MACROECONOMÍA DE UNA ECONOMÍA ABIERTA JUAN LEÓN MENDOZA Universidad Nacional Mayor de San Marcos Fondo Editorial Facultad de Ciencias Económicas ISBN: 978-9972-2503-7-8 Hecho el Depósito Legal en la Biblioteca Nacional del Perú N.º: 2015-00867 Primera edición Lima, enero de 2015 © Fondo Editorial de la UNMSM © Facultad de Ciencias Económicas © Juan León Mendoza Tiraje: 500 ejemplares La universidad es lo que publica CENTRO DE PRODUCCIÓN FONDO EDITORIAL UNIVERSIDAD NACIONAL MAYOR DE SAN MARCOS Calle Germán Amézaga s/n Pabellón de la Biblioteca Central 4.° piso - Ciudad Universitaria, Lima-Perú Correo electrónico: [email protected] Página web: http://www.unmsm.edu.pe/fondoeditorial/ Directora / Emma Patricia Victorio Cánovas —PRODUCCIÓN— Editor / Juan León Mendoza Corrección de estilo / Alejandro Montoya G. Diagramación / Orlando Huerta B. 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macroeconómico existe una serie de escuelas o miniescuelas económicas. Sin embargo, a esa gama de puntos de vista, podemos agruparla gruesamente en dos grandes corrientes macroeconómicas: la teoría de orientación keynesiana (neokeynesianos, salario de eficiencia, coste de menú, entre otros) y la teoría de corte neoclásica (monetaristas, expectativas racionales, enfoque monetario de la balanza de pagos, ciclos reales, etc.). La economía política marxista no corresponde al campo de la teoría macroeconómica. 19 Juan León Mendoza VX FRQFHSFLyQ R OD FRUUHFWD LQWHUSUHWDFLyQ GH OD UHDOLGDG 6LQ HPEDUJR VL HO PRGHOR PDFURHFRQyPLFR IRUPXODGR GHVFULEH H[SOLFD \ SURQRVWLFD FRQ FLHUWD SUHFLVLyQORVKHFKRVHQWRQFHVHVWHHVFRQVLVWHQWH\WLHQHXQFDUiFWHUFLHQWtILFR 3RU OD FRPSOHMLGDG GH OD UHDOLGDG HFRQyPLFD OD PDFURHFRQRPtD FRQWLHQH PXFKDV YHFHV PRGHORV GLVWLQWRV VREUH XQ PLVPR IHQyPHQR $Vt H[LVWHQ GHVHQFXHQWURV \ GLIHUHQWHV H[SOLFDFLRQHV HQWUHORV NH\QHVLDQRV \ ORV QHRFOiVLFRV (VWR UHIOHMD VLPSOHPHQWH OD JUDQ GLILFXOWDG TXH VH WLHQH HQ HO SURFHVR GH WHRUL]DFLyQ\PRGHODFLyQGHORVKHFKRVHFRQyPLFRV 6L HO PRGHOR QR GHVFULEH \ H[SOLFD VDWLVIDFWRULDPHQWH ORV HYHQWRV PDFURHFRQyPLFRV HQWRQFHV VH WLHQH TXH YROYHU D UHH[DPLQDU OD UHDOLGDG