Neutralidade Monetária em Modelos de Produção e Troca com Desequilíbrio

• Author(s): Santos, Rui Paulo Neves dos
• Date: 2011
• Persistent ID: http://hdl.handle.net/10216/7584
• Origin: Repositório Aberto da Universidade do Porto
• Subject(s): ECONOMIA; Porto
• Document Type: Doctoral thesis
• Language: Portuguese

Description

This thesis is concerned with money neutrality. Our main objective is to test the hypothesis of monetary neutrality in two basic types of models, dealt with in the two parts of the thesis. In the first part a model of dynamic general equilibrium with production is elaborated, where a credit market exists that provides the setup for the role of a Central Bank (CB) to issue money. We bring in the wicksellian concept of the natural rate of interest, which in fact has become used in New-Keynesian models, recently. We analyze the consequences for the economy after the setting of the interest rate by the CB at a level different than that of the natural interest rate in the model. We conclude that if the CB is to act in such a way, the total product and also the distribution of incomes of the agents in the model are affected. Moreover, we show that in the non-monetary model the analysis of the consequences of the setting of the interest rate has to be carried out in a disequilibrium setting; on the other hand, in the monetary model, the introduction of the CB together with its capacity to create money, results in that the effects of the setting of the interest rate are basically different than in the non-monetary model. In the second part, in the framework of a model of bilateral exchange, we consider the hypothesis that transactions may be carried out at disequilibrium prices, and analyze the consequences in terms of monetary neutrality. The main conclusion here is that, for the same basic model, the hypothesis of general equilibrium is determinant for the pattern of consequences of a monetary shock. We show that in a pure exchange equilibrium model a certain type of monetary shock is neutral, whereas in the same model, but allowing for transactions at disequilibrium prices, the same shock affects the real variables.