Efectos de la política monetaria sobre el PIB

Abstract

Throughout the past few years, the debate over the monetary emission has acquired vigor as the formula to impulse economical reactivation. Nonetheless, there are different positions to the matter. For some, the emission would only be an inflationary problem which would lead to the loss of all that has been gained in this field, without having any progress in matters of economical and employment growth. Others, contrarily, believe that a single monetary emission and not in a permanent manner, could genérate a greater recovery in the economy. Using the structural VAR methodology, it was sought after the effect which a shock of monetary offer had on some economical variables. Thus, it is observed how an emission does not generate a sustained growth over production, it only generates an temporal increase in it; therefore, the monetary policy is a tool that may contribute to correcting the tendencies of the economical cycle, that is, in crisis situations, deceleration or overheating of economy, the monetary policy may help change these tendencies. This way, it would only be left to prove the hypothesis that the best policies to induce an economical growth are those focused on structural and not circumstantial problems such as: technological and human factors, security, etc.