܽܰ ߲ܽ
߲ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ ቆ ቇ
ሺܽଶ ்ܰ ሻଶ
ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ
߲ܲ ൌ ߲ܻ െ ߲ܽ
ଶ
ܽ ்ܰ ሺܽଶ ்ܰ ሻଶ

ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െ ଶ ቈ ߲ܻ െ ߲ܽ቉
ܲ ଶ
ܽ ்ܰ ሺܽଶ ்ܰ ሻଶ
ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ
ቈͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ቉ ߲ܻ ൌ ቈ ቉ ߲ܽ
ܲଶ ܽଶ ்ܰ ܲଶ ሺܽଶ ்ܰ ሻଶ
‫ כ‬ሺͳ ௘
ߚ‫ܲܧ‬ ൅ ‫ݖ‬ሻܲ ߪܻʹ்ܽܰ
߲ܻ ൌ ቈ ቉ ߲ܽ
൫ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲ ܽଶ ்ܰ ൅ ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ൯ܽଶ ்ܰ
ଶ
ܻʹ ߲ܻ
߲ܻ ൌ ቎ሺଵି௖ሺଵି௧ሻା௠ሻ௉మ௔యே ቏ ߲ܽ ൐ Ͳ
೅
൅ܽ ߲ܽ
ఉா௉‫ כ‬ሺଵା௭ሻ௉೐ ఙ

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ
߲ܲ ൌ ቈ ቉ ߲ܽ െ ߲ܽ
ଶ
ܽ ்ܰ ൫ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲ ܽ ்ܰ ൅ ߚ‫ ܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ ߪ൯ܽ ்ܰ
ଶ ଶ ‫כ‬ ௘ ଶ ሺܽଶ ்ܰ ሻଶ
ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ ܻʹ்ܽܰ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ
߲ܲ ൌ ቈ െ ଶ ቉ ߲ܽ
൫ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲ ܽ ்ܰ ൅ ߚ‫ ܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ ߪ൯ܽ ்ܰ
ଶ ଶ ‫כ‬ ௘ ଶ ܽ ்ܰ ܽଶ ்ܰ
ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ െ ܻʹ்ܽܰ ൫ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲଶ ܽଶ ்ܰ ൅ ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ൯ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ
߲ܲ ൌ ቈ ቉ ߲ܽ
൫ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲଶ ܽଶ ்ܰ ൅ ߚ‫ כܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ൯ܽଶ ்ܰ ܽଶ ்ܰ
ܻʹ൫ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲଶ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ൯ ߲ܲ
߲ܲ ൌ െ ቈ ቉ ߲ܽ ൏ Ͳ
൫ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲ ܽ ்ܰ ൅ ߚ‫ ܲܧ‬ሺͳ ൅ ‫ݖ‬ሻܲ ߪ൯ܽ
ଶ ଶ ‫כ‬ ௘ ߲ܽ

6,08/$&,21(6$/*(%5$,&$6&217,32'(&$0%,2)/(;,%/(


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬൅ ߲‫ ܩ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ݁௒ ߲ܻ െ ܼ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ݀‫ ݎ‬൅ ݀‫ ܩ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܩ‬൅ ߚ߲݁

ா௉‫כ‬
'DGR݁ ൌ
௉
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܩ‬൅ ߲‫ ܧ‬െ ଶ ߲ܲ
ܲ ܲ

‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ
߲‫ ܧ‬ൌ െ ௘ ߲‫ݎ‬
‫ܧ‬

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܩ‬െ ߲‫ݎ‬ െ ߲ܲ
‫ כ‬ଶ ‫כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲‫ ݎ‬൅ ߲‫ ܩ‬െ ଶ ߲ܲ
ܲ‫ ܧ‬௘ ܲ

‫ܯ‬
െ ଶ ߲ܲ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ܲ
݇ ‫ܯ‬
߲‫ ݎ‬ൌ ߲ܻ ൅ ଶ ߲ܲ
݄ ݄ܲ

ቇ ൬ ߲ܻ ൅ ଶ ߲ܲ൰ ൅ ߲‫ ܩ‬െ ଶ ߲ܲ
ܲ‫ܧ‬ ݄ ݄ܲ ܲ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲ܻ ൅ ߲‫ ܩ‬൅ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲ܲ െ ଶ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ܲ‫ ܧ‬௘ ݄ܲଶ ܲ
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ቇ ߲ܻ ൌ ߲‫ ܩ‬൅ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ െ ଶ ൱ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ܲ‫ ܧ‬௘ ݄ܲଶ ܲ

߲ܲ ൌ ߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ܧ߲ כ‬
ܽଶ ்ܰ

5HHPSOD]DQGROD%3GLIHUHQFLDGD
ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ‫ܧ‬ଶ
߲ܲ ൌ ଶ
߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ߲‫ݎ‬
ܽ ்ܰ ‫ܧ‬

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ‫כ‬
‫ܧ‬ଶ ݇ ‫ܯ‬
߲ܲ ൌ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ൬ ߲ܻ ൅ ଶ ߲ܲ൰
ܽଶ ்ܰ ‫ܧ‬௘ ݄ ݄ܲ
376 Macroeconomía
‫ܧ‬ଶ݇ ‫כ‬
‫ܧ‬ଶ‫ܯ‬
߲ܲ ൌ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ߲ܲ
ܽଶ ்ܰ ‫ܧ‬௘ ݄ ‫ ܧ‬௘ ݄ܲଶ
‫ܧ‬ଶ‫ܯ‬ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ‫ܧ‬ଶ݇
ቆͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ଶ ቇ ߲ܲ ൌ ቆ ଶ
െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ቇ ߲ܻ
‫݄ܲ ܧ‬ ܽ ்ܰ ‫݄ ܧ‬
ሺଵା௭ሻ௉೐ ఙ ாమ ௞
െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬
௔మ ே೅ ா೐௛
߲ܲ ൌ ቎ ா మெ ቏ ߲ܻ
ͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬೐ మ
ா ௛௉
ሺ௉೐ ఙா ೐ ௛ି௤௉೔‫ כ‬ா మ ௞௔మ ே೅ ሻሺଵା௭ሻ
௔మ ே೅ ா ೐ ௛
߲ܲ ൌ ቎ ா ೐ ௛௉మ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெ
቏ ߲ܻ
ா ೐ ௛௉ మ
ሺܲ௘ ߪ‫ ܧ‬௘ ݄ െ ‫ܲݍ‬௜‫ ܧ כ‬ଶ ݇ܽଶ ்ܰ ሻሺͳ ൅ ‫ݖ‬ሻܲଶ
߲ܲ ൌ ቈ ቉ ߲ܻ
ሺ‫ ܧ‬௘ ݄ܲଶ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ‫ܯ‬ሻܽଶ ்ܰ

ͳ
߲ܻ ൌ ൦ ൪ ߲‫ܩ‬
ఉ௉ ‫ כ‬ா మ ௞ ఉ௉‫ כ‬ா మ ெ ఉா௉‫כ‬ ሺ௉೐ ఙா ೐ ௛ି௤௉೔‫ כ‬ா మ ௞௔మ ே೅ ሻሺଵା௭ሻ௉మ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ െ ൬ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ െ ൰൬ ൰
௉ா ೐ ௛ ௉ா ೐ ௛௉మ ௉మ ൫ா ೐ ௛௉మ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெ൯௔మ ே೅
ߚܲ‫ ܧ כ‬ଶ ݇ ߚܲ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫ כܲܧ‬ሺܲ௘ ߪ‫ ܧ‬௘ ݄ െ ‫ܲݍ‬௜‫ ܧ כ‬ଶ ݇ܽଶ ்ܰ ሻሺͳ ൅ ‫ݖ‬ሻܲଶ
ܳ ൌ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ െ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ െ ଶ ൱ቆ ቇ
ܲ‫ ܧ‬௘ ݄ ܲ‫ ܧ‬௘ ݄ܲଶ ܲ ሺ‫ ܧ‬௘ ݄ܲଶ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ‫ܯ‬ሻܽଶ ்ܰ
ͳ ߲ܻ
߲ܻ ൌ ൤ ൨ ߲‫ܩ‬ ൐ Ͳ‫ܲ݅ݏ‬௘ ߪ‫ ܧ‬௘ ݄ ൐ ‫ܲݍ‬௜‫ ܧ כ‬ଶ ݇ܽଶ ்ܰ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ܳ ߲‫ܩ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬െ ‫ܥ‬௒ ܻ߲‫ ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ݁௒ ߲ܻ െ ܼ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െܻ߲ܿ‫ ݐ‬൅ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െܻ߲ܿ‫ ݐ‬൅ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߚ߲݁

ா௉‫כ‬
'DGR݁ ൌ
௉
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െܻ߲ܿ‫ ݐ‬൅ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߲‫ ܧ‬െ ଶ ߲ܲ
ܲ ܲ

‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ
߲‫ ܧ‬ൌ െ ௘ ߲‫ݎ‬
‫ܧ‬

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ܻ߲ܿ‫ ݐ‬െ ௘
߲‫ ݎ‬െ ଶ ߲ܲ
ܲ‫ܧ‬ ܲ
ߚܲ ‫ ܧ כ‬ଶ ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲‫ݎ‬ െ ܻ߲ܿ‫ݐ‬ െ ߲ܲ

‫ܯ‬
െ ଶ ߲ܲ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ܲ
݇ ‫ܯ‬
߲‫ ݎ‬ൌ ߲ܻ ൅ ଶ ߲ܲ
݄ ݄ܲ

ߚܲ ‫ ܧ כ‬ଶ ݇ ‫ܯ‬ ߚ‫כ ܲܧ‬
ቇ ൬ ߲ܻ ൅ ଶ ߲ܲ൰ െ ܻ߲ܿ‫ ݐ‬െ ଶ ߲ܲ
ܲ‫ܧ‬ ݄ ݄ܲ ܲ
ቇ ߲ܻ െ ܻ߲ܿ‫ ݐ‬൅ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘
ܲ‫ܧ‬ ݄ ܲ‫ܧ‬ ݄ܲ ܲ
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ቇ ߲ܻ ൌ െܻ߲ܿ‫ ݐ‬൅ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ െ ଶ ൱ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ܲ‫ ܧ‬௘ ݄ܲଶ ܲ

߲ܲ ൌ ߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ܧ߲ כ‬
ܽଶ ்ܰ

‫ܧ‬ଶ
߲ܲ ൌ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬ ௜ ߲‫ݎ‬
ܽଶ ்ܰ ‫ܧ‬௘

