Economics

This article presents a dynamic general equilibrium model where wealth distribution is endogenously distributed. Such model is isomorphic to that analyzed by Friedman (1969) on proving his well-known zero-interest rule. We prove that idiosyncratic risk brings about mutual dependence between markets of mutual funds and money, so that the classical dychotomy, postulated by Friedman (1969) himself does not longer hold: very low inflation rates are detrimental to capital accumulation as well as social welfare.

This work presents a dynamic general equilibrium model where wealth distribution is endogenous. I provide channels of causality that suggest a complex relationship between financial markets and the real activity which breaks down the classical dichotomy. As a consequence, the Friedman rule does not hold. In terms of the current events taking place in the world economy, this paper provides a rationale to advert against the perils of an economy satiated with liquidity. Efficiency and distribution cannot thus be considered as separate attributes once we account for the interactions between financial markets and the economic performance.

RESUMEN: En este breve documento se analiza el encuentro y la interaccion de dos poblaciones no-homogeneas que usufructuan, con objetivos diferentes, un bien turistico comun. La preservacion del bien y la posibilidad de disfrute del mismo por las generaciones futuras, dependera del comportamiento actual de los individuos integrantes de estas poblaciones. Basados en esta observacion, elemental pero fundamental para el trabajo, introducimos una definicion de sostenibilidad del turismo que pone el enfasis en el hecho no menos cierto, de que la perdurabilidad del bien turistico, depende del comportamiento de dichas dos poblaciones. Esta definicion, si bien aparentemente trivial, muestra la racionalidad subyacente en el comportamiento de los individuos aun cuando el mismo sea contrario al denominado bienestar social. La busqueda de un mayor beneficio por la explotacion del bien turistico, puede llevar a la desaparicion del mismo de no mediar politicas publicas tendientes a su preservacio...

We tackle the problem of the optimal quantity of money in model in the spirit of Friedman’s (1969) seminal work. Provided the seignorage proceedings are distributed uniformly, we prove that the Friedman rule fails to maximize welfare, is dynamically inconsistent, and strains the capital formation.

We tackle the problem of the optimal quantity of money in model in the spirit of Friedman’s (1969) seminal work. Provided the seignorage proceedings are distributed uniformly, we prove that the Friedman rule fails to maximize welfare, is dynamically inconsistent, and strains the capital formation.

referees for their invaluable comments, suggestions and support. Any remain-ing errors are my sole responsibility. Liquidity, Welfare and Distribution Summary: This work presents a dynamic general equilibrium model where wealth distribution is endogenous. I provide channels of causality that suggest a complex relationship between financial markets and the real activity which breaks down the classical dichotomy. As a consequence, the Friedman rule does not hold. In terms of the current events taking place in the world econ-omy, this paper provides a rationale to advert against the perils of an economy satiated with liquidity. Efficiency and distribution cannot thus be considered as separate attributes once we account for the interactions between financial markets and the economic performance.

El objetivo de este trabajo, consiste en analizar el modelo de producción de la economía colombiana, en el cual se analizan las variables que determinan el crecimiento económico de este país sudamericano. En otra vertiente, se desarrolla un análisis de los indicadores que determinan la inversión en la economía colombiana, y como estos son afectados directamente por la formación bruta de capital y la tasa de interés en la economía.