<div id="pf1" class="pf w0 h0" data-page-no="1"><div class="pc pc1 w0 h0"><img class="bi x0 y0 w0 h1" alt="" src="https://files.passeidireto.com/d5c82b26-be46-4ff3-adbc-983e705436ba/bg1.png"></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf2" class="pf w1 h2" data-page-no="2"><div class="pc pc2 w1 h2"><img class="bi x1 y1 w2 h3" alt="" src="https://files.passeidireto.com/d5c82b26-be46-4ff3-adbc-983e705436ba/bg2.png"><div class="t m0 x2 h4 y2 ff1 fs0 fc0 sc0 lsb ws0">JOSE<span class="_0 blank"></span> DE GREGORIO R.<span class="_0 blank"></span> <span class="ff2 ls0 ws1">es Vicepresidente del Banco </span></div><div class="t m0 x2 h4 y3 ff2 fs0 fc0 sc0 ls1 ws2">Central de Chile desde diciemb<span class="_0 blank"></span>re de 2003. </div><div class="t m0 x2 h4 y4 ff2 fs0 fc0 sc0 ls1 ws3">Anteriormente, se desempeñó com<span class="_0 blank"></span>o consejero del </div><div class="t m0 x2 h4 y5 ff2 fs0 fc0 sc0 lsc ws4">inst<span class="_0 blank"></span>it<span class="_0 blank"></span>uto em<span class="_0 blank"></span>is<span class="_0 blank"></span>or des<span class="_0 blank"></span>de j<span class="_0 blank"></span>uni<span class="_0 blank"></span>o de<span class="_0 blank"></span>l 200<span class="_0 blank"></span>1. </div><div class="t m0 x2 h4 y6 ff2 fs0 fc0 sc0 ls2 ws5">Desde marzo del año 2000 hasta junio del 2001 el señor </div><div class="t m0 x2 h4 y7 ff2 fs0 fc0 sc0 ls1 ws6">De Gregorio se desempeñó en calidad d<span class="_0 blank"></span>e Tri-Ministro </div><div class="t m0 x2 h4 y8 ff2 fs0 fc0 sc0 ls1 ws7">en las carteras de Economí<span class="_0 blank"></span>a, Minería y Presidente de l<span class="_0 blank"></span>a </div><div class="t m0 x2 h4 y9 ff2 fs0 fc0 sc0 ls1 ws6">Comisión Nacional de Energía. Durante dicho períod<span class="_0 blank"></span>o </div><div class="t m0 x2 h4 ya ff2 fs0 fc0 sc0 ls1 ws8">se desempeñó además como P<span class="_0 blank"></span>residente de los </div><div class="t m0 x2 h4 yb ff2 fs0 fc0 sc0 lsd ws9">direc<span class="_0 blank"></span>tor<span class="_0 blank"></span>ios d<span class="_0 blank"></span>e las<span class="_0 blank"></span> emp<span class="_0 blank"></span>res<span class="_0 blank"></span>as es<span class="_0 blank"></span>tat<span class="_0 blank"></span>ales <span class="_0 blank"></span>COD<span class="_0 blank"></span>ELCO<span class="_0 blank"></span>, ENAP<span class="_0 blank"></span> </div><div class="t m0 x2 h4 yc ff2 fs0 fc0 sc0 lse wsa">y ENA<span class="_0 blank"></span>MI, y <span class="_0 blank"></span>presi<span class="_0 blank"></span>dent<span class="_0 blank"></span>e del<span class="_0 blank"></span> Co<span class="_0 blank"></span>nsej<span class="_0 blank"></span>o de C<span class="_0 blank"></span>ORF<span class="_0 blank"></span>O y de<span class="_0 blank"></span> </div><div class="t m0 x2 h4 yd ff2 fs0 fc0 sc0 lsf wsb">COCHILCO. </div><div class="t m0 x2 h4 ye ff2 fs0 fc0 sc0 ls3 wsc">Es además Profesor Titular d<span class="_0 blank"></span>e la <span class="ff1 ls10 wsd">Universidad de Chile</span><span class="ls11 wsb">. </span></div><div class="t m0 x2 h4 yf ff2 fs0 fc0 sc0 ls4 wse">Durante 1997 y 2000 fue profesor y director de e<span class="_1 blank"> </span>studios </div><div class="t m0 x2 h4 y10 ff2 fs0 fc0 sc0 lsa wsf">de postgrado en el Centro de Econo<span class="_0 blank"></span>mía Aplicada de la </div><div class="t m0 x1 h4 y11 ff1 fs0 fc0 sc0 ls5 ws10">Universidad de Chile<span class="ff2 ls12 ws11">, donde h<span class="_1 blank"> </span>a dictado<span class="_1 blank"> </span> clases desd<span class="_1 blank"> </span>e 1994 en<span class="_1 blank"> </span> las área<span class="_1 blank"> </span>s de macroe<span class="_1 blank"> </span>conomía y </span></div><div class="t m0 x1 h4 y12 ff2 fs0 fc0 sc0 ls6 ws12">economía internacional. A<span class="_0 blank"></span>demás fue miembro del directorio ejecutivo del Program<span class="_0 blank"></span>a Doctoral </div><div class="t m0 x1 h4 y13 ff2 fs0 fc0 sc0 ls13 ws13">Latinoamericano de Ec<span class="_0 blank"></span>onomía, realizado en conjunto por el ITA<span class="_0 blank"></span>M de México, la Universidad </div><div class="t m0 x1 h4 y14 ff2 fs0 fc0 sc0 ls7 ws14">Torcuato di Tella de Argentina,<span class="_0 blank"></span> y la <span class="ff1 ls4 ws15">Universidad de Chile</span><span class="ls14 wsb">. </span></div><div class="t m0 x1 h4 y15 ff2 fs0 fc0 sc0 ls15 ws16">Entre 19<span class="_1 blank"> </span>94 y 19<span class="_1 blank"> </span>97 fue<span class="_1 blank"> </span> Coordi<span class="_1 blank"> </span>nador de<span class="_1 blank"> </span> Políticas E<span class="_1 blank"> </span>conómicas de<span class="_1 blank"> </span>l Ministerio<span class="_1 blank"> </span> de Hacien<span class="_1 blank"> </span>da de </div><div class="t m0 x1 h4 y16 ff2 fs0 fc0 sc0 ls16 wsb">Chile. </div><div class="t m0 x1 h4 y17 ff2 fs0 fc0 sc0 ls6 ws17">Entre 1990 y 1994 fue economista en el departamento de invest<span class="_0 blank"></span>igaciones del Fondo Mon<span class="_0 blank"></span>etario </div><div class="t m0 x1 h4 y18 ff2 fs0 fc0 sc0 ls6 ws18">Internacional. Ha sido también consultor de organismos internacio<span class="_0 blank"></span>nales (FMI, Banco Mundial, </div><div class="t m0 x1 h4 y19 ff2 fs0 fc0 sc0 ls6 ws19">BID y Naciones Unidas) y<span class="_0 blank"></span> empresas extranjeras. Fue inves<span class="_0 blank"></span>tigador visitante en el FMI y Banco </div><div class="t m0 x1 h4 y1a ff2 fs0 fc0 sc0 ls6 ws1a">Mundial, además de profesor visitante en el Anderson School de UCLA (Universidad de </div><div class="t m0 x1 h4 y1b ff2 fs0 fc0 sc0 ls8 ws1b">California - Los Angeles). Ent<span class="_0 blank"></span>re 1983 y 1986 fue investigador de CIEP<span class="_0 blank"></span>LAN. </div><div class="t m0 x1 h4 y1c ff2 fs0 fc0 sc0 ls13 ws1c">Ha hecho clases de Macroeconomía en pregra<span class="_0 blank"></span>do y postgrado en la <span class="ff1 ls5 ws1d">Universidad de Chile</span><span class="ls11 wsb">, </span></div><div class="t m0 x1 h4 y1d ff2 fs0 fc0 sc0 ls9 ws1e">Universidad Católica, MIT y UCLA. </div><div class="t m0 x1 h4 y1e ff2 fs0 fc0 sc0 lsa ws1f">Es Ingeniero Civil Indust<span class="_0 blank"></span>rial y Magíster en Ingeniería de la <span class="ff1 ls4 ws20">Uni<span class="_0 blank"></span>versidad de Chile<span class="ff2 ls17 ws21"> (1984)<span class="_1 blank"> </span>, </span></span></div><div class="t m0 x1 h4 y1f ff2 fs0 fc0 sc0 ls6 ws17">donde recibió el premio Marcos Orrego Puelma al <span class="_0 blank"></span>mejor egresado de su promoción. <span class="_0 blank"></span>Obtuvo su </div><div class="t m0 x1 h4 y20 ff2 fs0 fc0 sc0 ls1 ws2">Doctorado (Ph. D.) en Ec<span class="_0 blank"></span>onomía en 1990 en el Massachusetts<span class="_0 blank"></span> Institute of Technology<span class="_0 blank"></span> (MIT). </div><div class="t m0 x1 h4 y21 ff2 fs0 fc0 sc0 ls9 ws22">Ha publicado ampliamente en revistas académicas internacionales y libros en los temas de </div><div class="t m0 x1 h4 y22 ff2 fs0 fc0 sc0 ls1 ws23">políticas de estabilizaci<span class="_0 blank"></span>ón, regímenes cambiar<span class="_0 blank"></span>ios y crecimiento ec<span class="_0 blank"></span>onómico. Ha s<span class="_0 blank"></span>ido árbitro de </div><div class="t m0 x1 h4 y23 ff2 fs0 fc0 sc0 ls3 ws24">revistas académicas y es editor asociado d<span class="_0 blank"></span>e las revistas "International Tax and Public </div><div class="t m0 x1 h4 y24 ff2 fs0 fc0 sc0 ls4 ws25">Finance" y "Latin American Economic Review".<span class="_0 blank"></span><span class="ws26"> Es miembro del Comité Ejecutivo de la Latin </span></div><div class="t m0 x1 h4 y25 ff2 fs0 fc0 sc0 ls4 ws27">American and Caribbe<span class="_0 blank"></span>an Economic Ass<span class="_0 blank"></span>ociation (LACEA) y fue co-director del<span class="_0 blank"></span> comité </div><div class="t m0 x1 h4 y26 ff2 fs0 fc0 sc0 lsa ws28">organizador del encue<span class="_0 blank"></span>ntro anual de LA<span class="_0 blank"></span>CEA en 1999. </div><div class="t m0 x1 h4 y27 ff2 fs0 fc0 sc0 ls3 ws29">Es chileno, casado con Soleda<span class="_0 blank"></span>d Aninat y tiene cuatro hijos. </div><div class="t m0 x1 h5 y28 ff3 fs0 fc1 sc0 ls18 wsb"> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf3" class="pf w0 h0" data-page-no="3"><div class="pc pc3 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x3 y29 w3 h6" alt="" src="https://files.passeidireto.com/d5c82b26-be46-4ff3-adbc-983e705436ba/bg3.png"><div class="t m0 x4 h7 y2a ff4 fs1 fc1 sc0 ls18 ws2a">Macr<span class="ls19">o</span>econo<span class="ls1b ws2b">m<span class="ls1c ws2c">´</span></span>\u0131<span class="ls1d">a</span></div><div class="t m0 x5 h8 y2b ff4 fs2 fc1 sc0 ls18 ws2d">Jos<span class="_0 blank"></span>´<span class="_2 blank"></span>e De Gregorio<span class="ff5 fs3 v1">1</span></div><div class="t m0 x6 h9 y2c ff6 fs4 fc1 sc0 ls1e ws2e">c<span class="ff7 ls1f v2">°</span></div><div class="t m0 x7 ha y2d ff8 fs5 fc2 sc0 ls1a">1<span class="ff9 fs6 ls18 ws2f v3">Se<span class="_3 blank"> </span>agradece<span class="_3 blank"> </span>la<span class="_3 blank"> </span>v<span class="_0 blank"></span>alios<span class="_4 blank"></span>´<span class="_5 blank"></span>\u0131sima<span class="_3 blank"> </span>colab oraci´<span class="_6 blank"></span>on<span class="_3 blank"> </span>de<span class="_3 blank"> </span>Crist´<span class="_6 blank"></span>obal<span class="_3 blank"> </span>Huneeus<span class="_3 blank"> </span>L.,<span class="_3 blank"> </span>quien<span class="_3 blank"> </span>ha<span class="_3 blank"> </span>co ordinado<span class="_3 blank"> </span>y<span class="_3 blank"> </span>prepa-</span></div><div class="t m0 x3 hb y2e ff9 fs6 fc2 sc0 ls18 ws30">rado el material b´<span class="_6 blank"></span>asico para estos apun<span class="_0 blank"></span>tes. Desde Stanford sigue colab<span class="_1 blank"> </span>orando con mis constan<span class="_0 blank"></span>tes</div><div class="t m0 x3 hb y2f ff9 fs6 fc2 sc0 ls18 ws31">com<span class="_0 blank"></span>bates con L</div><div class="t m0 x8 ha y30 ff8 fs5 fc2 sc0 ls18">A</div><div class="t m0 x9 hb y2f ff9 fs6 fc2 sc0 ls18">T</div><div class="t m0 xa hb y31 ff9 fs6 fc2 sc0 ls18">E</div><div class="t m0 xb hb y2f ff9 fs6 fc2 sc0 ls18 ws32">X. El es adem´<span class="_6 blank"></span>as resp<span class="_1 blank"> </span>onsable de cualquier error. Se agradece adem´<span class="_6 blank"></span>as la colab<span class="_1 blank"> </span>o-</div><div class="t m0 x3 hb y32 ff9 fs6 fc2 sc0 ls18 ws33">raci´<span class="_6 blank"></span>on de Rodrigo Alfaro, Christian F<span class="_7 blank"></span>errada, Alv<span class="_7 blank"></span>aro Garc<span class="_4 blank"></span>´<span class="_5 blank"></span>\u0131a, F<span class="_7 blank"></span>rancisco P<span class="_0 blank"></span>arro, y en especial Marco</div><div class="t m0 x3 hb y33 ff9 fs6 fc2 sc0 ls18 ws34">N ´<span class="_8 blank"></span>u \u02dc<span class="_8 blank"></span>nez.