Consensos actuales en política monetaria: entre el arte y la ciencia
Palabras clave:
política monetaria, principios científicos, modelos econométricos, arteResumen
El miembro de la Junta de Gobernadores de la Reserva Federal de los Estados Unidos, Frederick S. Mishkin, analiza en su artículo los resultados a los que ha llegado la política monetaria luego de su enorme desarrollo en las últimas décadas. Mishkin presenta una serie
de principios científicos que, a lo largo de los años, se han afianzado en el consenso de los economistas. Al mismo tiempo, el autor considera la eficacia de tales principios a la luz de distintos modelos econométricos. Sin embargo, no es posible decir que la política monetaria
se reduzca a la aplicación automática de estos principios; ciertos aspectos de su puesta en práctica no son explicables ni deducibles científicamente. Mishkin concluye que en la conducción de la política monetaria siempre existen elementos de arte, más allá de los principios básicos cuya relevancia no es puesta en duda.
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