VLVWHPDWL]DUOD WHRUL]DUOD PRGHODUOD FRQWUDVWDUOD \ DVt VXFHVLYDPHQWH GH PDQHUD GLDOpFWLFD KDVWD TXH VH OOHJXH D IRUPXODU XQ PRGHOR FRQVLVWHQWH 8QD YH] GHWHUPLQDGD OD FRKHUHQFLD\ OD YDOLGH] FLHQWtILFD GHOPRGHOR HVWH VLUYH GHPDUFR OyJLFRSDUDODLPSOHPHQWDFLyQGHODSROtWLFDPDFURHFRQyPLFDHVGHFLUSDUDWRPDU PHGLGDV TXH SHUPLWDQ DOFDQ]DU GHWHUPLQDGRV REMHWLYRV \ DVt UHVROYHU ORV SUREOHPDV (OSURFHVRPHWRGROyJLFRGHODQiOLVLVPDFURHFRQyPLFRGHVFULWRVHUHVXPHHQ HOJUiILFR *UiILFR3URFHVRGLDOpFWLFRGHODQiOLVLVPDFURHFRQyPLFR +(&+2 0$&52(&21Á0,&2 ,QIODFLyQUHFHVLyQ GHVHPSOHRHWF pp 0$&52(&2120½$ &8$17,7$7,9$< '(6&5,37,9$ m m o o o 32/½7,&$ 02'(/2 0$&52(&21Á0,&$ 0$&52(&21Á0,&2 nn 7(25½$ 0$&52(&21Á0,&$ (FRQRPtDSRVLWLYD(FRQRPtDQRUPDWLYD &yPRHV&yPRGHEHVHU /D VHFXHQFLD GHO DQiOLVLV PDFURHFRQyPLFR FRPSUHQGH GRV HWDSDV FRPSOHPHQWDULDV /D SULPHUD DEDUFD HO WUDPR GH OD IRUPXODFLyQ GH OD WHRUtD \ HO PRGHOR HQ HOOD VH XWLOL]D HO PpWRGR GH OD HFRQRPtD SRVLWLYD /D VHJXQGD HWDSD UHODFLRQDGD D OD SROtWLFD PDFURHFRQyPLFD KDFH XVR GHO PpWRGR GH OD HFRQRPtD 2 La economía en general, y la macroeconomía en particular, no es una ciencia experimental. Es decir, la coherencia o pertinencia del cuerpo de las hipótesis contenidas en un modelo macroeconómico no se puede validar mediante experimentos. Para ello, los economistas generalmente utilizan la herramienta econométrica. Adicionalmente, según Popper (1980), la teoría contrastada se acepta de manera provisional en tanto que no sea sustituida por otra de mayor consistencia empírica. 20 Macroeconomía QRUPDWLYD %DMR OD UHJOD GHO PpWRGR SRVLWLYR VH WUDWD GH IRUPXODU OD WHRUtD \ HO PRGHOR PDFURHFRQyPLFR GH PDQHUD REMHWLYD WHQLHQGR HQ FXHQWD OD UHDOLGDG HFRQyPLFD ¨WDO FRPR HV© 8QD YH] PRGHODGD ¨FRUUHFWDPHQWH© OD UHDOLGDG FRQ OD D\XGDGHOPRGHORVHHMHFXWDQODVDFFLRQHVGHSROtWLFDQHFHVDULDVSDUDORJUDUXQD UHDOLGDG HFRQyPLFD GHVHDGD DOFDQ]DUPHWDV PDFURHFRQyPLFDV HVGHFLUEDMR HO PpWRGR QRUPDWLYR VH WUDWD GH GHWHUPLQDU HO ¨FyPR GHEH VHU© OD UHDOLGDG HFRQyPLFD/DHWDSDGHODPRGHODFLyQGHODUHDOLGDGGHEHVHUWRWDOPHQWHREMHWLYD ODHWDSDGHODSROtWLFDPDFURHFRQyPLFDSXHGHVHUVXEMHWLYD(QODPRGHODFLyQVH