</div><a class="l" href="#pf3" data-dest-detail='[3,"XYZ",null,176.64,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:338.800000px;bottom:465.590000px;width:5.230000px;height:6.140000px;background-color:rgba(255,255,255,0.000001);"></div></a></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf4" class="pf w0 h0" data-page-no="4"><div class="pc pc4 w0 h0"><div class="t m0 x3 hc y34 ff6 fs7 fc2 sc0 ls18">2</div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf5" class="pf w0 h0" data-page-no="5"><div class="pc pc5 w0 h0"><div class="t m0 xc hd y35 ff4 fs8 fc1 sc0 ls18">´</div><div class="t m0 x3 hd y36 ff4 fs8 fc1 sc0 ls18 ws35">Indice general</div><div class="t m0 x3 hc y37 ffa fs7 fc1 sc0 ls18">´</div><div class="t m0 x3 hc y38 ffa fs7 fc1 sc0 ls18 ws36">Indice general<span class="_9 blank"> </span>3</div><div class="t m0 x3 he y39 ff4 fs9 fc1 sc0 ls18 ws37">I<span class="_a blank"> </span>Elemen<span class="_7 blank"></span>tos B´<span class="_2 blank"></span>asicos<span class="_b blank"> </span>9</div><div class="t m0 x3 hc y3a ffa fs7 fc1 sc0 ls18 ws38">1.<span class="_c blank"> </span>In<span class="_7 blank"></span>tro ducci´<span class="_d blank"></span>on:<span class="_e blank"> </span>¿Qu<span class="_0 blank"></span>´<span class="_d blank"></span>e<span class="_e blank"> </span>es<span class="_e blank"> </span>la<span class="_e blank"> </span>Macro econom<span class="_4 blank"></span>´<span class="_8 blank"></span>\u0131a?<span class="_f blank"> </span>11</div><div class="t m0 xd hc y3b ff6 fs7 fc1 sc0 ls20 ws39">1<span class="_10 blank"></span>.<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_3 blank"> </span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>e<span class="_10 blank"></span>g<span class="_10 blank"></span>u<span class="_10 blank"></span>n<span class="_d blank"></span>t<span class="_10 blank"></span>a<span class="_10 blank"></span>s .................................<span class="_11 blank"> </span><span class="fc2 ls18 v0">11</span></div><div class="t m0 xd hc y3c ff6 fs7 fc1 sc0 ls18 ws3a">1.2.<span class="_12 blank"> </span>Debates<span class="_13 blank"> </span>en<span class="_13 blank"> </span>Macro<span class="_1 blank"> </span>econom<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131a<span class="_15 blank"> </span>. . . . . . . . . . . . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">13</span></div><div class="t m0 x3 hc y3d ffa fs7 fc1 sc0 ls18 ws3b">2.<span class="_c blank"> </span>Los datos<span class="_17 blank"> </span>15</div><div class="t m0 xd hc y3e ff6 fs7 fc1 sc0 ls18 ws3a">2.1.<span class="_12 blank"> </span>Medici´<span class="_10 blank"></span>on<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Niv<span class="_7 blank"></span>el<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Actividad<span class="_13 blank"> </span>Econ´<span class="_10 blank"></span>omica<span class="_c blank"> </span>. . . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2 v0">15</span></div><div class="t m0 xd hc y3f ff6 fs7 fc1 sc0 ls18 ws3a">2.2.<span class="_12 blank"> </span>V<span class="_18 blank"></span>ariables<span class="_13 blank"> </span>nominales<span class="_13 blank"> </span>y<span class="_13 blank"> </span>reales<span class="_13 blank"> </span>y<span class="_13 blank"> </span>la<span class="_13 blank"> </span>medici´<span class="_10 blank"></span>on<span class="_13 blank"> </span>de<span class="_13 blank"> </span>la<span class="_13 blank"> </span>in\ufb02aci´<span class="_10 blank"></span>on<span class="_3 blank"> </span>. . . . . . .<span class="_16 blank"> </span><span class="fc2">24</span></div><div class="t m0 xd hc y40 ff6 fs7 fc1 sc0 ls18 ws3a">2.3.<span class="_12 blank"> </span>PIB<span class="_13 blank"> </span>(Real)<span class="_13 blank"> </span>como<span class="_13 blank"> </span>Medici´<span class="_10 blank"></span>on<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Bienestar<span class="_19 blank"> </span>. . . . . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">28</span></div><div class="t m0 xd hc y41 ff6 fs7 fc1 sc0 ls20 ws3c">2<span class="_10 blank"></span>.<span class="_10 blank"></span>4<span class="_10 blank"></span>.<span class="_3 blank"> </span>P<span class="_10 blank"></span>I<span class="_10 blank"></span>B<span class="_1a blank"></span>y<span class="_1a blank"></span>P<span class="_10 blank"></span>N<span class="_10 blank"></span>B ................................<span class="_11 blank"> </span><span class="fc2 ls18">28</span></div><div class="t m0 xd hc y42 ff6 fs7 fc1 sc0 ls20 ws3d">2<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>. A<span class="_10 blank"></span>h<span class="_10 blank"></span>o<span class="_10 blank"></span>r<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>-<span class="_10 blank"></span>I<span class="_10 blank"></span>n<span class="_10 blank"></span>v<span class="_d blank"></span>e<span class="_10 blank"></span>r<span class="_10 blank"></span>s<span class="_10 blank"></span>i<span class="_10 blank"></span>´<span class="_1b blank"></span>o<span class="_10 blank"></span>n .............................<span class="_11 blank"> </span><span class="fc2 ls18">32</span></div><div class="t m0 xd hc y43 ff6 fs7 fc1 sc0 ls18 ws3a">2.6.<span class="_12 blank"> </span>El<span class="_13 blank"> </span>D<span class="_7 blank"></span>´<span class="_8 blank"></span>e\ufb01cit<span class="_13 blank"> </span>de<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Cuen<span class="_7 blank"></span>ta<span class="_13 blank"> </span>Corriente<span class="_13 blank"> </span>como<span class="_13 blank"> </span>exceso<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Gasto<span class="_12 blank"> </span>. . . . . . .<span class="_16 blank"> </span><span class="fc2">35</span></div><div class="t m0 xd hc y44 ff6 fs7 fc1 sc0 ls18 ws3a">2.7.<span class="_12 blank"> </span>La<span class="_13 blank"> </span>Cuen<span class="_7 blank"></span>ta<span class="_13 blank"> </span>Financiera<span class="_13 blank"> </span>y<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Balanza<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Pagos<span class="_1c blank"> </span>. . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">36</span></div><div class="t m0 xd hc y45 ff6 fs7 fc1 sc0 ls18 ws3a">2.8.<span class="_12 blank"> </span>La<span class="_13 blank"> </span>P<span class="_7 blank"></span>osici´<span class="_10 blank"></span>on<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Inv<span class="_7 blank"></span>ersi´<span class="_10 blank"></span>on<span class="_13 blank"> </span>Internacional<span class="_13 blank"> </span>y<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Deuda<span class="_13 blank"> </span>Externa<span class="_1d blank"> </span>. . . . . .<span class="_16 blank"> </span><span class="fc2">40</span></div><div class="t m0 xd hc y46 ff6 fs7 fc1 sc0 ls20 ws3e">2<span class="_10 blank"></span>.<span class="_10 blank"></span>9<span class="_10 blank"></span>. T<span class="_10 blank"></span>i<span class="_10 blank"></span>p<span class="_1e blank"></span>o<span class="_1a blank"></span>d<span class="_10 blank"></span>e<span class="_1f blank"></span>C<span class="_10 blank"></span>a<span class="_10 blank"></span>m<span class="_20 blank"></span>b<span class="_10 blank"></span>i<span class="_10 blank"></span>o<span class="_21 blank"> </span>.............................<span class="_11 blank"> </span><span class="fc2 ls18">42</span></div><div class="t m0 xd hc y47 ff6 fs7 fc1 sc0 ls20 ws3f">2<span class="_10 blank"></span>.<span class="_10 blank"></span>1<span class="_10 blank"></span>0<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>................................. <span class="fc2 ls18">51</span></div><div class="t m0 x3 he y48 ff4 fs9 fc1 sc0 ls18 ws40">I I<span class="_a blank"> </span>Comp ortamien<span class="_7 blank"></span>to<span class="_23 blank"> </span>de<span class="_23 blank"> </span>los<span class="_e blank"> </span>Agentes<span class="_e blank"> </span>Econ´<span class="_2 blank"></span>omicos<span class="_24 blank"> </span>55</div><div class="t m0 x3 hc y49 ffa fs7 fc1 sc0 ls18 ws41">3. Consumo<span class="_25 blank"> </span>57</div><div class="t m0 xd hc y4a ff6 fs7 fc1 sc0 ls18 ws3a">3.1.<span class="_12 blank"> </span>La<span class="_13 blank"> </span>F<span class="_18 blank"></span>unci´<span class="_10 blank"></span>on<span class="_13 blank"> </span>Consumo<span class="_13 blank"> </span>Keynesiana . . . . . . . . . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2 v0">57</span></div><div class="t m0 xd hc y4b ff6 fs7 fc1 sc0 ls18 ws3a">3.2.<span class="_12 blank"> </span>Restricci´<span class="_10 blank"></span>on<span class="_13 blank"> </span>Presupuestaria<span class="_13 blank"> </span>In<span class="_7 blank"></span>tertemp<span class="_26 blank"> </span>oral<span class="_27 blank"> </span>. . . . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">61</span></div><div class="t m0 xd hc y4c ff6 fs7 fc1 sc0 ls18 ws3a">3.3.<span class="_12 blank"> </span>Mo<span class="_1 blank"> </span>delo<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Consumo<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Ahorro<span class="_13 blank"> </span>en<span class="_13 blank"> </span>Dos<span class="_13 blank"> </span>P<span class="_7 blank"></span>er<span class="_18 blank"></span>´<span class="_14 blank"></span>\u0131odos<span class="_19 blank"> </span>. . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">63</span></div><div class="t m0 xd hc y4d ff6 fs7 fc1 sc0 ls18 ws3a">3.4.<span class="_12 blank"> </span>La<span class="_13 blank"> </span>T<span class="_18 blank"></span>eor<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131a<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Ciclo<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Vida<span class="_28 blank"> </span>. . . . . . . . . . . . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">71</span></div><div class="t m0 xd hc y4e ff6 fs7 fc1 sc0 ls20 ws3e">3<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>. S<span class="_10 blank"></span>e<span class="_10 blank"></span>g<span class="_10 blank"></span>u<span class="_10 blank"></span>r<span class="_10 blank"></span>i<span class="_10 blank"></span>d<span class="_10 blank"></span>a<span class="_10 blank"></span>d<span class="_1a blank"></span>S<span class="_10 blank"></span>o<span class="_1e blank"></span>c<span class="_10 blank"></span>i<span class="_10 blank"></span>a<span class="_10 blank"></span>l<span class="_e blank"> </span>.............................<span class="_15 blank"> </span><span class="fc2 ls18">73</span></div><div class="t m0 xd hc y4f ff6 fs7 fc1 sc0 ls18 ws3a">3.6.<span class="_12 blank"> </span>T<span class="_18 blank"></span>eor<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131a<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Ingreso<span class="_13 blank"> </span>P<span class="_7 blank"></span>ermanente<span class="_27 blank"> </span>. . . . . . . . . . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">77</span></div><div class="t m0 xd hc y50 ff6 fs7 fc1 sc0 ls20 ws3e">3<span class="_10 blank"></span>.<span class="_10 blank"></span>7<span class="_10 blank"></span>. R<span class="_10 blank"></span>e<span class="_10 blank"></span>s<span class="_10 blank"></span>u<span class="_10 blank"></span>m<span class="_10 blank"></span>e<span class="_10 blank"></span>n<span class="_22 blank"></span>..................................<span class="_11 blank"> </span><span class="fc2 ls18">78</span></div><div class="t m0 xd hc y51 ff6 fs7 fc1 sc0 ls20 ws3e">3<span class="_10 blank"></span>.<span class="_10 blank"></span>8<span class="_10 blank"></span>. P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>.................................<span class="_11 blank"> </span><span class="fc2 ls18">78</span></div><div class="t m0 xe hc y52 ff6 fs7 fc2 sc0 ls18">3</div><a class="l" href="#pf5" data-dest-detail='[5,"XYZ",null,576.58,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:91.340000px;bottom:526.170000px;width:78.940000px;height:13.330000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfb" data-dest-detail='[11,"XYZ",null,533.046,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:489.530000px;width:127.490000px;height:9.300000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfd" data-dest-detail='[13,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:462.280000px;width:247.960000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfd" data-dest-detail='[13,"XYZ",null,252.082,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:448.330000px;width:73.910000px;height:10.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pff" data-dest-detail='[15,"XYZ",null,637.177,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:436.490000px;width:156.940000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf11" data-dest-detail='[17,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:411.370000px;width:69.480000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf11" data-dest-detail='[17,"XYZ",null,536.903,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:397.410000px;width:235.340000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1a" data-dest-detail='[26,"XYZ",null,199.54,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:381.340000px;width:298.460000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1e" data-dest-detail='[30,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:366.780000px;width:217.100000px;height:11.910000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1e" data-dest-detail='[30,"XYZ",null,307.998,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:353.440000px;width:81.550000px;height:10.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf22" data-dest-detail='[34,"XYZ",null,479.141,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:341.610000px;width:106.550000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf25" data-dest-detail='[37,"XYZ",null,530.453,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:327.660000px;width:292.720000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf26" data-dest-detail='[38,"XYZ",null,517.049,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:311.580000px;width:239.220000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf2a" data-dest-detail='[42,"XYZ",null,513.459,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:297.630000px;width:306.310000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf2c" data-dest-detail='[44,"XYZ",null,471.184,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:283.680000px;width:103.670000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf35" data-dest-detail='[53,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:271.850000px;width:76.030000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf39" data-dest-detail='[57,"XYZ",null,543.009,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:230.760000px;width:287.230000px;height:11.630000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf3b" data-dest-detail='[59,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:207.960000px;width:68.310000px;height:8.480000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf3b" data-dest-detail='[59,"XYZ",null,336.395,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:191.880000px;width:185.610000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf3f" data-dest-detail='[63,"XYZ",null,661.242,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:177.930000px;width:222.790000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf41" data-dest-detail='[65,"XYZ",null,416.352,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:163.980000px;width:251.220000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf49" data-dest-detail='[73,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:152.150000px;width:158.400000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf4b" data-dest-detail='[75,"XYZ",null,298.499,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:136.080000px;width:105.220000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf4f" data-dest-detail='[79,"XYZ",null,625.564,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:122.130000px;width:171.850000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf50" data-dest-detail='[80,"XYZ",null,594.44,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:110.300000px;width:69.340000px;height:8.450000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf50" data-dest-detail='[80,"XYZ",null,231.387,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:96.350000px;width:76.030000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf6" class="pf w0 h0" data-page-no="6"><div class="pc pc6 w0 h0"><div class="t m0 x3 hf y34 ff6 fs7 fc2 sc0 ls21">4<span class="ffb ls18 v4">´</span></div><div class="t m0 xf hc y34 ffb fs7 fc2 sc0 ls18 ws42">INDICE GENERAL</div><div class="t m0 x3 hc y53 ffa fs7 fc1 sc0 ls18 ws41">4. In<span class="_7 blank"></span>versi´<span class="_2 blank"></span>on<span class="_29 blank"> </span>83</div><div class="t m0 xd hc y54 ff6 fs7 fc1 sc0 ls18 ws3a">4.1.<span class="_12 blank"> </span>La<span class="_13 blank"> </span>Demanda<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Capital<span class="_19 blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2 v0">83</span></div><div class="t m0 xd hc y55 ff6 fs7 fc1 sc0 ls18 ws3a">4.2.<span class="_12 blank"> </span>T<span class="_18 blank"></span>asa<span class="_13 blank"> </span>de<span class="_13 blank"> </span>In<span class="_7 blank"></span>ter´<span class="_10 blank"></span>es<span class="_13 blank"> </span>Nominal<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Real . . . . . . . . . . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">85</span></div><div class="t m0 xd hc y56 ff6 fs7 fc1 sc0 ls18 ws3a">4.3.<span class="_12 blank"> </span>El<span class="_13 blank"> </span>Precio<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Arriendo<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Capital<span class="_13 blank"> </span>(costo<span class="_13 blank"> </span>de<span class="_13 blank"> </span>uso)<span class="_2a blank"> </span>. . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">86</span></div><div class="t m0 xd hc y57 ff6 fs7 fc1 sc0 ls18 ws3a">4.4.<span class="_12 blank"> </span>Del<span class="_13 blank"> </span>Sto<span class="_1 blank"> </span>ck<span class="_1d blank"> </span>de<span class="_13 blank"> </span>Capital<span class="_13 blank"> </span>Deseado<span class="_13 blank"> </span>a<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Inv<span class="_7 blank"></span>ersi´<span class="_10 blank"></span>on<span class="_2b blank"> </span>. . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">88</span></div><div class="t m0 xd hc y58 ff6 fs7 fc1 sc0 ls18 ws43">4.5.<span class="_12 blank"> </span>Ev<span class="_7 blank"></span>aluaci´<span class="_20 blank"></span>on<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Proy<span class="_7 blank"></span>ectos y<span class="_13 blank"> </span>T<span class="_18 blank"></span>eor<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131a <span class="ffc ls22">q</span><span class="ls20 ws44">d<span class="_10 blank"></span>e<span class="_1f blank"></span>T<span class="_2 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>i<span class="_10 blank"></span>n .............<span class="_11 blank"> </span><span class="fc2 ls18">90</span></span></div><div class="t m0 xd hc y59 ff6 fs7 fc1 sc0 ls18 ws3a">4.6.<span class="_12 blank"> </span>Restricciones<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Liquidez<span class="_13 blank"> </span>y<span class="_13 blank"> </span>la<span class="_13 blank"> </span>T<span class="_18 blank"></span>eor<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131a<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Acelerador<span class="_2c blank"> </span>. . . . . . . . .<span class="_16 blank"> </span><span class="fc2">92</span></div><div class="t m0 xd hc y5a ff6 fs7 fc1 sc0 ls18 ws3a">4.7.<span class="_12 blank"> </span>Impuestos<span class="_13 blank"> </span>e<span class="_13 blank"> </span>In<span class="_7 blank"></span>versi´<span class="_20 blank"></span>on<span class="_27 blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . . .<span class="_16 blank"> </span><span class="fc2">93</span></div><div class="t m0 xd hc y5b ff6 fs7 fc1 sc0 ls20 ws3e">4<span class="_10 blank"></span>.<span class="_10 blank"></span>8<span class="_10 blank"></span>. R<span class="_10 blank"></span>e<span class="_10 blank"></span>s<span class="_10 blank"></span>u<span class="_10 blank"></span>m<span class="_10 blank"></span>e<span class="_10 blank"></span>n<span class="_22 blank"></span>..................................<span class="_11 blank"> </span><span class="fc2 ls18">97</span></div><div class="t m0 xd hc y5c ff6 fs7 fc1 sc0 ls20 ws3e">4<span class="_10 blank"></span>.<span class="_10 blank"></span>9<span class="_10 blank"></span>. P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>.................................<span class="_11 blank"> </span><span class="fc2 ls18">97</span></div><div class="t m0 x3 hc y5d ffa fs7 fc1 sc0 ls18 ws45">5.<span class="_c blank"> </span>El Gobierno y la P<span class="_0 blank"></span>ol<span class="_1f blank"></span>´<span class="_8 blank"></span>\u0131tica Fiscal<span class="_2d blank"> </span>101</div><div class="t m0 xd hc y5e ff6 fs7 fc1 sc0 ls20 ws3e">5<span class="_10 blank"></span>.<span class="_10 blank"></span>1<span class="_10 blank"></span>. I<span class="_10 blank"></span>n<span class="_20 blank"></span>t<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_1e blank"></span>d<span class="_10 blank"></span>u<span class="_10 blank"></span>c<span class="_10 blank"></span>c<span class="_10 blank"></span>i<span class="_10 blank"></span>´<span class="_1b blank"></span>o<span class="_20 blank"></span>n<span class="_2e blank"></span>................................<span class="_1d blank"> </span><span class="fc2 ls18 v0">101</span></div><div class="t m0 xd hc y5f ff6 fs7 fc1 sc0 ls18 ws3a">5.2.<span class="_12 blank"> </span>De\ufb01niciones<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Evidencia<span class="_2f blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">102</span></div><div class="t m0 xd hc y60 ff6 fs7 fc1 sc0 ls18 ws3a">5.3.<span class="_12 blank"> </span>Restricci´<span class="_10 blank"></span>on<span class="_13 blank"> </span>Presupuestaria<span class="_13 blank"> </span>In<span class="_7 blank"></span>tertemp<span class="_26 blank"> </span>oral<span class="_27 blank"> </span>. . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">109</span></div><div class="t m0 xd hc y61 ff6 fs7 fc1 sc0 ls18 ws3a">5.4.<span class="_12 blank"> </span>Din´<span class="_10 blank"></span>amica<span class="_13 blank"> </span>de<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Deuda<span class="_13 blank"> </span>P<span class="_1 blank"> </span>´<span class="_20 blank"></span>ublica<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Efectos<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Crecimien<span class="_7 blank"></span>to<span class="_1d blank"> </span>. . . . . . .<span class="_11 blank"> </span><span class="fc2">112</span></div><div class="t m0 xd hc y62 ff6 fs7 fc1 sc0 ls18 ws3a">5.5.<span class="_12 blank"> </span>Equiv<span class="_7 blank"></span>alencia<span class="_13 blank"> </span>Ricardiana<span class="_28 blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . .<span class="_15 blank"> </span><span class="fc2">116</span></div><div class="t m0 xd hc y63 ff6 fs7 fc1 sc0 ls18 ws3a">5.6.<span class="_12 blank"> </span>Ciclo<span class="_13 blank"> </span>Econ´<span class="_10 blank"></span>omico<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Balance<span class="_13 blank"> </span>Estructural<span class="_1c blank"> </span>. . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">117</span></div><div class="t m0 xd hc y64 ff6 fs7 fc1 sc0 ls18 ws3a">5.7.<span class="_12 blank"> </span>Financiamien<span class="_7 blank"></span>to,<span class="_13 blank"> </span>Inv<span class="_7 blank"></span>ersi´<span class="_10 blank"></span>on<span class="_13 blank"> </span>P<span class="_1 blank"> </span>´<span class="_20 blank"></span>ublica<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Contabilidad<span class="_13 blank"> </span>Fiscal<span class="_2f blank"> </span>. . . . . . .<span class="_11 blank"> </span><span class="fc2">122</span></div><div class="t m0 xd hc y65 ff6 fs7 fc1 sc0 ls20 ws3e">5<span class="_10 blank"></span>.<span class="_10 blank"></span>8<span class="_10 blank"></span>. P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>.................................<span class="_13 blank"> </span><span class="fc2 ls18">124</span></div><div class="t m0 x3 he y66 ff4 fs9 fc1 sc0 ls18 ws40">I I I<span class="_a blank"> </span>La<span class="_23 blank"> </span>Econom<span class="_1f blank"></span>´<span class="_10 blank"></span>\u0131a<span class="_23 blank"> </span>de<span class="_23 blank"> </span>Pleno<span class="_e blank"> </span>Empleo<span class="_30 blank"> </span>127</div><div class="t m0 x3 hc y67 ffa fs7 fc1 sc0 ls18 ws46">6.<span class="_c blank"> </span>La Econom<span class="_4 blank"></span>´<span class="_1e blank"></span>\u0131a Cerrada<span class="_31 blank"> </span>129</div><div class="t m0 xd hc y68 ff6 fs7 fc1 sc0 ls18 ws3a">6.1.<span class="_12 blank"> </span>Equilibrio<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Econom<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131a<span class="_13 blank"> </span>Cerrada<span class="_27 blank"> </span>. . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2 v0">130</span></div><div class="t m0 xd hc y69 ff6 fs7 fc1 sc0 ls20 ws3e">6<span class="_10 blank"></span>.<span class="_10 blank"></span>2<span class="_10 blank"></span>. P<span class="_20 blank"></span>o<span class="_10 blank"></span>l<span class="_2 blank"></span>´<span class="_32 blank"></span>\u0131<span class="_10 blank"></span>t<span class="_10 blank"></span>i<span class="_10 blank"></span>c<span class="_10 blank"></span>a<span class="_1a blank"></span>F<span class="_10 blank"></span>i<span class="_10 blank"></span>s<span class="_10 blank"></span>c<span class="_10 blank"></span>a<span class="_10 blank"></span>l<span class="_4 blank"></span>...............................<span class="_1d blank"> </span><span class="fc2 ls18">133</span></div><div class="t m0 xd hc y6a ff6 fs7 fc1 sc0 ls18 ws3a">6.3.<span class="_12 blank"> </span>Est´<span class="_10 blank"></span>atica<span class="_13 blank"> </span>Comparativ<span class="_7 blank"></span>a<span class="_2c blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">137</span></div><div class="t m0 xd hc y6b ff6 fs7 fc1 sc0 ls18 ws3a">6.4.<span class="_12 blank"> </span>Mo<span class="_1 blank"> </span>delo<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Dos<span class="_13 blank"> </span>P<span class="_0 blank"></span>er<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131odos<span class="_13 blank"> </span>*<span class="_2f blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">139</span></div><div class="t m0 xd hc y6c ff6 fs7 fc1 sc0 ls20 ws3e">6<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>. P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>.................................<span class="_13 blank"> </span><span class="fc2 ls18">150</span></div><div class="t m0 x3 hc y6d ffa fs7 fc1 sc0 ls18 ws47">7.<span class="_c blank"> </span>Econom<span class="_4 blank"></span>´<span class="_1e blank"></span>\u0131a Abierta: La Cuenta Corrien<span class="_7 blank"></span>te<span class="_33 blank"> </span>155</div><div class="t m0 xd h10 y6e ff6 fs7 fc1 sc0 ls18 ws3a">7.1.<span class="_12 blank"> </span>Cuen<span class="_7 blank"></span>ta<span class="_13 blank"> </span>Corriente<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Equilibrio<span class="_15 blank"> </span>. . . . . . . . . . . . . . . . . . . . .<span class="_15 blank"> </span><span class="fc2 v0">156</span></div><div class="t m0 xd hc y6f ff6 fs7 fc1 sc0 ls18 ws3a">7.2.<span class="_12 blank"> </span>Mo<span class="_7 blank"></span>vilidad<span class="_13 blank"> </span>Imp<span class="_26 blank"> </span>erfecta<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Capitales<span class="_15 blank"> </span>. . . . . . . . . . . . . . . . . . .<span class="_15 blank"> </span><span class="fc2">158</span></div><div class="t m0 xd hc y70 ff6 fs7 fc1 sc0 ls18 ws3a">7.3.<span class="_12 blank"> </span>Est´<span class="_10 blank"></span>atica<span class="_13 blank"> </span>Comparativ<span class="_7 blank"></span>a<span class="_2c blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">162</span></div><div class="t m0 xd hc y71 ff6 fs7 fc1 sc0 ls18 ws3a">7.4.<span class="_12 blank"> </span>Ahorro<span class="_13 blank"> </span>e<span class="_13 blank"> </span>In<span class="_7 blank"></span>versi´<span class="_20 blank"></span>on<span class="_13 blank"> </span>en<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Econom<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131a<span class="_13 blank"> </span>Abierta<span class="_2a blank"> </span>. . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">165</span></div><div class="t m0 xd hc y72 ff6 fs7 fc1 sc0 ls18 ws3a">7.5.<span class="_12 blank"> </span>Mo<span class="_1 blank"> </span>delo<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Dos<span class="_13 blank"> </span>P<span class="_0 blank"></span>er<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131odos<span class="_13 blank"> </span>*<span class="_2f blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">169</span></div><div class="t m0 xd hc y73 ff6 fs7 fc1 sc0 ls20 ws3e">7<span class="_10 blank"></span>.<span class="_10 blank"></span>6<span class="_10 blank"></span>. P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>.................................<span class="_13 blank"> </span><span class="fc2 ls18">173</span></div><div class="t m0 x3 hc y74 ffa fs7 fc1 sc0 ls18 ws48">8.<span class="_c blank"> </span>Econom<span class="_4 blank"></span>´<span class="_1e blank"></span>\u0131a<span class="_e blank"> </span>Abierta:<span class="_e blank"> </span>El<span class="_e blank"> </span>Tip o<span class="_e blank"> </span>de<span class="_e blank"> </span>Cambio<span class="_e blank"> </span>Real<span class="_34 blank"> </span>177</div><div class="t m0 xd h11 y75 ff6 fs7 fc1 sc0 ls18 ws3a">8.1.