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ‫ܧ‬ଶ ݇ ‫ܯ‬
߲ܲ ൌ ଶ
߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ൬ ߲ܻ ൅ ଶ ߲ܲ൰
ܽ ்ܰ ‫݄ ܧ‬ ݄ܲ
ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ‫ܧ‬ଶ݇ ‫ܧ‬ଶ‫ܯ‬
߲ܲ ൌ ଶ
߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ௘ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ଶ ߲ܲ
‫כ‬
ܽ ்ܰ ‫݄ ܧ‬ ‫݄ܲ ܧ‬
‫כ‬
ቆͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ௘ ଶ ቇ ߲ܲ ൌ ቆ ଶ
െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ቇ ߲ܻ
‫݄ܲ ܧ‬ ܽ ்ܰ ‫݄ ܧ‬
௔మ ே೅ ா೐௛
߲ܲ ൌ ቎ మ ቏ ߲ܻ
‫ כ‬ா ெ
ͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ೐ మ
ா ௛௉
௔మ ே೅ ா ೐ ௛
߲ܲ ൌ ቎ ா ೐ ௛௉మ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெ
቏ ߲ܻ
ா ೐ ௛௉ మ
߲ܲ ൌ ቈ ቉ ߲ܻ

378 Macroeconomía
െܻܿ
߲ܻ ൌ ൦ ൪ ߲‫ݐ‬
ఉ௉ ‫ כ‬ா మ ௞ ఉ௉ ‫ כ‬ா మ ெ ఉா௉‫כ‬ ሺ௉೐ ఙா ೐ ௛ି௤௉೔‫ כ‬ா మ ௞௔మ ே೅ ሻሺଵା௭ሻ௉మ
௉ா ೐ ௛ ௉ா ೐ ௛௉మ ௉మ ሺா ೐ ௛௉మ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெሻ௔మ ே೅
ܳ ൌ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ െ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ଶ െ ଶ ൱ቆ ቇ
ܲ‫ܧ‬ ௘ ݄ ܲ‫ܧ‬ ௘ ݄ܲ ܲ ሺ‫ ܧ‬௘ ݄ܲଶ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ‫ܯ‬ሻܽଶ ்ܰ
െܻܿ ߲ܻ
߲ܻ ൌ ൤ ൨ ߲‫ݐ‬ ൏ Ͳ‫ܲ݅ݏ‬௘ ߪ‫ ܧ‬௘ ݄ ൐ ‫ܲݍ‬௜‫ ܧ כ‬ଶ ݇ܽଶ ்ܰ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ܳ ߲‫ݐ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ݁௒ ߲ܻ െ ܼ߲݁

ா௉‫כ‬
'DGR݁ ൌ
௉
ܲ ܲ

‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ
߲‫ ܧ‬ൌ െ ௘ ߲‫ݎ‬
‫ܧ‬

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ߲‫ݎ‬ െ ߲ܲ
‫ כ‬ଶ ‫כ‬
ܲ‫ ܧ‬௘ ܲ

ͳ ‫ܯ‬
߲‫ ܯ‬െ ଶ ߲ܲ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ܲ ܲ
݇ ‫ܯ‬ ͳ
߲‫ ݎ‬ൌ ߲ܻ ൅ ଶ ߲ܲ െ ߲‫ܯ‬
݄ ݄ܲ ݄ܲ

ߚܲ ‫ ܧ כ‬ଶ ݇ ‫ܯ‬ ͳ ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ൬ ߲ܻ ൅ ߲ܲ െ ߲‫ܯ‬൰ െ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ݄ܲଶ ݄ܲ ܲଶ
ߚܲ ‫ ܧ כ‬ଶ ݇ ߚܲ ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כ ܲܧ‬ ߚܲ ‫ ܧ כ‬ଶ ͳ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲ܻ ൅ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ െ ଶ ൱ ߲ܲ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲‫ܯ‬
ܲ‫ ܧ‬௘ ݄ ܲ‫ ܧ‬௘ ݄ܲଶ ܲ ܲ‫ ܧ‬௘ ݄ܲ

߲ܲ ൌ ߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ܧ߲ כ‬
ܽଶ ்ܰ
‫ܧ‬ଶ
߲ܲ ൌ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ߲‫ݎ‬

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ‫ܧ‬ଶ ݇ ‫ܯ‬ ͳ
߲ܲ ൌ ଶ
߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ൬ ߲ܻ ൅ ଶ ߲ܲ െ ߲‫ܯ‬൰
ܽ ்ܰ ‫݄ ܧ‬ ݄ܲ ݄ܲ
ሺଵା௭ሻ௉೐ ఙ ாమ ௞ ாమெ ாమ
߲ܲ ൌ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬ ߲ܲሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬ ߲‫ܯ‬
௔మ ே೅ ா೐௛ ா ೐ ௛௉మ ௛௉ா ೐
‫ܧ‬ଶ ‫ܯ‬ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ‫ܧ‬ଶ ݇ ‫ܧ‬ଶ
ቆͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ଶ ቇ ߲ܲ ൌ ቆ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜
‫כ‬
ቇ ߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜
‫כ‬
߲‫ܯ‬
‫݄ܲ ܧ‬ ܽଶ ்ܰ ‫ܧ‬௘ ݄ ݄ܲ‫ ܧ‬௘
ሺଵା௭ሻ௉೐ ఙ ாమ ௞ ாమ
െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬
௔మ ே೅ ா೐௛ ௛௉ா ೐
߲ܲ ൌ ቎ మ ቏ ߲ܻ ൅቎ ாమெ
቏ ߲݀‫ܯ‬
‫ כ‬ா ெ
ͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ೐ మ ͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬೐ మ
ா ௛௉ ா ௛௉
ሺ௉೐ ఙா ೐ ௛ି௤௉೔‫ כ‬ா మ ௞௔మ ே೅ ሻሺଵା௭ሻ ሺଵା௭ሻ௤௉೔‫ כ‬ா మ
௔మ ே೅ ா ೐ ௛ ௛௉ா ೐
߲ܲ ൌ ቎ ா ೐ ௛௉మ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெ
቏ ߲ܻ ൅ ቎ ா೐ ௛௉మାሺଵା௭ሻ௤௉ ‫ כ‬ா మ ெ ቏ ߲‫ܯ‬
೔
ா ೐ ௛௉ మ ா ೐ ௛௉మ
ሺܲ ߪ‫ ݄ ܧ‬െ ‫ܲݍ‬௜‫ ܧ כ‬ଶ ݇ܽଶ ்ܰ ሻሺͳ ൅ ‫ݖ‬ሻܲଶ
௘ ௘
൫ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ൯ܲ
߲ܲ ൌ ቈ ቉ ߲ܻ ൅ ቈ ቉ ߲‫ܯ‬
ሺ‫ ܧ‬௘ ݄ܲଶ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ‫ܯ‬ሻܽଶ ்ܰ ‫ ܧ‬௘ ݄ܲଶ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ‫ܯ‬

ఉ௉ ா ெ ‫ כ‬మఉா௉ ‫כ‬
೔ ቀሺଵା௭ሻ௤௉ ‫ כ‬ா మ ቁ௉ ఉ௉ ா ଵ ‫ כ‬మ
‫ۍ‬ ቆቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ మ െ మ ቇቆ ೐ మ ቇ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ ‫ې‬
‫ێ‬ ௉ா ೐ ௛௉ ௉ ா ௛௉ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெ ௉ா ೐ ௛௉ ‫ۑ‬
߲ܻ ൌ ‫ێ‬ ߲‫ܯ‬
‫כ‬
ఉ௉ ா మ ௞ ఉ௉ ா‫כ‬ మ ெ ఉா௉ ‫כ‬ ሺ௉ ఙா ௛ି௤௉೔ ா ௞௔ ே೅ ሻሺଵା௭ሻ௉ ‫ۑ‬
೐ ೐ ‫כ‬ మ మ మ
‫ ͳێ‬െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௉ா೐ ቁ ௛ െ ൬ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௉ா೐ ቁ ௛௉మ െ ௉మ ൰ ൬ ሺா೐ ௛௉మ ାሺଵା௭ሻ௤௉ ‫ כ‬ா మ ெሻ௔మ ே ൰‫ۑ‬
೅
‫ۏ‬ ೔
‫ے‬
ߚܲ ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כܲܧ‬ ൫ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ൯ܲ ߚܲ‫ ܧ כ‬ଶ ͳ
‫ ܨ‬ൌ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘
ቇ ଶ െ ଶ ൱ቆ ௘ ଶ ‫ כ‬ଶ ቇ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ
ܲ‫ܧ‬ ݄ܲ ܲ ‫ ݄ܲ ܧ‬൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ‫ܯ ܧ‬ ܲ‫ ܧ‬௘ ݄ܲ
‫ܨ‬ ߲ܻ
߲ܻ ൌ ൤ ൨ ߲‫ܯ‬ ൐ Ͳܵ݅‫ ܨ‬൐ Ͳܳ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ܳ ߲‫ܯ‬


߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ݁௒ ߲ܻ െ ܼ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ݀‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬൅ ߚ߲݁

ா௉‫כ‬
'DGR݁ ൌ
௉
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬൅ ߲‫ ܧ‬െ ଶ ߲ܲ
ܲ ܲ
380 Macroeconomía
‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ
߲‫ ܧ‬ൌ െ ௘ ߲‫ݎ‬
‫ܧ‬

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ܺ௒ ‫ כ ܻ߲ כ‬െ ௘
߲‫ ݎ‬െ ଶ ߲ܲ
ܲ‫ܧ‬ ܲ
ߚܲ ‫ ܧ כ‬ଶ ‫כ‬
ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲‫ ݎ‬൅ ܺ௒ ‫ ܻ߲ כ‬െ ଶ ߲ܲ
ܲ‫ ܧ‬௘ ܲ

‫ܯ‬
െ ଶ ߲ܲ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ܲ
݇ ‫ܯ‬
߲‫ ݎ‬ൌ ߲ܻ ൅ ଶ ߲ܲ
݄ ݄ܲ