GHEHQPLQLPL]DUORVMXLFLRVGHYDORUHQODHOHFFLyQGHODVPHWDVHQWUDQDWDOODUODV SUHIHUHQFLDVHLQWHUHVHV (O DQiOLVLV PDFURHFRQyPLFR HV HVHQFLDOPHQWH PRGHOtVWLFR 1R KD\ IRUPD GH HQWHQGHU ORV SUREOHPDV VLQ HO XVR GH ORV PRGHORV 'DGR TXH OD PDFURHFRQRPtD HVWXGLD HO FRPSRUWDPLHQWR DJUHJDGR GH ORV DJHQWHV HFRQyPLFRV HPSUHVDV KRJDUHV *RELHUQR \ TXH SRU HQGH LQYROXFUD VHUHV KXPDQRV VH WLHQHQ GLILFXOWDGHV REYLDV SDUD HIHFWXDU H[SHULPHQWRV GLUHFWRV FRQ HOORV SRU OR TXH QHFHVDULDPHQWHVHWLHQHTXHXWLOL]DUHOPpWRGRGHORVPRGHORV 6L ELHQ HO PRGHOR QR UHSUHVHQWD OD UHDOLGDG HFRQyPLFD WDO FRPR HV HQ XQD HVFDOD GH XQR D XQR SHUPLWH FRQRFHU GH PDQHUD VLPSOLILFDGD OD IRUPD HQ TXH RSHUD OD HFRQRPtD \ ORV PHFDQLVPRV GH FyPR VH SURGXFHQ R UHSURGXFHQ ORV SUREOHPDVRKHFKRVHFRQyPLFRV6LHOPRGHORHODERUDGRSHUPLWHHQWHQGHU\OHHU FRUUHFWDPHQWH ORV SUREOHPDV HFRQyPLFRV HQWRQFHV OD SROtWLFD PDFURHFRQyPLFD HVWiHQHOFDPLQRGHDOFDQ]DUODVPHWDVTXHVHWUD]D 'DGD OD LPSRUWDQFLD GHO PRGHOR HQ HO DQiOLVLV \ JHVWLyQ PDFURHFRQyPLFD D FRQWLQXDFLyQ YHDPRV FRQ XQ SRFR PiV GH GHWDOOH OR UHIHUHQWH DO PRGHOR PDFURHFRQyPLFR (/02'(/20$&52(&21Á0,&2 (OPRGHORPDFURHFRQyPLFRHVXQFXHUSROyJLFRTXHVHHODERUDVREUHODEDVH GH GHWHUPLQDGRV VXSXHVWRV +DFLHQGR XQD DQDORJtD HV FRPR HO HGLILFLR TXH VH FRQVWUX\HVREUHXQDGHWHUPLQDGDHVWUXFWXUDGHFLPLHQWRV 1R HV ORPLVPR ODSURIXQGLGDG \ HODQFKR GH ORV FLPLHQWRV UHTXHULGRV SDUD XQDYLYLHQGDGHXQSLVRTXHSDUDRWURGHFLQFXHQWDSLVRV$FDGDWLSRGHHGLILFLR GHYLYLHQGDVOHFRUUHVSRQGHFLHUWRWLSRGHFLPLHQWRVRFDGDWLSRGHYLYLHQGDVVH FRQVWUX\HVREUHXQDGHWHUPLQDGDHVWUXFWXUDGHFLPLHQWRV(QIRUPDVLPLODUSDUD FDGDHVWUXFWXUDGHVXSXHVWRVFRUUHVSRQGHFLHUWRWLSRGHPRGHORV /RV VXSXHVWRV HVSHFLILFDQ HO FRQWH[WR LQVWLWXFLRQDO GH OD UHDOLGDG PRGHODGD WDPELpQ VLPSOLILFD KRPRJHQHL]D \ JHQHUDOL]D ORV HOHPHQWRV UHOHYDQWHV GH ORV 3 Véase en Friedman (1967), una disertación detallada sobre el método de la economía positiva y normativa. 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Por ello, se debe tener en cuenta que, en los modelos, toda variable exógena es una variable independiente, pero no todas las variables independientes son exógenas. 