Resumen

MENDOZA BELLIDO, Waldo. Dinámica macroeconómica con metas de inflación y déficit fiscal. El trimestre econ [online]. 2011, vol.78, n.310, pp.469-486. ISSN 2448-718X.

In this model, monetary policy follows an inflation targeting scheme, using the interbank interest rate as the instrument of policy, while the money supply remains endogenous. On the other hand, a limit for the fiscal deficit as a percentage of GDP is set as the rule for fiscal policy, public expenditure remaining endogenous. In the monetary policy rule, the smoothing interest rate derives from the optimizing behavior of the central bank.

This model shows the macroeconomic dynamics that appears in two opposite scenarios: that of total credibility in the inflation target of the central bank, and that of no credibility whatsoever, and it is found that i) there can be convergence towards the stationary equilibrium, even when the Taylor Rule is not followed, and ii) if there is total credibility in the central bank, a contractionary monetary policy can lead to inflation undershooting.

Palabras llave : política monetaria; política fiscal; Principio de Taylor.

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