ቇ ൬ ߲ܻ ൅ ଶ ߲ܲ൰ ൅ ܺ௒ ‫ כ ܻ߲ כ‬െ ଶ ߲ܲ
ܲ‫ܧ‬ ݄ ݄ܲ ܲ
ߚܲ‫ ܧ כ‬ଶ ݇ ߚܲ ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כܲܧ‬
ቇ ߲ܻ ൅ ܺ௒ ‫ כ ܻ߲ כ‬൅ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘
ܲ‫ܧ‬ ݄ ܲ‫ܧ‬ ݄ܲ ܲ
ߚܲ‫ ܧ כ‬ଶ ݇ ‫כ‬
ߚܲ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כܲܧ‬
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ቇ ߲ܻ ൌ ܺ௒ ‫ ܻ߲ כ‬൅ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ െ ଶ ൱ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ܲ‫ ܧ‬௘ ݄ܲଶ ܲ

'LIHUHQFLDQGRODHFXDFLyQRIHUWDDJUHJDGD
߲ܲ ൌ ߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ܧ߲ כ‬
ܽଶ ்ܰ

‫ܧ‬ଶ
߲ܲ ൌ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬ ௜ ߲‫ݎ‬

‫ܧ‬ଶ ݇ ‫ܯ‬
߲ܲ ൌ ଶ
߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬ ௜ ௘
൬ ߲ܻ ൅ ଶ ߲ܲ൰
ܽ ்ܰ ‫݄ ܧ‬ ݄ܲ
ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ‫ܧ‬ଶ݇ ‫ܧ‬ଶ‫ܯ‬
߲ܲ ൌ ଶ
߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ௘ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ଶ ߲ܲ
‫כ‬
ܽ ்ܰ ‫݄ ܧ‬ ‫݄ܲ ܧ‬
‫כ‬
ቆͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ௘ ଶ ቇ ߲ܲ ൌ ቆ ଶ
െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ቇ ߲ܻ
‫݄ܲ ܧ‬ ܽ ்ܰ ‫݄ ܧ‬
௔మ ே೅ ா೐௛
߲ܲ ൌ ቎ మ ቏ ߲ܻ
‫ כ‬ா ெ
ͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ೐ మ
ா ௛௉
௔మ ே೅ ா ೐ ௛
߲ܲ ൌ ቎ ா ೐ ௛௉మ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெ
቏ ߲ܻ
ா ೐ ௛௉ మ
߲ܲ ൌ ቈ ቉ ߲ܻ

ܺ௒ ‫כ‬
߲ܻ ൌ ൦ ൪ ߲ܻ ‫ כ‬
ఉ௉ ‫ כ‬ா మ ௞ ఉ௉‫ כ‬ா మ ெ ఉா௉‫כ‬ ሺ௉೐ ఙா ೐ ௛ି௤௉೔‫ כ‬ா మ ௞௔మ ே೅ ሻሺଵା௭ሻ௉మ
௉ா ೐ ௛ ௉ா ೐ ௛௉మ ௉మ ሺா ೐ ௛௉మ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெሻ௔మ ே೅
ܳ ൌ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ െ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ଶ െ ଶ ൱ቆ ቇ
ܲ‫ܧ‬ ௘ ݄ ܲ‫ܧ‬ ௘ ݄ܲ ܲ ሺ‫ ܧ‬௘ ݄ܲଶ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ‫ܯ‬ሻܽଶ ்ܰ
ܺ௒ ‫כ‬ ߲ܻ
߲ܻ ൌ ൤ ൨ ߲ܻ ‫ כ כ‬൐ Ͳ‫ܲ݅ݏ‬௘ ߪ‫ ܧ‬௘ ݄ ൐ ‫ܲݍ‬௜‫ ܧ כ‬ଶ ݇ܽଶ ்ܰ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ܳ ߲ܻ


ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ݀‫ ݎ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁

ா௉‫כ‬
'DGR݁ ൌ
௉
ܲ ܲ

‫ܧ‬௘
߲‫ ݎ‬ൌ ߲‫ כ ݎ‬െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ ‫ܧ כ‬ଶ
߲‫ ܧ‬ൌ ௘ ߲‫ ݎ‬െ ௘ ߲‫ݎ‬
‫ܧ‬ ‫ܧ‬

ߚܲ‫ ܧ כ‬ଶ ߚܲ‫ ܧ כ‬ଶ ‫כܲܧߚ כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ߲‫ݎ‬ ൅ ߲‫ ݎ‬െ ଶ ߲ܲ
ܲ‫ ܧ‬௘ ܲ‫ ܧ‬௘ ܲ
‫ כ‬ଶ ‫ כ‬ଶ
ߚܲ ‫ܧ‬ ߚܲ ‫ܧ‬ ‫כ‬
ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲‫ ݎ‬൅ ߲‫ ݎ‬െ ଶ ߲ܲ
ܲ‫ ܧ‬௘ ܲ‫ ܧ‬௘ ܲ

382 Macroeconomía
‫ܯ‬
െ ߲ܲ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ܲଶ
݇ ‫ܯ‬
߲‫ ݎ‬ൌ ߲ܻ ൅ ଶ ߲ܲ
݄ ݄ܲ

ߚܲ ‫ ܧ כ‬ଶ ݇ ‫ܯ‬ ߚܲ‫ ܧ כ‬ଶ ‫כܲܧߚ כ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ൬ ߲ܻ ൅ ߲ܲ൰ ൅ ߲‫ ݎ‬െ ଶ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ݄ܲଶ ܲ‫ ܧ‬௘ ܲ
ߚܲ‫ ܧ כ‬ଶ ݇ ߚܲ‫ ܧ כ‬ଶ ‫כ‬ ߚܲ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ߲ܻ ൅ ௘
߲‫ ݎ‬൅ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘ ቇ ଶ ߲ܲ െ ଶ ߲ܲ
ܲ‫ܧ‬ ݄ ܲ‫ܧ‬ ܲ‫ܧ‬ ݄ܲ ܲ
ߚܲ‫ ܧ כ‬ଶ ݇ ߚܲ‫ ܧ כ‬ଶ ‫כ‬ ߚܲ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כܲܧ‬
ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ቇ ߲ܻ ൌ ߲‫ ݎ‬൅ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ െ ଶ ൱ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ܲ‫ ܧ‬௘ ܲ‫ ܧ‬௘ ݄ܲଶ ܲ

߲ܲ ൌ ߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ܧ߲ כ‬
ܽଶ ்ܰ

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ‫ܧ‬ଶ ‫ܧ‬ଶ
߲ܲ ൌ ଶ
߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬ቆ ௘ ߲‫ כ ݎ‬െ ௘ ߲‫ݎ‬ቇ
ܽ ்ܰ ‫ܧ‬ ‫ܧ‬
‫ܧ‬ ଶ
‫כ‬ ‫כ‬
‫ܧ‬ଶ
߲ܲ ൌ ߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ߲‫ݎ‬ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ߲‫ݎ‬
ܽଶ ்ܰ ‫ܧ‬௘ ‫ܧ‬௘

ሺͳ ൅ ‫ݖ‬ሻܲ ௘ ߪ ‫כ‬
‫ܧ‬ଶ ‫כ‬ ‫כ‬
‫ܧ‬ଶ ݇ ‫ܯ‬
߲ܲ ൌ ଶ
߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ௘
߲‫ݎ‬ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ௘
൬ ߲ܻ ൅ ଶ ߲ܲ൰
ܽ ்ܰ ‫ܧ‬ ‫݄ ܧ‬ ݄ܲ
‫ܧ‬ଶ ‫כ‬ ‫כ‬
‫ܧ‬ଶ ݇ ‫כ‬
‫ܧ‬ଶ ‫ܯ‬
߲ܲ ൌ ߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ߲‫ݎ‬ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ߲ܲ
ܽଶ ்ܰ ‫ܧ‬௘ ‫ܧ‬௘ ݄ ‫ ܧ‬௘ ݄ܲଶ
ଶ ௘ ଶ ଶ
‫ܯ ܧ‬ ሺͳ ൅ ‫ݖ‬ሻܲ ߪ ‫݇ ܧ‬ ‫ܧ‬
ቆͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ଶ ቇ ߲ܲ ൌ ቆ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ቇ ߲ܻ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ߲‫ כ ݎ‬
‫݄ܲ ܧ‬ ܽଶ ்ܰ ‫݄ ܧ‬ ‫ܧ‬
ሺଵା௭ሻ௉೐ ఙ ாమ ௞ ாమ
െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬
௔మ ே೅ ா೐௛ ா೐
߲ܲ ൌ ቎ ா మெ ቏ ߲ܻ ൅቎ మ ቏ ߲‫ כ ݎ‬
‫ כ‬ா ெ
ͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬೐ మ ͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ೐ మ
ா ௛௉ ா ௛௉
ሺ௉೐ ఙா ೐ ௛ି௤௉೔‫ כ‬ா మ ௞௔మ ே೅ ሻሺଵା௭ሻ ாమ
௔మ ே೅ ா ೐ ௛
ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬ ೐
߲ܲ ൌ ቎ ா ೐ ௛௉మ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெ
቏ ߲ܻ ൅ ቎ ா೐௛௉మାሺଵା௭ሻ௤௉‫כ‬ாாమெ ቏ ߲‫ כ ݎ‬
೔
ா ೐ ௛௉ మ ா ೐ ௛௉మ
ሺܲ௘ ߪ‫ ܧ‬௘ ݄ െ ‫ܲݍ‬௜‫ ܧ כ‬ଶ ݇ܽଶ ்ܰ ሻሺͳ ൅ ‫ݖ‬ሻܲଶ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫݄ܲ כ‬ଶ
߲ܲ ൌ ቈ ‫כ‬ ቉ ߲ܻ ൅ ቈ ௘ ଶ ቉ ߲‫ כ ݎ‬
ሺ‫ ݄ܲ ܧ‬൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ‫ܯ ܧ‬ሻܽ ்ܰ
௘ ଶ ଶ ଶ ‫ ݄ܲ ܧ‬൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ‫ܯ‬

‫ כ‬మ ‫כ‬
ሺଵା௭ሻ௤௉೔ ௛௉ ‫כ‬ మ ‫ כ‬మ
ఉ௉ ா ெ ఉா௉ ఉ௉ ா
‫ۍ‬ ቆቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ మ െ మ ቇ൬ ೐ మ ൰൅ ‫ې‬
‫ێ‬ ௉ா ೐ ௛௉ ௉ ா ௛௉ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெ ௉ா ೐ ‫כ ۑ‬
߲ܻ ൌ ‫ێ‬ ߲‫ ݎ‬
ఉ௉ ‫ כ‬ா మ ௞ ఉ௉‫ כ‬ா మ ெ ఉா௉‫כ‬ ሺ௉ ೐ ఙா ೐ ௛ି௤௉೔ ா మ ௞௔మ ே೅ ሻሺଵା௭ሻ௉మ ‫ۑ‬
‫כ‬
‫ ͳێ‬െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௉ா೐ ቁ ௛ െ ൬ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௉ா೐ ቁ ௛௉మ െ ௉మ ൰ ൬ ሺா೐ ௛௉మ ାሺଵା௭ሻ௤௉ ‫ כ‬ா మ ெሻ௔మ ே ൰‫ۑ‬
೅
‫ۏ‬ ೔
‫ے‬
ߚܲ ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כܲܧ‬ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫݄ܲ כ‬ଶ ߚܲ‫ ܧ כ‬ଶ

