¿QUÉ TAN DESEABLE ES CONTAR CON UN BANCO CENTRAL CREÍBLE? UNA OBJECIÓN TEÓRICA

Christopher Cernichiaro Reyna; Eddy Lizarazu Alanez

Christopher Cernichiaro Reyna Doctorante del Programa Integrado de Maestría y Doctorado en Ciencias Económicas de la Universidad Autónoma Metropolitana. Ciudad de México, México.
Eddy Lizarazu Alanez Departamento de Economía. Universidad Autónoma Metropolitana unidad Iztapalapa. Ciudad de México, México.

Keywords: Monetary Politics, central bank’s credibility, static inflation expectations, Taylor rule

Abstract

This paper it´s framed in “the New Neoclassical Synthesis” and its main objective is to answer the question: Which are the consequences of inflation expectatives formation for economic activity and for the inflation rate? To achieve this goal we solve the macroeconomic equilibrium and develop the comparative statics for two models that differ in the hypothesis about the inflation expectations formation pattern. The static expectations implies that the economy always will tend to a long run macroeconomic equilibrium characterized by the natural level of output. But, if those expectations are determined by the central bank’s inflation target, then an exogenous shock could divert the economy from it’s natural output level.

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