<span class="_12 blank"> </span>P<span class="_7 blank"></span>aridad<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Poder<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Compra<span class="_13 blank"> </span>(PPP)<span class="_23 blank"> </span>. . . . . . . . . . . . . . . . . .<span class="_15 blank"> </span><span class="fc2 v0">178</span></div><div class="t m0 xd hc y76 ff6 fs7 fc1 sc0 ls18 ws3a">8.2.<span class="_12 blank"> </span>El<span class="_13 blank"> </span>Tip<span class="_1 blank"> </span>o<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Cam<span class="_0 blank"></span>bio<span class="_13 blank"> </span>Real,<span class="_13 blank"> </span>Exp<span class="_1 blank"> </span>ortaciones<span class="_13 blank"> </span>e<span class="_13 blank"> </span>Imp<span class="_1 blank"> </span>ortaciones<span class="_23 blank"> </span>. . . . . . .<span class="_11 blank"> </span><span class="fc2">179</span></div><div class="t m0 xd hc y77 ff6 fs7 fc1 sc0 ls18 ws3a">8.3.<span class="_12 blank"> </span>Est´<span class="_10 blank"></span>atica<span class="_13 blank"> </span>Comparativ<span class="_7 blank"></span>a<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Tipo<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Cambio<span class="_13 blank"> </span>Real<span class="_23 blank"> </span>. . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">182</span></div><div class="t m0 xd hc y51 ff6 fs7 fc1 sc0 ls18 ws3a">8.4.<span class="_12 blank"> </span>T<span class="_18 blank"></span>asa<span class="_13 blank"> </span>de<span class="_13 blank"> </span>In<span class="_7 blank"></span>ter´<span class="_10 blank"></span>es,<span class="_13 blank"> </span>Tip<span class="_1 blank"> </span>o<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Cambio<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Niv<span class="_7 blank"></span>el<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Actividad<span class="_19 blank"> </span>.<span class="_35 blank"> </span>. . . . . . .<span class="_11 blank"> </span><span class="fc2">191</span></div><a class="l" href="#pf55" data-dest-detail='[85,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:675.790000px;width:67.610000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf55" data-dest-detail='[85,"XYZ",null,396.213,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:659.870000px;width:140.640000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf57" data-dest-detail='[87,"XYZ",null,384.425,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:646.070000px;width:177.000000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf58" data-dest-detail='[88,"XYZ",null,363.823,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:631.670000px;width:257.220000px;height:11.910000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf5a" data-dest-detail='[90,"XYZ",null,652.945,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:618.480000px;width:236.550000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf5c" data-dest-detail='[92,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:604.690000px;width:239.960000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf5e" data-dest-detail='[94,"XYZ",null,489.074,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:590.890000px;width:274.520000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf5f" data-dest-detail='[95,"XYZ",null,526.58,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:577.100000px;width:129.640000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf63" data-dest-detail='[99,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:565.420000px;width:69.340000px;height:8.460000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf63" data-dest-detail='[99,"XYZ",null,453.199,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:551.630000px;width:76.030000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf67" data-dest-detail='[103,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:524.640000px;width:189.950000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf67" data-dest-detail='[103,"XYZ",null,525.644,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:512.960000px;width:86.430000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf68" data-dest-detail='[104,"XYZ",null,352.881,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:497.040000px;width:142.520000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf6f" data-dest-detail='[111,"XYZ",null,555.637,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:483.250000px;width:222.790000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf72" data-dest-detail='[114,"XYZ",null,212.211,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:469.450000px;width:298.000000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf76" data-dest-detail='[118,"XYZ",null,552.67,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:455.660000px;width:141.580000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf77" data-dest-detail='[119,"XYZ",null,219.567,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:441.860000px;width:213.940000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf7c" data-dest-detail='[124,"XYZ",null,594.616,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:428.070000px;width:294.880000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf7e" data-dest-detail='[126,"XYZ",null,432.039,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:416.390000px;width:76.030000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf81" data-dest-detail='[129,"XYZ",null,534.653,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:375.560000px;width:210.960000px;height:11.630000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf83" data-dest-detail='[131,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:353.020000px;width:137.050000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf84" data-dest-detail='[132,"XYZ",null,539.973,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:337.100000px;width:180.130000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf87" data-dest-detail='[135,"XYZ",null,486.423,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:325.430000px;width:93.730000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf8b" data-dest-detail='[139,"XYZ",null,390.896,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:309.510000px;width:130.280000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf8d" data-dest-detail='[141,"XYZ",null,346.385,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:297.840000px;width:151.100000px;height:9.180000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf98" data-dest-detail='[152,"XYZ",null,291.201,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:284.040000px;width:76.030000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf9d" data-dest-detail='[157,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:259.170000px;width:237.950000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf9e" data-dest-detail='[158,"XYZ",null,639.543,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:243.250000px;width:173.910000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfa0" data-dest-detail='[160,"XYZ",null,544.099,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:229.460000px;width:191.030000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfa4" data-dest-detail='[164,"XYZ",null,202.387,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:215.660000px;width:130.280000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfa7" data-dest-detail='[167,"XYZ",null,216.233,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:203.990000px;width:231.880000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfab" data-dest-detail='[171,"XYZ",null,344.094,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:190.190000px;width:151.100000px;height:9.180000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfaf" data-dest-detail='[175,"XYZ",null,430.335,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:176.400000px;width:76.030000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfb3" data-dest-detail='[179,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:149.410000px;width:258.130000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfb4" data-dest-detail='[180,"XYZ",null,637.379,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:135.000000px;width:203.610000px;height:11.910000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfb5" data-dest-detail='[181,"XYZ",null,597.977,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:121.820000px;width:296.430000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfb8" data-dest-detail='[184,"XYZ",null,189.081,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:108.020000px;width:254.070000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfc1" data-dest-detail='[193,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:94.220000px;width:285.340000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf7" class="pf w0 h0" data-page-no="7"><div class="pc pc7 w0 h0"><div class="t m0 x3 hc y78 ffb fs7 fc2 sc0 ls18">´</div><div class="t m0 x3 hc y79 ffb fs7 fc2 sc0 ls18 ws49">INDICE GENERAL<span class="_36 blank"> </span><span class="ff6">5</span></div><div class="t m0 xd hc y53 ff6 fs7 fc1 sc0 ls20 ws3e">8<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>. P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>.................................<span class="_13 blank"> </span><span class="fc2 ls18">196</span></div><div class="t m0 x3 hc y7a ffa fs7 fc1 sc0 ls18 ws48">9.<span class="_c blank"> </span>M´<span class="_2 blank"></span>as<span class="_e blank"> </span>sobre<span class="_e blank"> </span>Tip o<span class="_e blank"> </span>de<span class="_e blank"> </span>Cambio<span class="_e blank"> </span>Real<span class="_e blank"> </span>y<span class="_e blank"> </span>Cuen<span class="_7 blank"></span>ta<span class="_e blank"> </span>Corrien<span class="_7 blank"></span>te<span class="_37 blank"> </span>201</div><div class="t m0 xd hc y7b ff6 fs7 fc1 sc0 ls18 ws3a">9.1.<span class="_12 blank"> </span>La<span class="_13 blank"> </span>T<span class="_18 blank"></span>eor<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131a<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Harrod-Balassa-Samuelson<span class="_19 blank"> </span>. . . . . . . . . . . . . . . .<span class="_15 blank"> </span><span class="fc2 v0">201</span></div><div class="t m0 xd hc y7c ff6 fs7 fc1 sc0 ls18 ws3a">9.2.