‫ ܨ‬ൌ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘
ቇ ଶ െ ଶ ൱ቆ ௘ ଶ ‫ כ‬ଶ ቇ൅
ܲ‫ܧ‬ ݄ܲ ܲ ‫ ݄ܲ ܧ‬൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ‫ܯ ܧ‬ ܲ‫ ܧ‬௘
‫ܨ‬ ߲ܻ
߲ܻ ൌ ൤ ൨ ߲‫ כ כ ݎ‬൐ Ͳܵ݅‫ ܨ‬൐ Ͳܳ ൐ Ͳ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ܳ ߲‫ݎ‬


ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ݀‫ ݎ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁

ா௉‫כ‬
'DGR݁ ൌ
௉
ܲ ܲ

‫ܧ‬௘
߲‫ ݎ‬ൌ െ ଶ ߲‫ܧ‬
‫ܧ‬
‫ܧ‬ଶ
߲‫ ܧ‬ൌ െ ௘ ߲‫ݎ‬
‫ܧ‬

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ௘
߲‫ ݎ‬െ ଶ ߲ܲ
ܲ‫ܧ‬ ܲ
ߚܲ ‫ ܧ כ‬ଶ ߚ‫כܲܧ‬
ܲ‫ ܧ‬௘ ܲ

‫ܯ‬
െ ଶ ߲ܲ ൌ ߲ܻ݇ െ ݄߲‫ݎ‬
ܲ
݇ ‫ܯ‬
߲‫ ݎ‬ൌ ߲ܻ ൅ ଶ ߲ܲ
݄ ݄ܲ

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ൬ ߲ܻ ൅ ߲ܲ൰ െ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ݄ܲଶ ܲଶ
ߚܲ ‫ ܧ כ‬ଶ ݇ ߚܲ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲ܻ ൅ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ ߲ܲ െ ߲ܲ
ܲ‫ ܧ‬௘ ݄ ܲ‫ ܧ‬௘ ݄ܲଶ ܲଶ
384 Macroeconomía
ߚܲ ‫ ܧ כ‬ଶ ݇ ߚܲ ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כܲܧ‬

ቆͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘
ቇ ቇ ߲ܻ ൌ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௘
ቇ ଶ െ ଶ ൱ ߲ܲ
ܲ‫ܧ‬ ݄ ܲ‫ܧ‬ ݄ܲ ܲ

ܲ௘ ߪܻ
߲ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ߲ ൬ ଶ ൅ ‫ܲݍ‬௜‫ܧ כ‬൰
ܽ ்ܰ
ܽଶ ்ܰ ܲ௘ ߪ߲ܻ െ ܲ௘ ߪܻʹ்ܽܰ ߲ܽ
߲ܲ ൌ ሺͳ ൅ ‫ݖ‬ሻ ቆ ൅ ‫ܲݍ‬௜‫ܧ߲ כ‬ቇ
ሺܽଶ ்ܰ ሻଶ
ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ
߲ܲ ൌ ߲ܻ െ ߲ܽ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ܧ߲ כ‬
ܽଶ ்ܰ ሺܽଶ ்ܰ ሻଶ

ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ ‫ܧ‬ଶ
߲ܲ ൌ ߲ܻ െ ߲ܽ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ߲‫ݎ‬
ଶ
ܽ ்ܰ ሺܽ ்ܰ ሻ
ଶ ଶ ‫ܧ‬

ሺͳ ൅ ‫ݖ‬ሻܲ ௘ ߪ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ ‫כ‬
‫ܧ‬ଶ ݇ ‫ܯ‬
߲ܲ ൌ ߲ܻ െ ߲ܽ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬ ௜ ൬ ߲ܻ ൅ ଶ ߲ܲ൰
ܽଶ ்ܰ ሺܽଶ ்ܰ ሻଶ ‫ܧ‬௘ ݄ ݄ܲ
ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ ‫ܧ‬ଶ ݇ ‫ܧ‬ଶ ‫ܯ‬
߲ܲ ൌ ߲ܻ െ ߲ܽ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ߲ܻ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬௘ ଶ ߲ܲ
ଶ
ܽ ்ܰ ሺܽ ்ܰ ሻ
ଶ ଶ ‫݄ ܧ‬ ‫݄ܲ ܧ‬
‫כ‬
‫ܧ‬ଶ ‫ܯ‬ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪ ‫כ‬
‫ܧ‬ଶ ݇ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ
ቆͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ௘ ଶ ቇ ߲ܲ ൌ ቆ െ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜ ௘ ቇ ߲ܻ െ ߲ܽ
‫݄ܲ ܧ‬ ܽଶ ்ܰ ‫݄ ܧ‬ ሺܽଶ ்ܰ ሻଶ
ሺଵା௭ሻ௉೐ ఙ ாమ ௞ ሺଵା௭ሻ௉೐ ఙ௒ଶ௔ே೅
௔మ ே೅ ா೐௛ ሺ௔మ ே೅ ሻమ
߲ܲ ൌ ቎ ாమ ெ
቏ ߲ܻ െ ቎ ாమ ெ
቏ ߲ܽ
ͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ כ‬೐ మ ͳ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫כ‬
ா ௛௉ ா ೐ ௛௉మ
ሺ௉೐ ఙா ೐ ௛ି௤௉೔‫ כ‬ா మ ௞௔మ ே೅ ሻሺଵା௭ሻ ሺଵା௭ሻ௉೐ ఙ௒ଶ௔ே೅
௔మ ே೅ ா ೐ ௛ ೅ ሺ௔మ ே ሻమ
߲ܲ ൌ ቎ ா ೐ ௛௉మ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெ
቏ ߲ܻ െ ቎ ா೐ ௛௉మାሺଵା௭ሻ௤௉ ‫ כ‬ா మ ெ ቏ ߲ܽ
೔
ா ೐ ௛௉ మ ா ೐ ௛௉మ
ሺܲ ߪ‫ ݄ ܧ‬െ ‫ܲݍ‬௜‫ ܧ כ‬ଶ ݇ܽଶ ்ܰ ሻሺͳ ൅ ‫ݖ‬ሻܲଶ
௘ ௘ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ ‫ ܧ‬௘ ݄ܲଶ
߲ܲ ൌ ቈ ቉ ߲ܻ െቈ ௘ ଶ ቉ ߲ܽ
ሺ‫ ܧ‬௘ ݄ܲଶ ൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ‫ܯ‬ሻܽଶ ்ܰ ሺ‫ ݄ܲ ܧ‬൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ‫ܯ‬ሻሺܽଶ ்ܰ ሻଶ

ఉ௉ ா ‫ כ‬మ
ெ ఉா௉ ‫כ‬ ೐
ሺଵା௭ሻ௉ ఙ௒ଶ௔ே೅ ா ௛௉ ೐ మ
‫ۍ‬ െ ቆቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቁ మ െ మ ቇ൬ ೐ మ ൰ ‫ې‬
‫ێ‬ ௉ா ೐ ௛௉ ௉ ሺா ௛௉ ାሺଵା௭ሻ௤௉೔‫ כ‬ா మ ெሻሺ௔మ ே೅ ሻమ ‫ۑ‬
߲ܻ ൌ ‫ێ‬ ߲ܽ
ఉ௉ ‫ כ‬ா మ ௞ ఉ௉‫ כ‬ா మ ெ ఉா௉‫כ‬ ሺ௉ ೐ ఙா ೐ ௛ି௤௉೔‫ כ‬ா మ ௞௔మ ே೅ ሻሺଵା௭ሻ௉మ ‫ۑ‬
‫ ͳێ‬െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ െ ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௉ா೐ ቁ ௛ െ ൬ቀ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ௉ா೐ ቁ ௛௉మ െ ௉మ ൰ ൬ ሺா೐ ௛௉మ ାሺଵା௭ሻ௤௉‫כ‬ாమ ெሻ௔మ ே ൰‫ۑ‬
೅
‫ۏ‬ ೔ ‫ے‬
ߚܲ ‫ ܧ כ‬ଶ ‫ܯ‬ ߚ‫כ ܲܧ‬ ሺͳ ൅ ‫ݖ‬ሻܲ௘ ߪܻʹ்ܽܰ ‫ ܧ‬௘ ݄ܲଶ
‫ ܨ‬ൌ െ ൭ቆ‫ܥ‬௥ ൅ ‫ܫ‬௥ െ ቇ െ ଶ ൱ቆ ௘ ଶ ቇ
ܲ‫ ܧ‬௘ ݄ܲଶ ܲ ሺ‫ ݄ܲ ܧ‬൅ ሺͳ ൅ ‫ݖ‬ሻ‫ܲݍ‬௜‫ ܧ כ‬ଶ ‫ܯ‬ሻሺܽଶ ்ܰ ሻଶ
‫ܨ‬ ߲ܻ
߲ܻ ൌ ൤ ൨ ߲ܽ ൐ Ͳ‫ ܲ݅ݏ‬௘ ߪ‫ ܧ‬௘ ݄ ൐ ‫ܲݍ‬௜‫ ܧ כ‬ଶ ݇ܽଶ ்ܰ
ͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ ൅ ܳ ߲ܽ
Capítulo 14
agregada en el largo plazo
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386 Macroeconomía
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‫ܯ‬
ൌ ܻ݇ െ ݄‫ܯܮݎ‬ሺͳͶǤʹሻ
ܲ
‫ ݎ‬ൌ ‫ כ ݎ‬൅ ߠ‫ܲܤ‬ሺͳͶǤ͵ሻ

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punto ‫ܨ‬, en términos del modelo gráfico IS-LM-BP, si bien implica el traslado simultáneo de la curva ‫ ܵܫ‬y
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171
Recordemos que se están asumiendo expectativas inflacionarias nulas, por lo que la tasa de interés
doméstica nominal (݅) es igual a la tasa de interés real (‫)ݎ‬.