22 Macroeconomía 9DULDEOHIOXMR 9DULDEOHVWRFN /D YDULDEOH IOXMR WLHQH XQ FDUiFWHU WHPSRUDO HV GHFLU HV XQ YDORU TXH FRPSUHQGH XQ GHWHUPLQDGR SHUtRGR GH WLHPSR (MHPSOR HO SURGXFWR EUXWR LQWHUQRGHXQDxRODWDVDGHLQIODFLyQGHXQPHVHOPRQWRGHODKRUURQDFLRQDOHQ XQDxRHWF /D YDULDEOH VWRFN HV XQ YDORU HQ XQ PRPHQWR GHO WLHPSR HV XQ YDORU DWHPSRUDO(MHPSORHOQLYHOGHODVUHVHUYDVLQWHUQDFLRQDOHVQHWDVDOILQDOGHODxROD GRWDFLyQGHELHQHVGHFDSLWDODOLQLFLRGHODxRODFDQWLGDGGHODPDVDPRQHWDULD HQHOPHUFDGRHWF /DV YDULDEOHV IOXMR \ VWRFN PXFKDV YHFHV HVWiQ UHODFLRQDGDV 3RU HMHPSOR OD LQYHUVLyQ FRQ OD GRWDFLyQ GH ELHQHV GH FDSLWDO /RV FDPELRV HQ HO IOXMR GH OD LQYHUVLyQPRGLILFDQHOQLYHOGHOVWRFNGHFDSLWDO6LDOLQLFLRGHXQGHWHUPLQDGRDxR ODHFRQRPtDFRQWDEDFRQXQVWRFNGHFDSLWDOGHGRVPLOORQHVGHVROHV\HQHODxR VH HIHFW~D XQ JDVWR GH LQYHUVLyQ GH XQ PLOOyQ GH VROHV HQWRQFHV DO ILQDO GH SHUtRGRVHWHQGUiXQVWRFNGHELHQHVGHFDSLWDOGHWUHVPLOORQHVGHVROHV(OVWRFN GHELHQHVGHFDSLWDODXPHQWyHQXQPLOOyQGHVROHVTXHHVLJXDODOYDORUGHOIOXMR GHODLQYHUVLyQ (OFRQMXQWRGHODVHFXDFLRQHVTXHFRQIRUPDQHOPRGHORUHSUHVHQWDODIRUPD HVWUXFWXUDOGHHVWH/DHFXDFLyQGHODVROXFLyQVHGHILQHFRPRODIRUPDUHGXFLGD GHO PRGHOR /D HFXDFLyQ HQ VX IRUPD UHGXFLGD PXHVWUD OD UHODFLyQ HQWUH ODV YDULDEOHV HQGyJHQDV \ WRGDV ODV YDULDEOHV H[yJHQDV GHO PRGHOR TXH HQ ~OWLPD LQVWDQFLDGHWHUPLQDQVXYDORU &RQ OD ILQDOLGDG GH LOXVWUDU ORV HOHPHQWRV \ ODV FDUDFWHUtVWLFDV VHxDODGDV GHO PRGHOR HFRQyPLFR SUHVHQWDPRV D FRQWLQXDFLyQ D PRGR GH HMHPSOR LOXVWUDWLYR XQ PRGHOR PDFURHFRQyPLFR HOHPHQWDO HO PRGHOR NH\QHVLDQR VLPSOH GH GHWHUPLQDFLyQGHODSURGXFFLyQ (OPRGHORWUDWDGHH[SOLFDUHOFRPSRUWDPLHQWRGHODSURGXFFLyQ\VHHODERUD VREUH OD EDVH GH ORV VLJXLHQWHV VXSXHVWRV D OD HFRQRPtD RSHUD FRQ FDSDFLGDG LQVWDODGD RFLRVD GH PRGR TXH OD GHPDQGD DJUHJDGD GHWHUPLQD HO QLYHO GH OD SURGXFFLyQ\EODHFRQRPtDHVFHUUDGD /DIRUPDHVWUXFWXUDOGHOPRGHORHVWiFRPSXHVWDGHWUHVHFXDFLRQHV ܻ ൌ ݅ݎܾ݈݅݅ݑݍ݁݁݀݊×݅ܿܽݑܿܧܦ ܥ ؠ ܦ ܫ ݊×݂݅ܿ݅݊݅݁݀݁݀݊×݅ܿܽݑܿܧܩ ܥൌ ܿǤ ܻ݈ܽ݊݅ܿ݊ݑ݂݊×݅ܿܽݑܿܧ 5 Por simplificación, no se toma en cuenta la depreciación. El modelo keynesiano simple se elabora sobre una mayor cantidad de supuestos. Por simplificación y dados los fines ilustrativos, se ha especificado solo dos supuestos. 