<span class="_12 blank"> </span>M´<span class="_10 blank"></span>as<span class="_13 blank"> </span>F<span class="_18 blank"></span>actores<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Libre<span class="_13 blank"> </span>Mo<span class="_7 blank"></span>vilidad<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Capitales<span class="_13 blank"> </span>*<span class="_11 blank"> </span>. . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">205</span></div><div class="t m0 xd hc y7d ff6 fs7 fc1 sc0 ls18 ws3a">9.3.<span class="_12 blank"> </span>T<span class="_7 blank"></span>´<span class="_1e blank"></span>erminos<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Intercam<span class="_7 blank"></span>bio<span class="_38 blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">206</span></div><div class="t m0 xd hc y7e ff6 fs7 fc1 sc0 ls18 ws3a">9.4.<span class="_12 blank"> </span>Efectos<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Demanda:<span class="_13 blank"> </span>Gasto<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Gobierno<span class="_13 blank"> </span>*<span class="_13 blank"> </span>. . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">208</span></div><div class="t m0 xd hc y7f ff6 fs7 fc1 sc0 ls18 ws3a">9.5.<span class="_12 blank"> </span>T<span class="_18 blank"></span>asas<span class="_13 blank"> </span>de<span class="_13 blank"> </span>In<span class="_7 blank"></span>ter´<span class="_10 blank"></span>es<span class="_13 blank"> </span>Real<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Tip<span class="_1 blank"> </span>o<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Cambio<span class="_13 blank"> </span>* . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">210</span></div><div class="t m0 xd hc y80 ff6 fs7 fc1 sc0 ls18 ws3a">9.6.<span class="_12 blank"> </span>Dimensi´<span class="_10 blank"></span>on<span class="_13 blank"> </span>In<span class="_7 blank"></span>tertemp<span class="_26 blank"> </span>oral<span class="_13 blank"> </span>de<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Cuen<span class="_7 blank"></span>ta<span class="_13 blank"> </span>Corriente<span class="_15 blank"> </span>. . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">212</span></div><div class="t m0 xd hc y81 ff6 fs7 fc1 sc0 ls20 ws3e">9<span class="_10 blank"></span>.<span class="_10 blank"></span>7<span class="_10 blank"></span>. R<span class="_10 blank"></span>e<span class="_10 blank"></span>s<span class="_10 blank"></span>u<span class="_10 blank"></span>m<span class="_10 blank"></span>e<span class="_10 blank"></span>n<span class="_22 blank"></span>..................................<span class="_13 blank"> </span><span class="fc2 ls18">217</span></div><div class="t m0 xd hc y82 ff6 fs7 fc1 sc0 ls20 ws3e">9<span class="_10 blank"></span>.<span class="_10 blank"></span>8<span class="_10 blank"></span>. P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>.................................<span class="_13 blank"> </span><span class="fc2 ls18">217</span></div><div class="t m0 x3 he y83 ff4 fs9 fc1 sc0 ls18 ws4a">IV<span class="_a blank"> </span>Crecimien<span class="_7 blank"></span>to de Largo Plazo<span class="_39 blank"> </span>221</div><div class="t m0 x3 hc y84 ffa fs7 fc1 sc0 ls18 ws4b">10. In<span class="_7 blank"></span>tro ducci´<span class="_d blank"></span>on<span class="_3a blank"> </span>223</div><div class="t m0 xd h12 y85 ff6 fs7 fc1 sc0 ls18 ws3a">10.1.<span class="_3 blank"> </span>¿P<span class="_7 blank"></span>or<span class="_13 blank"> </span>Qu´<span class="_10 blank"></span>e<span class="_13 blank"> </span>es<span class="_13 blank"> </span>Imp<span class="_1 blank"> </span>ortante<span class="_13 blank"> </span>el<span class="_1d blank"> </span>Crecimiento?<span class="_2f blank"> </span>. . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2 v0">224</span></div><div class="t m0 xd hc y86 ff6 fs7 fc1 sc0 ls20 ws4c">1<span class="_10 blank"></span>0<span class="_10 blank"></span>.<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_22 blank"></span>L<span class="_10 blank"></span>a<span class="_1a blank"></span>E<span class="_10 blank"></span>v<span class="_10 blank"></span>i<span class="_10 blank"></span>d<span class="_10 blank"></span>e<span class="_10 blank"></span>n<span class="_10 blank"></span>c<span class="_10 blank"></span>i<span class="_10 blank"></span>a<span class="_13 blank"> </span>............................... <span class="fc2 ls18">226</span></div><div class="t m0 xd hc y87 ff6 fs7 fc1 sc0 ls20 ws4d">1<span class="_10 blank"></span>0<span class="_10 blank"></span>.<span class="_10 blank"></span>3<span class="_10 blank"></span>.<span class="_22 blank"></span>R<span class="_10 blank"></span>e<span class="_10 blank"></span>s<span class="_10 blank"></span>u<span class="_10 blank"></span>m<span class="_10 blank"></span>e<span class="_10 blank"></span>n<span class="_22 blank"></span>.................................. <span class="fc2 ls18">233</span></div><div class="t m0 x3 hc y88 ffa fs7 fc1 sc0 ls18 ws4b">11. El<span class="_e blank"> </span>Mo delo<span class="_e blank"> </span>Neo cl´<span class="_2 blank"></span>asico<span class="_e blank"> </span>de<span class="_e blank"> </span>Crecimiento<span class="_3b blank"> </span>239</div><div class="t m0 xd h11 y89 ff6 fs7 fc1 sc0 ls20 ws4e">1<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_22 blank"></span>E<span class="_10 blank"></span>l<span class="_1a blank"></span>M<span class="_10 blank"></span>o<span class="_1e blank"></span>d<span class="_10 blank"></span>e<span class="_10 blank"></span>l<span class="_10 blank"></span>o<span class="_1f blank"></span>B<span class="_10 blank"></span>´<span class="_1b blank"></span>a<span class="_20 blank"></span>s<span class="_10 blank"></span>i<span class="_10 blank"></span>c<span class="_10 blank"></span>o<span class="_7 blank"></span>............................. <span class="fc2 ls18 v0">239</span></div><div class="t m0 xd hc y8a ff6 fs7 fc1 sc0 ls20 ws4f">1<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_22 blank"></span>L<span class="_10 blank"></span>a<span class="_1a blank"></span>R<span class="_10 blank"></span>e<span class="_10 blank"></span>g<span class="_10 blank"></span>l<span class="_10 blank"></span>a<span class="_1f blank"></span>D<span class="_10 blank"></span>o<span class="_10 blank"></span>r<span class="_10 blank"></span>a<span class="_10 blank"></span>d<span class="_10 blank"></span>a .............................<span class="_1d blank"> </span><span class="fc2 ls18">246</span></div><div class="t m0 xd hc y8b ff6 fs7 fc1 sc0 ls20 ws50">1<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_10 blank"></span>3<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>g<span class="_10 blank"></span>r<span class="_10 blank"></span>e<span class="_10 blank"></span>s<span class="_10 blank"></span>o<span class="_1a blank"></span>T<span class="_20 blank"></span>´<span class="_3c blank"></span>e<span class="_10 blank"></span>c<span class="_10 blank"></span>n<span class="_10 blank"></span>i<span class="_10 blank"></span>c<span class="_10 blank"></span>o .............................<span class="_13 blank"> </span><span class="fc2 ls18">249</span></div><div class="t m0 xd hc y8c ff6 fs7 fc1 sc0 ls20 ws51">1<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_10 blank"></span>4<span class="_10 blank"></span>.<span class="_22 blank"></span>A<span class="_10 blank"></span>p<span class="_10 blank"></span>l<span class="_10 blank"></span>i<span class="_10 blank"></span>c<span class="_10 blank"></span>a<span class="_10 blank"></span>c<span class="_10 blank"></span>i<span class="_10 blank"></span>o<span class="_10 blank"></span>n<span class="_10 blank"></span>e<span class="_10 blank"></span>s<span class="_1f blank"></span>................................ <span class="fc2 ls18">251</span></div><div class="t m0 xd hc y8d ff6 fs7 fc1 sc0 ls20 ws52">1<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>................................. <span class="fc2 ls18">255</span></div><div class="t m0 x3 hc y8e ffa fs7 fc1 sc0 ls18 ws4b">12. Mo delos<span class="_e blank"> </span>de<span class="_e blank"> </span>Crecimien<span class="_7 blank"></span>to:<span class="_e blank"> </span>Extensiones<span class="_3d blank"> </span>261</div><div class="t m0 xd h11 y8f ff6 fs7 fc1 sc0 ls18 ws3a">12.1.<span class="_3 blank"> </span>El<span class="_13 blank"> </span>Modelo<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Solow<span class="_13 blank"> </span>Ampliado:<span class="_13 blank"> </span>Capital<span class="_13 blank"> </span>Humano<span class="_2a blank"> </span>. . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2 v0">261</span></div><div class="t m0 xd hc y90 ff6 fs7 fc1 sc0 ls20 ws53">1<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_22 blank"></span>T<span class="_2 blank"></span>r<span class="_10 blank"></span>a<span class="_10 blank"></span>m<span class="_10 blank"></span>p<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_1f blank"></span>d<span class="_20 blank"></span>e<span class="_1f blank"></span>P<span class="_20 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>r<span class="_10 blank"></span>e<span class="_10 blank"></span>z<span class="_10 blank"></span>a ...........................<span class="_13 blank"> </span><span class="fc2 ls18">264</span></div><div class="t m0 xd hc y91 ff6 fs7 fc1 sc0 ls18 ws54">12.3.<span class="_3 blank"> </span>Crecimien<span class="_7 blank"></span>to<span class="_13 blank"> </span>End´<span class="_10 blank"></span>ogeno:<span class="_13 blank"> </span>El<span class="_13 blank"> </span>Mo delo<span class="_13 blank"> </span><span class="ffc ws55">AK </span><span class="ls20 ws56">................. </span><span class="fc2">266</span></div><div class="t m0 xd hc y92 ff6 fs7 fc1 sc0 ls18 ws3a">12.4.<span class="_3 blank"> </span>Crecimien<span class="_7 blank"></span>to<span class="_13 blank"> </span>End´<span class="_10 blank"></span>ogeno:<span class="_13 blank"> </span>Externalidades<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Capital<span class="_13 blank"> </span>Humano<span class="_2f blank"> </span>. . . . . .<span class="_11 blank"> </span><span class="fc2">268</span></div><div class="t m0 xd hc y93 ff6 fs7 fc1 sc0 ls20 ws52">1<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>................................. <span class="fc2 ls18">269</span></div><div class="t m0 x3 hc y94 ffa fs7 fc1 sc0 ls18 ws4b">13. Evidencia<span class="_e blank"> </span>Emp<span class="_4 blank"></span>´<span class="_1e blank"></span>\u0131rica<span class="_3e blank"> </span>273</div><div class="t m0 xd hc y95 ff6 fs7 fc1 sc0 ls18 ws3a">13.1.