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173 Por la caída en el precio doméstico causado por el incremento en la productividad del trabajo, las
curvas ‫ ܵܫ‬y ‫ ܯܮ‬se desplazan de manera simultánea. Sin embargo, debido a que el mercado de dinero se
ajusta más rápido que el mercado de bienes, se puede asumir que la ‫ ܯܮ‬se traslada más rápido que la
‫ܵܫ‬, por lo que se tendrá una caída transitoria en la tasa de interés local, la cual, en tanto se traducen en
déficit de la balanza de pagos, producirá un aumento en el tipo de cambio nominal.
414 Macroeconomía
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174 Véase, en el apéndice, la derivación algebraica correspondiente

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175 Como ya se desarrolló en el capítulo 11, la pendiente de la curva de demanda agregada de largo
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demanda de dinero respecto a la producción, la pendiente de la curva de demanda agregada también
tiende a ser mayor (en términos absolutos).
176 Los principales iniciadores de la formulación de los modelos de crisis de primera, segunda y tercera
generación fueron: Krugman (1979), Obstfeld (1986) y Kaminsky y Reihart (1999), respectivamente.
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177 Véase Flood y Marrion (1998).

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ܲଶ ‫כܲܧ‬
߲ܲ ߲‫ܧ‬
ൌ
ܲ ‫ܧ‬


Ͳ ൌ ܺ௒ ‫ כ ܻ߲ כ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁
Ͳ ൌ ܺ௒ ‫ כ ܻ߲ כ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
Ͳ ൌ ܺ௒ ‫ כ ܻ߲ כ‬൅ ߚ߲݁
ߚ‫כܲܧ‬
Ͳ ൌ ܺ௒ ‫ כ ܻ߲ כ‬െ ଶ ߲ܲ
ܲ
ߚ‫כܲܧ‬
߲ܲ ൌ ܺ ௒ ‫כ‬ ߲ܻ ‫כ‬

ܲଶ
ଶ
ܺ௒ ‫ܲ כ‬ ߲ܲ
߲ܲ ൌ ‫כ‬
߲ܻ ‫ כ כ‬൐ Ͳ
ߚ‫ܲܧ‬ ߲ܻ


Ͳ ൌ ‫ܥ‬௥ ߲‫ ݎ‬൅ ‫ܫ‬௥ ߲‫ ݎ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁
Ͳ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ሺܺ௘ െ ܼ݁௘ െ ܼሻ߲݁
Ͳ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬൅ ߚ߲݁
ߚ‫כܲܧ‬
Ͳ ൌ ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻ߲‫ ݎ‬െ ଶ ߲ܲ
ܲ
ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻܲଶ
߲ܲ ൌ ߲‫ݎ‬
ߚ‫כܲܧ‬

߲‫ ݎ‬ൌ ߲‫ כ ݎ‬

ሺ‫ܥ‬௥ ൅ ‫ܫ‬௥ ሻܲଶ ‫כ‬ ߲ܲ
߲ܲ ൌ ߲‫ כ ݎ‬൏ Ͳ
ߚ‫כܲܧ‬ ߲‫ݎ‬


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ܽଶ ்ܰ ʐ
ܻൌ
ʹ்ܽܰ ʐ ߲ܻ
߲ܻ ൌ ߲ܽ ൐ Ͳ

߲ܻ ൌ ‫ܥ‬௒ ߲ܻ െ ‫ܥ‬௒ ‫ ܻ߲ݐ‬൅ ܺ௘ ߲݁ െ ܼ݁௘ ߲݁ െ ܼ߲݁ െ ܼ݁௒ ߲ܻ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ ߚ߲݁
ߚ‫כܲܧ‬
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻ߲ܻ ൌ െ ଶ ߲ܲ
ܲ
ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲଶ
߲ܲ ൌ െ ߲ܻ
ߚ‫כ ܲܧ‬

ሺͳ െ ܿሺͳ െ ‫ݐ‬ሻ ൅ ݉ሻܲଶ ʹ்ܽܰ ʐ ߲ܲ
߲ܲ ൌ െ ߲ܽ ൏ Ͳ
ߚ‫ כ ܲܧ‬ሺͳ ൅ ܼሻߪ ߲ܽ

424 Macroeconomía
6,08/$&,21(6$/*(%5$,&$6&217,32'(&$0%,2)/(;,%/(


߲ܲ‫ ܯ‬െ ‫߲ܲܯ‬
ൌ Ͳ
ܲଶ
ͳ ‫ܯ‬
߲‫ ܯ‬െ ଶ ߲ܲ ൌ Ͳ
ܲ ܲ
݀ܲ ݀‫ܯ‬
ൌ
ܲ ‫ܯ‬

ா௉‫כ‬
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௉
ܲ ‫ ܧ߲ כ‬െ ‫߲ܲ כܲܧ‬
߲݁ ൌ
ܲଶ ‫כ‬
ܲ‫כ‬ ‫ܲܧ‬
߲݁ ൌ ߲‫ ܧ‬െ ଶ ߲ܲ
ܲ ܲ
ܲ‫כ‬ ‫כܲܧ‬
Ͳ ൌ ߲‫ ܧ‬െ ଶ ߲ܲ
ܲ ܲ
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߲ܲ ൌ ߲‫ܧ‬
ܲଶ ܲ
ܲ ܲ‫כ‬
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߲ܲ ߲‫ܯ߲ ܧ‬
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‫ܯ‬
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݇ܲଶ ʹ்ܽܰ ʐ ߲ܲ
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426 Macroeconomía
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Capítulo 15
agregada dinámica
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GRPpVWLFRV©

6838(6726

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178La variable “nivel general de precios” o “precio agregado” es una variable macroeconómica de
carácter teórico. No existe y no puede ser cuantificada. Si en una economía se producen camisas, autos,
mesas, frutas, etc., ¿cómo se podría construir un precio agregado que incorpore en una sola variable los
precios de toda la canasta de bienes considerados? Por ello, las variables índices de precios o tasa de
inflación son las categorías que mejor definen o representan el concepto de precio macroeconómico y
que inclusive son factibles de ser medidos.
428 Macroeconomía
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(/02'(/2

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߲ܻ ൌ ‫ܦ‬௘ ߲݁ ൅ ‫ܦ‬௒ ߲ܻ െ ‫ܦ‬௥ ߲‫ ݎ‬൅ ‫ܦ‬௒ ‫ כ ܻ߲ כ‬൅ ߲‫ ܩ‬
‫ܦ‬௘ ‫ܦ‬௥ ‫ܦ‬௒ ‫כ‬ ͳ
߲ܻ ൌ ߲݁ െ ߲‫ ݎ‬൅ ߲ܻ ‫ כ‬൅ ߲‫ ܩ‬
ͳ െ ‫ܦ‬௒ ͳ െ ‫ܦ‬௒ ͳ െ ‫ܦ‬௒ ͳ െ ‫ܦ‬௒

‫ܦ‬௒ FRQWLHQH OD SURSHQVLyQ PDUJLQDO D FRQVXPLU \ OD SURSHQVLyQ PDUJLQDO D
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PDUJLQDODFRQVXPLUHVPD\RUTXHODSURSHQVLyQPDUJLQDODLPSRUWDU
179 Véase el modelo de oferta y demanda agregada dinámica, considerando insumos importados, en los
capítulo 10,11 y 12 de Birch y Jorgen (2009).
180 Se asume que el ingreso nacional es igual a la producción ሺܻሻ.
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‫ܦ‬௘ ‫ܦ‬௥ ‫ܦ‬௒ ‫כ‬ ͳ
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ͳ െ ‫ܦ‬௒ ͳ െ ‫ܦ‬௒ ͳ െ ‫ܦ‬௒ ͳ െ ‫ܦ‬௒

ܻ െ ܻത ‫ܦ‬௘ ݁ҧ ݁ െ ݁ҧ ‫ܦ‬௥ ‫ܦ‬௒ ‫ܻ כ‬ത ‫כ‬ ܻ ‫ כ‬െ ܻത ‫כ‬ ‫ܩ‬ҧ ‫ ܩ‬െ ‫ܩ‬ҧ
ൌ ൬ ൰െ ሺ‫ ݎ‬െ ‫ݎ‬ҧ ሻ ൅ ቆ ቇ൅ ቆ ቇ
ത
ܻ ത
ሺͳ െ ‫ܦ‬௒ ሻܻ ݁ҧ ത
ሺͳ െ ‫ܦ‬௒ ሻܻ ሺͳ െ ‫ܦ‬௒ ሻܻ ത ܻത ‫כ‬ ത
ሺͳ െ ‫ܦ‬௒ ሻܻ ‫ܩ‬ҧ

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ൌ ߚଵ ൬ ൰ െ ߚଶ ሺ‫ ݎ‬െ ‫ݎ‬ҧ ሻ ൅ ߚଷ ቆ ቇ ൅ ߚସ ቆ ቇ
ܻത ݁ҧ ܻത ‫כ‬ ‫ܩ‬ҧ
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181Sila demanda privada es igual a‫ ܦ‬ൌ ‫ܥ‬ሺܻǡ ‫ݎ‬ሻ ൅ ‫ܫ‬ሺ‫ݎ‬ሻ ൅ ܺሺ݁ǡ ܻ ‫ כ‬ሻ െ ܼ݁ሺ݁ǡ ܻሻ, derivando respecto al
tipo de cambio y operando se tiene:
߲‫ܦ‬
ൌ ‫ܦ‬௘ ൌ ܺ௘ െ ܼ݁௘ െ ܼ
߲݁
ܺ௘ ܼ݁௘ ܺ
‫ܦ‬௘ ൌ ܼ ൬ െ െ ͳ൰ ܽ‫ ܺ݋݀݊݁݅݉ݑݏ‬ൌ ܼ݁‫ ܼݕ‬ൌ
ܼ ܼ ݁
డ௑ డ௓
௑ ௓
‫ܦ‬௘ ൌ ܼ ቌ డ௘ ൅ డ௘
െ ͳቍ
௘ ௘
Ψܺ Ψܼ
‫ܦ‬௘ ൌ ܼ ൬ ൅ െ ͳ൰
Ψ݁ Ψ݁
‫ܦ‬௘ ൌ ܼሺ݊௫ ൅ ݊௭ െ ͳሻ
182 En otros términos, el efecto es positivo cuando se cumple la condición de Marshall-Lerner.

