The Asymmetric effects of monetary policy on housing across the level of development
DOI:
https://doi.org/10.20983/epd.2015.30.1Palabras clave:
Desarrollo, vivienda, política monetaria, inflaciónResumen
Estudiamos los efectos de la tasa de cambio de la masa monetaria dentro de un modelo de crecimiento neoclásico con efectos de riqueza. Debido a que el stock de capital es el único componente de la riqueza que contribuye a la utilidad del individuo, el modelo debe de interpretarse como uno de producción de vivienda y riqueza proveniente de la misma, pues el stock de capital afecta la utilidad. De manera consistente con la evidencia empírica que trata sobre la relación entre la inversión residencial y PIB entre países, en nuestro modelo existen no-inealidades significativas entre la actividad en el mercado de vivienda y el ingreso agregado.
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