<span class="_3 blank"> </span>Con<span class="_7 blank"></span>tabilidad<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Crecimien<span class="_0 blank"></span>to:<span class="_13 blank"> </span>Asp<span class="_1 blank"> </span>ectos<span class="_13 blank"> </span>Anal<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131ticos<span class="_11 blank"> </span>. . . . . . . . . .<span class="_11 blank"> </span><span class="fc2 v0">273</span></div><div class="t m0 xd hc y96 ff6 fs7 fc1 sc0 ls20 ws57">1<span class="_10 blank"></span>3<span class="_10 blank"></span>.<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_22 blank"></span>L<span class="_10 blank"></span>o<span class="_10 blank"></span>s<span class="_1a blank"></span>D<span class="_10 blank"></span>a<span class="_10 blank"></span>t<span class="_10 blank"></span>o<span class="_10 blank"></span>s .................................<span class="_13 blank"> </span><span class="fc2 ls18">276</span></div><div class="t m0 xd hc y97 ff6 fs7 fc1 sc0 ls18 ws3a">13.3.<span class="_3 blank"> </span>Con<span class="_7 blank"></span>tabilidad<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Crecimien<span class="_0 blank"></span>to:<span class="_13 blank"> </span>La<span class="_13 blank"> </span>Evidencia<span class="_c blank"> </span>. . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">280</span></div><div class="t m0 xd hc y98 ff6 fs7 fc1 sc0 ls18 ws3a">13.4.<span class="_3 blank"> </span>Descomposici´<span class="_10 blank"></span>on<span class="_13 blank"> </span>en<span class="_13 blank"> </span>Niveles<span class="_13 blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . .<span class="_15 blank"> </span><span class="fc2">286</span></div><div class="t m0 xd hc y99 ff6 fs7 fc1 sc0 ls20 ws58">1<span class="_10 blank"></span>3<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_22 blank"></span>C<span class="_10 blank"></span>o<span class="_10 blank"></span>n<span class="_20 blank"></span>v<span class="_20 blank"></span>e<span class="_10 blank"></span>r<span class="_10 blank"></span>g<span class="_10 blank"></span>e<span class="_10 blank"></span>n<span class="_10 blank"></span>c<span class="_10 blank"></span>i<span class="_10 blank"></span>a ...............................<span class="_1d blank"> </span><span class="fc2 ls18">294</span></div><div class="t m0 xd hc y9a ff6 fs7 fc1 sc0 ls18 ws3a">13.6.<span class="_3 blank"> </span>Determinan<span class="_7 blank"></span>tes<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Crecimien<span class="_0 blank"></span>to<span class="_15 blank"> </span>. . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">296</span></div><div class="t m0 xd hc y51 ff6 fs7 fc1 sc0 ls20 ws52">1<span class="_10 blank"></span>3<span class="_10 blank"></span>.<span class="_10 blank"></span>7<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>................................. <span class="fc2 ls18">303</span></div><a class="l" href="#pfc6" data-dest-detail='[198,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:675.790000px;width:76.030000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfcb" data-dest-detail='[203,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:647.470000px;width:306.290000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfcb" data-dest-detail='[203,"XYZ",null,247.533,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:634.990000px;width:217.280000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfcf" data-dest-detail='[207,"XYZ",null,582.233,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:618.280000px;width:249.970000px;height:11.300000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfd0" data-dest-detail='[208,"XYZ",null,238.914,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:605.810000px;width:145.910000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfd2" data-dest-detail='[210,"XYZ",null,651.689,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:591.210000px;width:229.730000px;height:9.190000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfd4" data-dest-detail='[212,"XYZ",null,541.973,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:574.500000px;width:227.670000px;height:11.300000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfd6" data-dest-detail='[214,"XYZ",null,518.313,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:559.910000px;width:258.550000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfdb" data-dest-detail='[219,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:547.430000px;width:69.340000px;height:8.460000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfdb" data-dest-detail='[219,"XYZ",null,295.635,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:532.840000px;width:76.030000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfdf" data-dest-detail='[223,"XYZ",null,534.653,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:490.680000px;width:193.590000px;height:11.630000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfe1" data-dest-detail='[225,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:466.810000px;width:87.230000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfe2" data-dest-detail='[226,"XYZ",null,459.888,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:450.090000px;width:218.820000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfe4" data-dest-detail='[228,"XYZ",null,652.504,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:437.620000px;width:88.520000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pfeb" data-dest-detail='[235,"XYZ",null,464.394,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:423.030000px;width:69.340000px;height:8.450000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pff1" data-dest-detail='[241,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:396.830000px;width:223.670000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pff1" data-dest-detail='[241,"XYZ",null,506.264,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:382.240000px;width:109.790000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pff8" data-dest-detail='[248,"XYZ",null,453.977,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:365.520000px;width:107.490000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pffb" data-dest-detail='[251,"XYZ",null,655.528,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:350.930000px;width:108.190000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pffd" data-dest-detail='[253,"XYZ",null,229.586,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:336.330000px;width:85.250000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf101" data-dest-detail='[257,"XYZ",null,266.593,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:323.860000px;width:76.030000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf107" data-dest-detail='[263,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:297.660000px;width:223.410000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf107" data-dest-detail='[263,"XYZ",null,430.773,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:280.950000px;width:256.850000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf10a" data-dest-detail='[266,"XYZ",null,499.833,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:266.360000px;width:123.940000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf10c" data-dest-detail='[268,"XYZ",null,649.421,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:251.760000px;width:210.850000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf10e" data-dest-detail='[270,"XYZ",null,484.826,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:237.170000px;width:303.490000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf10f" data-dest-detail='[271,"XYZ",null,341.381,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:224.700000px;width:76.030000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf113" data-dest-detail='[275,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:196.380000px;width:124.220000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf113" data-dest-detail='[275,"XYZ",null,221.381,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:181.780000px;width:266.610000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf116" data-dest-detail='[278,"XYZ",null,228.952,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:169.310000px;width:74.100000px;height:8.460000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf11a" data-dest-detail='[282,"XYZ",null,519.44,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:154.720000px;width:235.220000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf120" data-dest-detail='[288,"XYZ",null,527.717,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:138.000000px;width:153.400000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf128" data-dest-detail='[296,"XYZ",null,387.123,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:123.410000px;width:89.460000px;height:10.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf12a" data-dest-detail='[298,"XYZ",null,291.38,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:110.940000px;width:173.940000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf131" data-dest-detail='[305,"XYZ",null,360.563,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:96.350000px;width:76.030000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf8" class="pf w0 h0" data-page-no="8"><div class="pc pc8 w0 h0"><div class="t m0 x3 hf y34 ff6 fs7 fc2 sc0 ls21">6<span class="ffb ls18 v4">´</span></div><div class="t m0 xf hc y34 ffb fs7 fc2 sc0 ls18 ws42">INDICE GENERAL</div><div class="t m0 x3 hc y53 ffa fs7 fc1 sc0 ls18 ws4b">14. Crecimien<span class="_7 blank"></span>to<span class="_e blank"> </span>Econ´<span class="_d blank"></span>omico<span class="_e blank"> </span>con<span class="_e blank"> </span>Ahorro<span class="_e blank"> </span>Optimo*<span class="_3f blank"> </span>305</div><div class="t m0 xd hc y9b ff6 fs7 fc1 sc0 ls18 ws59">14.1.<span class="_3 blank"> </span>El<span class="_13 blank"> </span>Modelo<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Ramsey:<span class="_13 blank"> </span>El<span class="_13 blank"> </span>Comp ortamiento<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Hogares<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Empresas<span class="_23 blank"> </span>.