430 Macroeconomía
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‫ ݕ‬െ ‫ݕ‬ത ൌ ߚଵ ሺߝ െ ߝҧሻ െ ߚଶ ሺ‫ ݎ‬െ ‫ݎ‬ҧ ሻ ൅ ߚଷ ሺ‫ כ ݕ‬െ ‫ݕ‬ത ‫ כ‬ሻ ൅ ߚସ ሺ݃ െ ݃ҧ ሻ

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ORJDULWPRVQDWXUDOHV3RUHMHPSOR‫ ݕ‬ൌ ܻǡ ‫ݕ‬ ഥ ൌ ܻǡഥ ߝ ൌ ݁ǡ ‫ כ ݕ‬ൌ ܻ ‫ כ‬ǡ ݃ ൌ ‫ܩ‬Ǥ
6HJ~QHOSULQFLSLRGHODSDULGDGGHSRGHUGHFRPSUDHOWLSRGHFDPELRUHDO
GH HTXLOLEULR GH ODUJR SOD]R HV FRQVWDQWH H LJXDO D XQR ݁ҧ ൌ ͳሻ HQWRQFHV HO
ORJDULWPRQDWXUDOGHGLFKDYDULDEOHGHEHVHULJXDODFHUR ݁ҧ ൌ ߝҧ ൌ Ͳ7RPDQGR
HQFXHQWDHOORODHFXDFLyQDQWHULRUTXHGDH[SUHVDGDGHODVLJXLHQWHPDQHUD

‫ ݕ‬െ ‫ݕ‬ത ൌ ߚଵ ሺߝሻ െ ߚଶ ሺ‫ ݎ‬െ ‫ݎ‬ҧ ሻ ൅ ߚଷ ሺ‫ כ ݕ‬െ ‫ݕ‬ത ‫ כ‬ሻ ൅ ߚସ ሺ݃ െ ݃ҧ ሻሺͳͷǤͳሻ

/D HFXDFLyQ UHSUHVHQWD XQD YHUVLyQ SUHOLPLQDU GH OD GHPDQGD
DJUHJDGD
ா௉‫כ‬
/RJDULWPL]DQGR\RSHUDQGRHOWLSRGHFDPELRUHDO݁ ൌ VHWLHQH
௉

݈݊ ݁ ൌ ݈݊ ‫ ܧ‬൅ ݈݊ ܲ‫ כ‬െ ݈݊ ܲ
݈݊ ݁௧ିଵ ൌ ݈݊ ‫ܧ‬௧ିଵ ൅ ݈݊ ܲ௧ିଵ‫כ‬
െ ݈݊ ܲ௧ିଵ
ሺ݈݊݁ െ ݈‫݁ ݃݋‬௧ିଵ ሻ ൌ ሺ݈݊‫ ܧ‬െ ݈݊ ‫ܧ‬௧ିଵ ሻ ൅ ሺ݈݊ܲ‫ כ‬െ ݈݊ ܲ௧ିଵ ‫כ‬
ሻ െ ሺ ܲ െ ݈‫ܲ ݃݋‬௧ିଵ ሻ
ߝ െ ߝ௧ିଵ ൌ ‫ܧ‬෠ ൅ ߨ െ ߨ
‫כ‬
ߝ ൌ ߝ௧ିଵ ൅ ‫ܧ‬෠ ൅ ߨ ‫ כ‬െ ߨሺͳͷǤʹሻ

/DHFXDFLyQLQGLFDTXHHOWLSRGHFDPELRUHDOGHOSHUtRGRFRUULHQWHߝ
GHSHQGH GHO WLSR GH FDPELR UHDO GHO SHUtRGR DQWHULRU ߝ௧ିଵ GH OD WDVD GH
GHSUHFLDFLyQ QRPLQDO GH OD PRQHGD QDFLRQDO ‫ܧ‬෠ GH OD WDVD GH LQIODFLyQ
LQWHUQDFLRQDOߨ ‫\ כ‬GHODLQIODFLyQGRPpVWLFDߨ7HQLHQGRHQFXHQWDODLQIODFLyQ
LQWHUQDFLRQDOXQLQFUHPHQWRHQODWDVDGHLQIODFLyQGRPpVWLFDVLJQLILFDXQDFDtGD
HQHOWLSRGHFDPELRUHDO$VXYH]ODHYROXFLyQGHOWLSRGHFDPELRUHDOGHSHQGH
GHOFRPSRUWDPLHQWRTXHWXYRHQHOSHUtRGRDQWHULRUVLHQHOSHUtRGRSUHFHGHQWH
HO WLSR GH FDPELR UHDO DXPHQWy FD\y HQWRQFHV SRU LQHUFLD HO WLSR GH FDPELR
UHDOHQHOSHUtRGRFRUULHQWHWDPELpQGHEHVXELUEDMDU
(Q OD VLWXDFLyQ GH HTXLOLEULR HVWDFLRQDULR GH ODUJR SOD]R VHJ~Q OD SDULGDG
UHODWLYD GH SRGHU GH FRPSUD HO WLSR GH FDPELR UHDO GHEH PDQWHQHUVH FRQVWDQWH
HQHOQLYHOGHXQRߝ ൌ ߝ௧ିଵ ൌ ͳGHPRGRTXHGHODHFXDFLyQVHGHVSUHQGH
183 En el marco de la paridad de poder de compra, si en el período corriente aumenta (cae) el tipo de
cambio real y este defiere del tipo de cambio real de equilibrio de largo plazo, entonces, en el siguiente
o próximo período, también debe seguir subiendo (bajando). Dicho proceso debe reproducirse
iterativamente, en tanto que la economía no esté en su nivel de equilibrio de largo plazo, es decir, en
tanto que el tipo de cambio real no sea igual a uno.
TXHODWDVDGHGHSUHFLDFLyQQRPLQDOGHODPRQHGDQDFLRQDO‫ܧ‬෠ GHEHVHULJXDODOD

WDVDGHLQIODFLyQUHODWLYD

‫ܧ‬෠ ൌ ߨ െ ߨ ‫ כ‬

6LVHDVXPHTXHODWDVDGHGHSUHFLDFLyQGHODPRQHGDQDFLRQDO‫ܧ‬෠ HVLJXDOD
ODWDVDGHGHSUHFLDFLyQHVSHUDGD ‫\ כ‬UHHPSOD]DQGRODHFXDFLyQSUHFHGHQWHHQ
OD HFXDFLyQ GH OD SDULGDG QR FXELHUWD GH LQWHUHVHV ݅ ൌ ݅ ‫ כ‬൅ ‫ כ ܧ‬KDOODPRV OD
HFXDFLyQGHODSDULGDGGHODVWDVDVGHLQWHUpVUHDOHV‫ ݎ‬ൌ ‫ כ ݎ‬

݅ ൌ ݅ ‫ כ‬൅ ‫כܧ‬
݅ ൌ ݅ ‫ כ‬൅ ߨ െ ߨ ‫כ‬
݅ െ ߨ ൌ ݅ ‫ כ‬െߨ ‫ כ‬
‫ ݎ‬ൌ ‫ כ ݎ‬ሺͳͷǤ͵ሻ

/DHFXDFLyQPXHVWUDTXHHQHOPDUFRGHODSDULGDGUHODWLYDGHOSRGHU
DGTXLVLWLYR\XQDHFRQRPtDFRQSHUIHFWDPRYLOLGDGGHFDSLWDOILQDQFLHURODWDVDGH
LQWHUpV UHDO QDFLRQDO H[SRVW GHEH VHU LJXDO D OD WDVD GH LQWHUpV UHDO H[WUDQMHUD
H[SRVW (VWD LJXDOGDG HV LQGHSHQGLHQWH GHO UpJLPHQ FDPELDULR ILMR R IOH[LEOH
UHLQDQWH (Q HO PLVPR VHQWLGR VXV YDORUHV GH ODUJR SOD]R WDPELpQ GHEHQ VHU
LJXDOHV‫ݎ‬ҧ ൌ ‫ݎ‬ҧ ‫ כ‬

'HPDQGDDJUHJDGDGLQiPLFDFRQWLSRGHFDPELRILMR

5HHPSOD]DQGR\HQVHGHULYDHQODHFXDFLyQGHGHPDQGD
DJUHJDGDGLQiPLFDFRQWLSRGHFDPELRILMR

‫ ݕ‬െ ‫ݕ‬ത ൌ ߚଵ ൫ߝ௧ିଵ ൅ ‫ܧ‬෠ ൅ ߨ ‫ כ‬െ ߨ൯Ȃ ߚଶ ሺ‫ כ ݎ‬െ ‫ݎ‬ҧ ‫ כ‬ሻ ൅ ߚଷ ሺ‫ כ ݕ‬െ ‫ݕ‬ത ‫ כ‬ሻ ൅ ߚସ ሺ݃ െ ݃ҧ ሻ
‫ ݕ‬െ ‫ݕ‬ത ൌ ߚଵ ߝ௧ିଵ ൅ ߚଵ ‫ܧ‬෠ ൅ ߚଵ ሺߨ ‫ כ‬െ ߨሻȂ ߚଶ ሺ‫ כ ݎ‬െ ‫ݎ‬ҧ ‫ כ‬ሻ ൅ ߚଷ ሺ‫ כ ݕ‬െ ‫ݕ‬ത ‫ כ‬ሻ ൅ ߚସ ሺ݃ െ ݃ҧ ሻሺͳͷǤͶሻ

(QHOJUiILFRHQHOSODQRGHODWDVDGHLQIODFLyQ\SURGXFFLyQGRPpVWLFD
VH H[SRQH OD FXUYD GH OD GHPDQGD DJUHJDGD GLQiPLFD TXH WLHQH SHQGLHQWH
QHJDWLYD8QDXPHQWRHQODWDVDGHLQIODFLyQUHGXFHHOWLSRGHFDPELRUHDOSRUOR
TXH DIHFWD QHJDWLYDPHQWH D ODV H[SRUWDFLRQHV QHWDV GH ELHQHV \ VHUYLFLRV &RQ
PHQRUHV H[SRUWDFLRQHV QHWDV GLVPLQX\H OD GHPDQGD DJUHJDGD (Q WpUPLQRV
DOJHEUDLFRVODSHQGLHQWHGHODGHPDQGDDJUHJDGDHVLJXDOD

