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Title: Teoria Monetària Endògena
Author: Garcia Gutiérrez, Josep
Tutor: López Andrés, Xavier
Others: García Santos, Rafael
Abstract: The purpose of the paper is to open the debate about the origins of money and what role they play in the capitalist economies of industrialized countries. The theoretical section explains the endogenous monetary theory, which contrasts with the exogenous model, regarding the introduction of money in economic activity. According to this model, money is an external variable controlled by the central bank and, in the long term, the changes only affect the level of prices. The endogenous monetary theory puts this view into question and asserts that the amount of money is not an external variable of the real economy, but that it is internal and depends on real variables such as production or employment. The central bank, therefore, does not determine the volume of the different monetary aggregates, rather modulates their behaviour through a monetary policy with indirect transmission mechanisms and with limited effects that will be described in the work. After a historical review of the money and the banking sector, the paper analyses the causality of the monetary multiplier as transmission’s model between the monetary base and the money supply. Firstly, through the study of the accounting balances of the agents involved, both from the private and public sectors, and secondly with a temporary series statistical analysis of different economic aggregates. The empirical section refers to Kydland, Finn E. and Prescott, Edward C. paper in their study Business Cycles: Real Facts and a Monetary Myth in 1990. Adding to the cross correlation used by the authors, this paper also uses the Granger's test and a couple of VAR models to study possible interdependencies between the different series. Depending on the statistical tools and periods studied, the results diverge and are not conclusive. The work ends up suggesting new lines of research and highlights the importance of the topic due to its macroeconomic implications of growth and sustainability
Keywords: teoria monetària endògena
base monetària
banc central
taxa d'interès
multiplicador monetari
correlació creuada
test de Granger
model VAR
Document type: info:eu-repo/semantics/bachelorThesis
Issue Date: 2-Jan-2019
Publication license:  
Appears in Collections:Trabajos finales de carrera, trabajos de investigación, etc.

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