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- W996898628 abstract "The aim of the paper is to propose a new version of the productivity norm proposed by Hayek in 1928, as a feasible way to develop monetary policy by actual central banks. With this proposal, we are able both to review the convenience of the stability price objective adopted by most central banks and to permit price variations according to the evolution of productivity in increasingly open and competitive markets. By using a nominal income objective, central banks can distinguish, for example, between unwelcome monetary deflations and falling prices brought about by increases in productivity. With this objective, the degree of competition and of openness of an economy can also be taken into account by central bankers.
 Key words: Hayek’s productivity norm, price stability, neutral monetary policy, monetary equilibrium.
 Clasificación JEL: E3, E52.
 Resumen: Con este trabajo hemos actualizado la regla de estabilización de la renta nominal propuesta por Hayek en 1928 como criterio de emisión válido para los bancos centrales en la actualidad. A partir de su aplicación, la estabilidad de precios deja de ser el objetivo de la política monetaria, permitiéndose en su lugar movimientos de pre-cios a lo largo del tiempo como consecuencia natural de variaciones en las condiciones productivas de la economía, en presencia de mer-cados potencialmente abiertos a la competencia. Con ello estaremos en condiciones de diferenciar la respuesta monetaria óptima del ban-co central ante distintos tipos de deflación.
 Palabras clave: Regla de productividad de Hayek, estabilización de precios, política monetaria neutral, equilibrio monetario." @default.
- W996898628 created "2016-06-24" @default.
- W996898628 creator A5028061376 @default.
- W996898628 date "2021-03-19" @default.
- W996898628 modified "2023-09-25" @default.
- W996898628 title "Regla de productividad y señoreaje: Una crítica al objetivo de estabilización de precios" @default.
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- W996898628 doi "https://doi.org/10.52195/pm.v2i1.363" @default.
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