߲ߨ ͳ ͳ ͳ
ฬ ൌെ ൌെ ஽೐ ௘ҧ ൌ െ ௓ሺ௡ ൏ Ͳ
߲‫ ݕ‬ୈ୅ ߚଵ ೣ ା௡೥ ିଵሻ௘ҧ
ሺଵି஽ೊ ሻ௒ത ሺଵି஽ೊ ሻ௒ത
/DSHQGLHQWHGHODGHPDQGDDJUHJDGDVHUiQHJDWLYDEDMRHOVXSXHVWRGHTXH
VHFXPSOHODFRQGLFLyQGH0DUVKDOO/HUQHU݊௫ ൅ ݊௭ VHDPD\RUTXHXQR$VXYH]
432 Macroeconomía
VHREVHUYDTXHODSHQGLHQWHGHODGHPDQGDDJUHJDGDVHUiPHQRUHQODPHGLGDHQ
TXH ODV HODVWLFLGDGHV SUHFLR GH GHPDQGD GH ODV H[SRUWDFLRQHV H LPSRUWDFLRQHV
VHDQDOWDVXQLQFUHPHQWRHQODLQIODFLyQGRPpVWLFDLPSOLFDUiXQDFDtGDHQHOWLSR
GHFDPELRUHDO\XQDPD\RUFDtGDHQODGHPDQGDDJUHJDGDHQWDQWRTXHGLFKDV
H[SRUWDFLRQHVQHWDVVHDQPX\HOiVWLFDVDOWLSRGHFDPELRUHDO݊௫ \݊௭ VHDQDOWDV

*UiILFR'HPDQGDDJUHJDGDGLQiPLFDFRQWLSRGHFDPELRILMR

'DGR HO YDORU GH ODUJR SOD]R GH ODV YDULDEOHV H[SOLFDWLYDV HQ HO SHUtRGR
FRUULHQWH OD FXUYD GH OD GHPDQGD DJUHJDGD VH GHVSOD]DUi KDFLD HO ODGR GHUHFKR
L]TXLHUGRVL
Ǧ $XPHQWDGLVPLQX\HHOWLSRGHFDPELRUHDOHQHOSHUtRGRDQWHULRU
Ǧ $XPHQWDGLVPLQX\HODWDVDGHGHYDOXDFLyQQRPLQDO
Ǧ $XPHQWDGLVPLQX\HODWDVDGHLQIODFLyQLQWHUQDFLRQDO
Ǧ 'LVPLQX\HDXPHQWDODWDVDGHLQWHUpVUHDOLQWHUQDFLRQDO

'HPDQGDDJUHJDGDGLQiPLFDFRQWLSRGHFDPELRIOH[LEOH

&RQWLSRGHFDPELRIOH[LEOHDGLIHUHQFLDGHFRQWLSRGHFDPELRILMRHO%DQFR
&HQWUDOSXHGHPDQHMDU ¦KDVWDFLHUWRSXQWRH[yJHQDPHQWHODSROtWLFDPRQHWDULD
6LQHPEDUJRSRUODOyJLFDGHOGLOHPDGH3RROHHQHOPHUFDGRGHGLQHURHOHQWH
PRQHWDULR QR SXHGH WHQHU EDMR FRQWURO OD WDVD GH LQWHUpV \ OD PDVD PRQHWDULD
QRPLQDOVLPXOWiQHDPHQWH6LRSWDUDSRUHOPDQHMRGHODWDVDGHLQWHUpVQRPLQDO
SHUGHUtD HO FRQWURO VREUH OD PDVD PRQHWDULD HV GHFLU OD PDVD PRQHWDULD VH
WRUQDUtD HQGyJHQD 6L WUDWDUD GH UHJXODU OD PDVD PRQHWDULD VH HQGRJHQL]DUtD OD
WDVDGHLQWHUpV
%DMRODUHJODGH7D\ORUORVEDQFRVFHQWUDOHVXVXDOPHQWHRSWDQSRUHOPDQHMR
GH OD WDVD GH LQWHUpV WHQLHQGR FRPR REMHWLYR IXQGDPHQWDO OD FRQVHFXFLyQ GH
FLHUWDV PHWDV GH LQIODFLyQ $Vt SRU HMHPSOR VL OD WDVD GH LQIODFLyQ WLHQGH D
FRORFDUVH SRU HQFLPD GH OD PHWD HQWRQFHV HO %DQFR &HQWUDO LQVWUXPHQWD HO
DXPHQWRHQODWDVDGHLQWHUpVSDUDGHHVDPDQHUDUHGXFLUODGHPDQGDDJUHJDGD\
ODLQIODFLyQPHGLDQWHODFRQWUDFFLyQGHOFRQVXPR\ODLQYHUVLyQ
8Q PRGHOR GH GHPDQGD DJUHJDGD GLQiPLFD FRQ WLSR GH FDPELR IOH[LEOH
LQFRUSRUD OD DFWLYD SDUWLFLSDFLyQ GHO %DQFR &HQWUDO HQ HO PDQHMR GH OD WDVD GH
LQWHUpVGRPpVWLFDHQODOyJLFDGHODUHJODGH7D\ORU3RUHOORLQWURGXFLHQGRGLFKD
UHJODHQODHFXDFLyQVHGHULYDODGHPDQGDDJUHJDGDFRUUHVSRQGLHQWH
5HHPSOD]DQGR OD WDVD GH LQWHUpV UHDO GRPpVWLFD GHILQLGD FRPR OD WDVD GH
LQWHUpVQRPLQDOPHQRVODWDVDGHLQIODFLyQHVSHUDGD‫ ݎ‬ൌ ݅ െ ߨ ௘ \ODHFXDFLyQGH
OD SDULGDG QR FXELHUWD GH LQWHUpV GHVSHMDGD ݅ ൌ ݅ ‫ כ‬൅ ‫ כ ܧ‬ȝ ‫ כ ܧ‬ൌ ݅ െ ݅ ‫ כ‬HQ OD
HFXDFLyQ GH OD SDULGDG UHDO GH LQWHUHVHV \ VXSRQLHQGR TXH OD LQIODFLyQ
GRPpVWLFD HVSHUDGD HV LJXDO D OD LQIODFLyQ LQWHUQDFLRQDO HVSHUDGD ߨ ௘ ൌ ߨ ‫ כ‬௘ ሻǡ VH
WLHQH

‫ ݎ‬ൌ ݅ െ ߨ ௘ ‫ ݎ݋݀ܽܦ‬ൌ ‫ כ ݎ‬
‫ כݎ‬ൌ ݅ െ ߨ௘
‫ כݎ‬ൌ ݅‫ כ‬൅ ‫ כܧ‬െ ߨ ௘
‫ כ ݎ‬ൌ ݅ ‫ כ‬െ ߨ ௘ ൅ ‫כ ܧ‬
‫ כ ݎ‬ൌ ݅ ‫ כ‬െ ߨ ‫כ‬௘ ൅ ‫כܧ‬
‫ כ ݎ‬ൌ ‫ כ ݎ‬൅ ሺ݅ െ ݅ ‫ כ‬ሻሺͳͷǤͷሻ

3RU RWUR ODGR VL DVXPLPRV TXH OD WDVD GH GHSUHFLDFLyQ HVSHUDGD GH OD
PRQHGDQDFLRQDO‫ כ ܧ‬HVXQDSURSRUFLyQࣅGHODGLIHUHQFLDHQWUHHOORJDULWPRGHO
WLSRGHFDPELRQRPLQDOHVSHUDGRRQRUPDO᠁ത\HOORJDULWPRGHOWLSRGHFDPELR
QRPLQDOVSRW᠁\DVXPLHQGRTXHHOWLSRGHFDPELRHVSHUDGREDMRODUHJODGHODV
H[SHFWDWLYDVDGDSWDWLYDVHVLJXDODOWLSRGHFDPELRGHOSHUtRGRDQWHULRU᠁௧ିଵ VH
WLHQH

‫ כ ܧ‬ൌ ɉሺ᠁ത െ ᠁ሻ
‫ כ ܧ‬ൌ ɉሺ᠁௧ିଵ െ ᠁ሻ
‫ כ ܧ‬ൌ െɉሺ᠁ െ ᠁௧ିଵ ሻ
െɉିଵ ‫ כ ܧ‬ൌ ሺ᠁ െ ᠁௧ିଵ ሻሺͳͷǤ͸ሻ
3RUODSDULGDGQRFXELHUWDGHLQWHUHVHVODWDVDGHGHSUHFLDFLyQHVSHUDGDGHOD
PRQHGD QDFLRQDO HV LJXDO D OD GLIHUHQFLD HQWUH OD WDVD GH LQWHUpV GRPpVWLFD \ OD
184Dado que la tasa de inflación internacional se coloca aproximadamente en el promedio de 3% al año,

los bancos centrales usualmente toman dicha tasa como referencia para la fijación de la inflación meta
doméstica.
434 Macroeconomía
WDVDGHLQWHUpVLQWHUQDFLRQDO‫ כ ܧ‬ൌ ݅ െ ݅ ‫ כ‬3RURWURODGRODWDVDGHGHSUHFLDFLyQ

GHODPRQHGDQDFLRQDOHQHOSHUtRGRFRUULHQWHVHGHILQHFRPRODGLIHUHQFLDHQWUH
HOORJDULWPRGHOWLSRGHFDPELRVSRW\HOORJDULWPRGHOWLSRGHFDPELRGHOSHUtRGR
DQWHULRU‫ܧ‬෠ ൌ ᠁ െ ᠁௧ିଵ ሻ5HHPSOD]DQGRHVWDVLGHQWLGDGHVHQVHWLHQH

‫ܧ‬෠ ൌ െɉିଵ ሺ݅ െ ݅ ‫ כ‬ሻሺͳͷǤ͹ሻ

5HHPSOD]DQGR\HQ

‫ ݕ‬െ ‫ݕ‬ത ൌ ߚଵ ሺߝ௧ିଵ െ ɉିଵ ሺ݅ െ ݅ ‫ כ‬ሻ ൅ ሺߨ ‫ כ‬െ ߨሻሻȂ ߚଶ ൫ሺ݅ െ ݅ ‫ כ‬ሻ ൅ ‫ כ ݎ‬െ ‫ݎ‬ҧ ‫ כ‬൯ ൅ ߚଷ ሺ‫ כ ݕ‬െ ‫ݕ‬ത ‫ כ‬ሻ
൅ ߚସ ሺ݃ െ ݃ҧ ሻሺͳͷǤͺሻ

