Evidencia empírica de endogeneidad monetaria en España (1980-2012)
ISSN: 2255-5471
Año de publicación: 2013
Número: 10
Tipo: Documento de Trabajo
Otras publicaciones en: Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales
Resumen
This paper deals with the monetary endogeneity hypothesis in the Spanish economy during the period 1980-2012 from a Kaleckian approach. Evidence of fluctuations and cyclical fluctuations of monetary aggregates and the volume of bank credit is provided, along with cointegration and causality between variables. Furthermore, as the results of the rate of change is inconclusive Vector Autoregressive model (VAR) in order to estimate the behavior of the variables M3 and credits during the period 1998 to 2012 is developed. Therefore, this research is a renewal of the estimates to date for the Spanish economy