6 Juan León Mendoza 23 'RQGHܻHVODSURGXFFLyQܦODGHPDQGDDJUHJDGDܥǡHOJDVWRHQFRQVXPR ܫODLQYHUVLyQܩHOJDVWRGHJRELHUQR\ܿODSURSHQVLyQPDUJLQDODFRQVXPLUFRQ XQYDORUSRVLWLYRSHURPHQRUTXHXQR /D SULPHUD HFXDFLyQ HV GH HTXLOLEULR SRUTXH SODQWHD TXH OD RIHUWD R OD SURGXFFLyQHVLJXDODODGHPDQGD/DVHJXQGDHFXDFLyQHVGHGHILQLFLyQGHELGRD TXH OD GHPDQGD DJUHJDGD VH GHILQH FRPR OD VXPD FRQWDEOH GH FRQVXPR LQYHUVLyQ\JDVWRGHJRELHUQR)LQDOPHQWHODWHUFHUDHFXDFLyQHVIXQFLRQDO\DTXH DVXPH TXH HO JDVWR HQ FRQVXPR GHSHQGH HQ VHQWLGR GLUHFWR GHO QLYHO GH OD SURGXFFLyQ SRQGHUDGD SRU OD SURSHQVLyQ PDUJLQDO D FRQVXPLU /DV YDULDEOHV HQGyJHQDV\H[yJHQDVGHOPRGHORVRQ 9DULDEOHVHQGyJHQDVܻǡ ܦǡ ܥ 9DULDEOHVH[yJHQDVܫǡ ܩ 3DUiPHWURܿ 5HVROYLHQGRHOVLVWHPDGHHFXDFLRQHVIRUPXODGDVVHGHULYDHOPRGHORHQVX IRUPDUHGXFLGDTXHPXHVWUDODUHODFLyQGHODYDULDEOHHQGyJHQDSURGXFFLyQFRQ WRGDV ODV YDULDEOHV H[yJHQDV GHO PRGHOR TXH HQ ~OWLPD LQVWDQFLD H[SOLFDQ R GHWHUPLQDQVXYDORU ͳ ܻൌ൬ ൰ ሾ ܫ ܩሿ ͳെܿ (OPRGHORPDFURHFRQyPLFRHQ VXIRUPDUHGXFLGDLQGLFDTXHODSURGXFFLyQ HVWiGHWHUPLQDGDHQVHQWLGRGLUHFWRSRUODVYDULDEOHVH[yJHQDVGHODLQYHUVLyQ\ HOJDVWRGHJRELHUQR(OPRGHORDVXYH]QRVH[SOLFDTXHORVSHUtRGRVGHFDtGD H[SDQVLyQ GH OD SURGXFFLyQ HVWiQ DVRFLDGRV D UHGXFFLRQHV DXPHQWRV HQ ORV QLYHOHVGHLQYHUVLyQ\JDVWRGHJRELHUQR (OPRGHORQRVRORHV~WLOSDUDGHVFULELURH[SOLFDUHOFRPSRUWDPLHQWRSDVDGR RDFWXDOGHODVYDULDEOHVHQGyJHQDVVLQRWDPELpQSDUDHIHFWXDUSURQyVWLFRVVREUH ODHYROXFLyQIXWXUDRHVSHUDGDGHHOODV(QQXHVWURHMHPSORKLSRWpWLFRVLWHQHPRV OD LQIRUPDFLyQ GH TXH HO *RELHUQR H[SDQGLUi VX JDVWR R TXH VH WLHQH XQD FDUWHUD GH JUDQGHV SUR\HFWRV GH LQYHUVLyQ HQ SURFHVR GH HMHFXFLyQ VH SXHGH SURQRVWLFDU ¦HQ IXQFLyQ GHO PRGHOR¦ TXH KDEUi XQ LQFUHPHQWR HQ HO QLYHO GH OD SURGXFFLyQ 'DGR HO XVR GHO PRGHOR SDUD HO SURFHVR GH GHVFULSFLyQ H[SOLFDFLyQ \ SURQyVWLFR GH ORV KHFKRV PDFURHFRQyPLFRV SUREDEOHPHQWH OD XWLOLGDG PiV LPSRUWDQWHUDGLTXHHQTXHVLUYHFRPRXQPDUFROyJLFRSDUDODLPSOHPHQWDFLyQGH OD SROtWLFD PDFURHFRQyPLFD (O 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Si la tasa de inflación doméstica fuera igual a la internacional, la inflación doméstica en términos relativos sería igual a cero. 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