/D UHJOD GH 7D\ORU VLPSOLILFDGD TXH QR WRPD HQ FXHQWD OD EUHFKD GH OD
SURGXFFLyQHVWDEOHFHTXHODSROtWLFDPRQHWDULDILMDODWDVDGHLQWHUpVQRPLQDOHQ
IXQFLyQ GH OD FRQVHFXFLyQ GH XQD WDVD GH LQWHUpV REMHWLYR ݅ ௢ \ XQD WDVD GH
LQIODFLyQREMHWLYRߨ ௢

݅ ൌ ݅ ௢ ൅ ߷ሺߨ െ ߨ ௢ ሻ

'RQGH߷HVXQDFRQVWDQWHFRQXQYDORUPD\RUTXHXQR
6HJ~QODUHJODGH7D\ORUVLODWDVDGHLQIODFLyQVHHOHYDSRUHQFLPDGHODWDVD
GH LQIODFLyQ REMHWLYR HO %DQFR &HQWUDO HOHYD OD WDVD GH LQWHUpV QRPLQDO HQ XQD
SURSRUFLyQ SRQGHUDGD SRU ߷ GH PDQHUD TXH OD LQIODFLyQ UHWURFHGH D VX QLYHO
GHVHDGR
(QHOPDUFRGHODSDULGDGGHSRGHUGHFRPSUDVLVHSODQHDWHQHUXQWLSRGH
FDPELRQRPLQDOHVWDEOHHQWRQFHVODWDVDGHLQIODFLyQGRPpVWLFDGHEHWHQGHUDVHU
LJXDODODLQWHUQDFLRQDO3RURWURODGRGDGRHOWLSRGHFDPELRQRPLQDOVLODWDVD
GH LQIODFLyQ GRPpVWLFD HV PD\RU TXH OD LQWHUQDFLRQDO HO WLSR GH FDPELR UHDO
WHQGHUi D GLVPLQXLU OR FXDO WHQGUi HIHFWRV QHJDWLYRV VREUH OD FRPSHWLWLYLGDG GH
ORV SURGXFWRV GRPpVWLFRV 3RU HOOR ORV EDQFRV FHQWUDOHV XVXDOPHQWH VH WUD]DQ
FRPR REMHWLYR DOFDQ]DU XQD LQIODFLyQ GRPpVWLFD VLPLODU D OD WDVD GH LQIODFLyQ
LQWHUQDFLRQDO
6L VXSRQHPRV TXH HO %DQFR &HQWUDO VH SURSRQH FRPR REMHWLYR ORJUDU XQD
LQIODFLyQ GRPpVWLFD LJXDO D OD LQWHUQDFLRQDO ߨ ௢ ൌ ߨ ‫ כ‬GHO PLVPR PRGR VL
DVXPLPRV TXH OD WDVD GH LQWHUpV QRPLQDO REMHWLYR R PHWD HV LJXDO D OD WDVD GH
LQWHUpV LQWHUQDFLRQDO ݅ ௢ ൌ ݅ ‫ כ‬OD UHJOD GH 7D\ORU TXHGD H[SUHVDGD GH OD VLJXLHQWH
PDQHUD

݅ ൌ ݅ ‫ כ‬൅ ߷ሺߨ െ ߨ ‫ כ‬ሻ
݅ െ ݅ ‫ כ‬ൌ ߷ሺߨ െ ߨ ‫ כ‬ሻሺͳͷǤͻሻ
185 Dada la ecuación de paridad nominal de intereses ݅ ൌ ݅ ‫ כ‬൅ ‫ כ ܧ‬, despejando se tiene: ‫ כ ܧ‬ൌ ݅ െ ݅ ‫ כ‬Ǥ

3RUODUHJODGH7D\ORUVLODWDVDGHLQIODFLyQORFDOVHFRORFDSRUHQFLPDGHOD
LQWHUQDFLRQDO HQWRQFHV HO %DQFR &HQWUDO HOHYD OD WDVD GH LQWHUpV GRPpVWLFD SDUD
KDFHU UHWURFHGHU GLFKD PD\RU LQIODFLyQ LQWHUQD D ORV QLYHOHV GH OD LQIODFLyQ
LQWHUQDFLRQDO 6L OD LQIODFLyQ GRPpVWLFD HVWi SRU GHEDMR GH OD LQWHUQDFLRQDO HO
%DQFR&HQWUDOWLHQHPDUJHQSDUDUHGXFLUODWDVDGHLQWHUpVQDFLRQDO\SURPRYHUOD
H[SDQVLyQGHODGHPDQGDDJUHJDGDVLFRQVLGHUDQHFHVDULRKDFHUOR
5HHPSOD]DQGR HQ VH GHULYD HQ OD HFXDFLyQ GH GHPDQGD
DJUHJDGDGLQiPLFDFRQWLSRGHFDPELRIOH[LEOH

‫ ݕ‬െ ‫ݕ‬ത ൌ ߚଵ ሺߝ௧ିଵ െ ɉିଵ ߷ሺߨ െ ߨ ‫ כ‬ሻ ൅ ሺߨ ‫ כ‬െ ߨሻሻȂ ߚଶ ሺ߷ሺߨ െ ߨ ‫ כ‬ሻ ൅ ‫ כ ݎ‬െ ‫ݎ‬ҧ ‫ כ‬ሻ
൅ ߚଷ ሺ‫ כ ݕ‬െ ‫ݕ‬ത ‫ כ‬ሻ ൅ ߚସ ሺ݃ െ ݃ҧ ሻ
‫ ݕ‬െ ‫ݕ‬ത ൌ ߚଵ ሺߝ௧ିଵ ൅ ɉିଵ ߷ሺߨ ‫ כ‬െ ߨሻ ൅ ሺߨ ‫ כ‬െ ߨሻሻ ൅ ߚଶ ሺ߷ሺߨ ‫ כ‬െ ߨሻ െ ሺ‫ כ ݎ‬െ ‫ݎ‬ҧ ‫ כ‬ሻሻ
൅ ߚଷ ሺ‫ כ ݕ‬െ ‫ݕ‬ത ‫ כ‬ሻ ൅ ߚସ ሺ݃ െ ݃ҧ ሻ
‫ ݕ‬െ ‫ݕ‬ത ൌ ߚଵ ߝ௧ିଵ ൅ ሺߚଵ ൅ ሺߚଵ ɉିଵ ൅ ߚଶ ሻ߷ሻሺߨ ‫ כ‬െ ߨሻ െ ߚଶ ሺ‫ כ ݎ‬െ ‫ݎ‬ҧ ‫ כ‬ሻ൅ߚଷ ሺ‫ כ ݕ‬െ ‫ݕ‬ത ‫ כ‬ሻ
൅ ߚସ ሺ݃ െ ݃ҧ ሻ
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436 Macroeconomía
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438 Macroeconomía

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440 Macroeconomía
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188 Las reservas internacionales netas (RIN) o activos financieros internacionales de un país están
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dominantes o fuertes, que usualmente sirven como depósito de valor o medio de cambio en el comercio
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190 Véase en Polack (2001) una breve reseña de la evolución y una presentación comparativa del EMBP.
462 Macroeconomía
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191 Por simplificación, se asume que la balanza comercial es igual a la balanza en cuenta corriente.
192 Se asume que la producción es igual al ingreso nacional.
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193 Se está asumiendo un multiplicador monetario igual a uno.

464 Macroeconomía
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194 Véase capítulo 8 de Cruz-Saco (1994).


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466 Macroeconomía
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Capítulo 17
El ahorro y la inversión en una

economía abierta
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474 Macroeconomía
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195El ahorro del sector privado doméstico es igual a la suma del ahorro de las familias y las empresas
domésticas.
196Estamos asumiendo que el producto bruto interno (ܻ) es igual al ingreso o renta nacional.
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197En economía abierta, la inversión debe ser igual a la suma del ahorro doméstico y el ahorro externo.
198 Por simplificación, se asume que el ingreso nacional es igual al ingreso disponible.
199 En concordancia con el pie de página precedente, por simplicidad, se está abstrayendo el efecto de
los cambios en el impuesto y las transferencias gubernamentales en el ingreso disponible, por ende, en
el gasto de consumo y el ahorro del sector privado.
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‫ܽ݅ܿ݊ܽ݊ܽ݃݁݀݊݁݃ݎܽܯ ‪ ൌ‬ݖ‬
‫݈ܽ݁ݎ݋ܾ݅݉ܽܿ݁݀݋݌݅ݐ݈݁݀݋݉ݐ݅ݎܽ݃݋ܮ ‪ߝ ൌ‬‬
‫ܽܿ݅ݐݏ‪݉±‬݋݀݊×݈݂݅ܿܽ݊݅݁݀ܽݏܽܶ ‪ߨ ൌ‬‬
‫݈ܽݎ݋ܾ݈ܽ݋݀ܽܿݎ݈݁݉݁݀݊‪ܽܿ݅y‬ݑݐ݅ݏ݈ܽܽ݋ݐܿ݁݌ݏ݁ݎ݋݅ݎ݈ܽܽݏ݈݈ܾ݁݀݀ܽ݀݅݅݅ݏ݊݁ܵ ‪ߪ ൌ‬‬
‫‬ ‫‬

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MACROECONOMÍA

DE UNA ECONOMÍA ABIERTA

JUAN LEÓN MENDOZA

© Fondo Editorial de la UNMSM

Tiraje: 500 ejemplares

La universidad es lo que publica

CENTRO DE PRODUCCIÓN FONDO EDITORIAL

Directora / Emma Patricia Victorio Cánovas

—VENTAS, DISTRIBUCIÓN Y DIFUSIÓN—

Queda prohibida la reproducción parcial o total de este libro

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5Por simplificación, no se toma en cuenta la depreciación.

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9 Véase Instituto Nacional de Estadística e Informática (2001).

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28 Véase capítulo 1 de Obstfeld y Rogoff (1996).

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El mercado cambiario y los

31 Por simplificación, denominaremos a la moneda peruana como el sol.

33 Véase capítulo 6 de Gámez y Mochón (1995)

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El tipo de cambio real

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41 Véase en el apéndice la derivación algebraica correspondiente.

42 Véase en el apéndice la derivación algebraica correspondiente.

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61 Si no se desacelera la mayor tasa de crecimiento de la producción respecto al crecimiento de la

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PREFERENCIA POR CIRCULANTE TASA DE ENCAJE IMPLICITA

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