BANCO CENTRAL DE RESERVA DEL PER

51 CURSO DE EXTENSIN UNIVERSITARIA 2004

TEORIA MONETARIA
ENERO - MARZO

Profesores: Hugo Perea y Vicente Tuesta

1. Introduccin (Hugo Perea)

Walsh, C. (1998): Monetary Theory and Policy, cap. 1

McCallum, B. (1989): Monetary Economics, cap. 1
Christiano, L. y Eichenbaum, M. (1999): Monetary policy shocks: what
have we learned and to what end?, en Handbook of Macroeconomics, ed.
J. Taylor y M. Woodford, Vol. I, cap. 2, pp. 65-148

2. Dinero en modelos de equilibrio general

Transacciones y dinero: modelo cash-in-advance (Hugo Perea)

Obstfeld, M. y Rogoff, K. (1997): Foundations of International

Macroeconomics, cap. 8, pp. 547-550
Lucas, R, (1980): Equilibrium in a pure currency economy. En
Models of Monetary Economics, ed. por John Kareken Neil Wallace,
Federal Reserve Walsh, C. (1998): Monetary Theory and Policy, cap.
3, pp. 93-115
Bank of Minneapolis

Dinero en la funcin de utilidad (Vicente Tuesta)

Obstfeld, M. y Rogoff, K. (1996): Foundations of International

Macroeconomics, cap. 8, pp. 530-535
Sargent, T, (2002): Recursive Macroeconomics Theory. Cap 17, pp
493-500.
Walsh, C. (1998): Monetary Theory and Policy, cap. 2, pp. 49-61
Campbell, J. (1994): Inspecting the Mechanism: An Analytical
Approach to the Sthocastic Model, Journal of Monetary Economics
33, 463-506

3. Modelos de optimizacin con rigideces nominales y determinacin del

equilibrio (Vicente Tuesta)

Calvo, G. (1983): Staggered Prices in a Utility-Maximizing Framework,

Journal of Monetary Economics 12 (3), 383-398
Campbell, J. (1994): Inspecting the Mechanism: An Analytical Approach
to the Sthocastic Model, Journal of Monetary Economics 33, 463-506
Gal, J. y Gertler, M., (1999) Inflation Dynamics: A Structural
Econometrics Analysis, Journal of Monetary Economics 44, 195-222.
 Goodfriend, M. y King, R., (1997). The New Neoclassical Synthesis,
NBER Macroeconomic Annual, Ben Bernanke y Julio Rottemberg, eds.,
MIT Press
Woodford M. (2003): Interest and Prices, cap. 3, pp. 177-188, cap 4. pp
252-261.
Yun, T, (1996). Nominal Price Rigidity, Money Supply Endogeneity, and
Business Cycles, Journal of Monetary Economics 37, 345-70.

4. El problema de inconsistencia temporal y credibilidad en poltica monetaria

(Hugo Perea)

Obstfeld, M. y Rogoff, K. (1997): Foundations of International

Macroeconomics, cap. 9, pp. 634-647
Kydland, F. y Prescott, E. (1977): Rules rather than discretion: the
inconsistency of optimal plans, Journal of Political Economy 85 (junio), pp.
473-492
Barro, R. y Gordon, D. (1983a): A positive theory of monetary policy in a
natural-rate model, Journal of Political Economy 91 (agosto), pp. 589-610
Barro, R. y Gordon, D. (1983b): Rules, discretion and reputation in a
model of monetary policy, Journal of Political Economy 12 (julio), pp. 101-
121
Rogoff, K. (1985): The optimal degree of commitment to an intermediate
monetary target, Quarterly Journal of Economics, 100 (noviembre) pp.
1169-1189.
Walsh, C. (1995): Optimal contracts for central bankers, American
Economic Review, 85 (marzo), pp. 150-167
Alesina, A. (1987): Macroeconomic policy in a two-party system as a
repeated game, Quarterly Journal of Economics 102 (agosto) pp. 651-678
Alesina, A. y Summers, L. (1993): Central bank independence and
macroeconomic performance: some comparative evidence, Journal of
Money, Credit and Banking, 25 (febrero), pp. 151-162
Blinder, A. (1998): Central Banking in Theory and Practice, Lionel
Robbins Conference, London School of Economics (disponible en
castellano).

5. Poltica Monetaria Optima en la Nueva Macroeconoma Keynesiana

(Vicente Tuesta)

Clarida R., Gal J. and Gertler M. (1999): The science of monetary

policy: a new keynesian perspective, Journal of Economic Literature, 37
pp. 1661-1707
Felices, G. y Tuesta, V., (2003). Monetary Policy in a Partially Dollarized
Economy, mimeo, New York University.
Gal, J. y Monacelli, T., (2002). Monetary Policy and Exchange Rate
Volatility in a Small Open Economy, National Bureau of Economic
Research, Working Paper 8905.
Rogoff, K. (1985): The optimal degree of commitment to an intermediate
monetary target, Quarterly Journal of Economics, 100 (noviembre) pp.
1169-1189.
Woodford M. (2003): Interest and Prices, cap 7. pp 464-490.