<span class="_11 blank"> </span><span class="fc2 v0">306</span></div><div class="t m0 xd hc y9c ff6 fs7 fc1 sc0 ls20 ws5a">1<span class="_10 blank"></span>4<span class="_10 blank"></span>.<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_22 blank"></span>E<span class="_10 blank"></span>q<span class="_10 blank"></span>u<span class="_10 blank"></span>i<span class="_10 blank"></span>l<span class="_10 blank"></span>i<span class="_10 blank"></span>b<span class="_10 blank"></span>r<span class="_10 blank"></span>i<span class="_10 blank"></span>o .................................<span class="_1d blank"> </span><span class="fc2 ls18">311</span></div><div class="t m0 xd hc y9d ff6 fs7 fc1 sc0 ls18 ws3a">14.3.<span class="_3 blank"> </span>An´<span class="_20 blank"></span>alisis<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Pol<span class="_4 blank"></span>´<span class="_6 blank"></span>\u0131ticas<span class="_2c blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">315</span></div><div class="t m0 xd hc y9e ff6 fs7 fc1 sc0 ls18 ws3a">14.4.<span class="_3 blank"> </span>Crecimien<span class="_7 blank"></span>to<span class="_13 blank"> </span>End´<span class="_10 blank"></span>ogeno<span class="_2f blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">318</span></div><div class="t m0 xd hc y9f ff6 fs7 fc1 sc0 ls18 ws3a">14.5.<span class="_3 blank"> </span>La<span class="_13 blank"> </span>Econom<span class="_4 blank"></span>´<span class="_6 blank"></span>\u0131a<span class="_13 blank"> </span>Abierta<span class="_1d blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">319</span></div><div class="t m0 xd hc ya0 ff6 fs7 fc1 sc0 ls20 ws52">1<span class="_10 blank"></span>4<span class="_10 blank"></span>.<span class="_10 blank"></span>6<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>................................. <span class="fc2 ls18">323</span></div><div class="t m0 xd hc ya1 ff6 fs7 fc1 sc0 ls18 ws3a">14-A.<span class="_18 blank"></span>Ap´<span class="_10 blank"></span>endice:<span class="_13 blank"> </span>Optimizaci´<span class="_10 blank"></span>on<span class="_13 blank"> </span>Din´<span class="_10 blank"></span>amica<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Control<span class="_13 blank"> </span>Optimo<span class="_40 blank"> </span>. . . . . . . . .<span class="_11 blank"> </span><span class="fc2">328</span></div><div class="t m0 xd hc ya2 ff6 fs7 fc1 sc0 ls18 ws3a">14-B.In<span class="_7 blank"></span>tegraci´<span class="_10 blank"></span>on<span class="_13 blank"> </span>de<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Restricci´<span class="_10 blank"></span>on<span class="_13 blank"> </span>Presupuestaria<span class="_13 blank"> </span>Individual<span class="_13 blank"> </span>. . . . . . . .<span class="_11 blank"> </span><span class="fc2">333</span></div><div class="t m0 x3 he ya3 ff4 fs9 fc1 sc0 ls18 ws5b">V<span class="_a blank"> </span>Dinero, In\ufb02aci´<span class="_2 blank"></span>on y P<span class="_7 blank"></span>ol<span class="_1f blank"></span>´<span class="_1e blank"></span>\u0131tica Monetaria<span class="_41 blank"> </span>337</div><div class="t m0 x3 hc ya4 ffa fs7 fc1 sc0 ls18 ws4b">15. Demanda<span class="_e blank"> </span>p or<span class="_e blank"> </span>Dinero<span class="_e blank"> </span>e<span class="_e blank"> </span>In\ufb02aci´<span class="_2 blank"></span>on<span class="_39 blank"> </span>339</div><div class="t m0 xd hc ya5 ff6 fs7 fc1 sc0 ls20 ws5c">1<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_22 blank"></span>I<span class="_10 blank"></span>n<span class="_20 blank"></span>t<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_1e blank"></span>d<span class="_10 blank"></span>u<span class="_10 blank"></span>c<span class="_10 blank"></span>c<span class="_10 blank"></span>i<span class="_10 blank"></span>´<span class="_1b blank"></span>o<span class="_20 blank"></span>n<span class="_2e blank"></span>................................ <span class="fc2 ls18 v0">339</span></div><div class="t m0 xd hc ya6 ff6 fs7 fc1 sc0 ls20 ws5d">1<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_22 blank"></span>¿<span class="_10 blank"></span>Q<span class="_10 blank"></span>u<span class="_20 blank"></span>´<span class="_1b blank"></span>e<span class="_1f blank"></span>e<span class="_10 blank"></span>s<span class="_1a blank"></span>e<span class="_10 blank"></span>l<span class="_1f blank"></span>D<span class="_10 blank"></span>i<span class="_10 blank"></span>n<span class="_10 blank"></span>e<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>? ............................<span class="_13 blank"> </span><span class="fc2 ls18">340</span></div><div class="t m0 xd hc ya7 ff6 fs7 fc1 sc0 ls18 ws3a">15.3.<span class="_3 blank"> </span>La<span class="_13 blank"> </span>T<span class="_4 blank"></span>eor<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131a<span class="_13 blank"> </span>Cuantitativ<span class="_18 blank"></span>a<span class="_13 blank"> </span>del<span class="_13 blank"> </span>Dinero<span class="_27 blank"> </span>. . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">343</span></div><div class="t m0 xd hc ya8 ff6 fs7 fc1 sc0 ls18 ws3a">15.4.<span class="_3 blank"> </span>Dicotom<span class="_4 blank"></span>´<span class="_6 blank"></span>\u0131a<span class="_13 blank"> </span>Cl´<span class="_10 blank"></span>asica<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Ecuaci´<span class="_10 blank"></span>on<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Fisher<span class="_12 blank"> </span>. . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">345</span></div><div class="t m0 xd hc ya9 ff6 fs7 fc1 sc0 ls20 ws5e">1<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_22 blank"></span>D<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>n<span class="_10 blank"></span>d<span class="_10 blank"></span>a<span class="_1a blank"></span>p<span class="_1e blank"></span>o<span class="_10 blank"></span>r<span class="_1f blank"></span>D<span class="_10 blank"></span>i<span class="_10 blank"></span>n<span class="_10 blank"></span>e<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_18 blank"></span>........................... <span class="fc2 ls18">346</span></div><div class="t m0 xd hc yaa ff6 fs7 fc1 sc0 ls20 ws52">1<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_10 blank"></span>6<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>................................. <span class="fc2 ls18">353</span></div><div class="t m0 x3 hc yab ffa fs7 fc1 sc0 ls18 ws4b">16. Oferta<span class="_e blank"> </span>de<span class="_e blank"> </span>Dinero<span class="_e blank"> </span>y<span class="_e blank"> </span>P<span class="_7 blank"></span>ol<span class="_4 blank"></span>´<span class="_8 blank"></span>\u0131tica<span class="_e blank"> </span>Monetaria<span class="_42 blank"> </span>355</div><div class="t m0 xd hc yac ff6 fs7 fc1 sc0 ls20 ws5f">1<span class="_10 blank"></span>6<span class="_10 blank"></span>.<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_22 blank"></span>L<span class="_10 blank"></span>a<span class="_1a blank"></span>O<span class="_10 blank"></span>f<span class="_10 blank"></span>e<span class="_10 blank"></span>r<span class="_10 blank"></span>t<span class="_10 blank"></span>a<span class="_1f blank"></span>d<span class="_10 blank"></span>e<span class="_1a blank"></span>D<span class="_10 blank"></span>i<span class="_10 blank"></span>n<span class="_10 blank"></span>e<span class="_10 blank"></span>r<span class="_10 blank"></span>o ...........................<span class="_13 blank"> </span><span class="fc2 ls18 v0">355</span></div><div class="t m0 xd hc yad ff6 fs7 fc1 sc0 ls20 ws60">1<span class="_10 blank"></span>6<span class="_10 blank"></span>.<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_20 blank"></span>o<span class="_10 blank"></span>l<span class="_2 blank"></span>´<span class="_32 blank"></span>\u0131<span class="_10 blank"></span>t<span class="_10 blank"></span>i<span class="_10 blank"></span>c<span class="_10 blank"></span>a<span class="_1a blank"></span>M<span class="_10 blank"></span>o<span class="_10 blank"></span>n<span class="_10 blank"></span>e<span class="_10 blank"></span>t<span class="_10 blank"></span>a<span class="_10 blank"></span>r<span class="_10 blank"></span>i<span class="_10 blank"></span>a ............................<span class="_13 blank"> </span><span class="fc2 ls18">359</span></div><div class="t m0 xd hc yae ff6 fs7 fc1 sc0 ls18 ws3a">16.3.<span class="_3 blank"> </span>El<span class="_13 blank"> </span>Impuesto<span class="_13 blank"> </span>In\ufb02aci´<span class="_20 blank"></span>on<span class="_13 blank"> </span>y<span class="_13 blank"> </span>el<span class="_13 blank"> </span>Se<span class="_1 blank"> </span>\u02dc<span class="_20 blank"></span>nioria<span class="_26 blank"> </span>je:<span class="_13 blank"> </span>De\ufb01niciones<span class="_13 blank"> </span>B´<span class="_10 blank"></span>asicas<span class="_43 blank"> </span>. . . . . .<span class="_11 blank"> </span><span class="fc2">363</span></div><div class="t m0 xd hc yaf ff6 fs7 fc1 sc0 ls18 ws3a">16.4.<span class="_3 blank"> </span>El<span class="_13 blank"> </span>Se\u02dc<span class="_20 blank"></span>nioria<span class="_26 blank"> </span>je,<span class="_13 blank"> </span>la<span class="_13 blank"> </span>In\ufb02aci´<span class="_10 blank"></span>on<span class="_13 blank"> </span>e<span class="_13 blank"> </span>Hip<span class="_1 blank"> </span>erin\ufb02aciones<span class="_28 blank"> </span>. . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">366</span></div><div class="t m0 xd hc yb0 ff6 fs7 fc1 sc0 ls18 ws3a">16.5.<span class="_3 blank"> </span>Los<span class="_13 blank"> </span>Costos<span class="_13 blank"> </span>de<span class="_13 blank"> </span>la<span class="_13 blank"> </span>In\ufb02aci´<span class="_20 blank"></span>on<span class="_19 blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">370</span></div><div class="t m0 xd hc yb1 ff6 fs7 fc1 sc0 ls20 ws52">1<span class="_10 blank"></span>6<span class="_10 blank"></span>.<span class="_10 blank"></span>6<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>................................. <span class="fc2 ls18">375</span></div><div class="t m0 x3 hc yb2 ffa fs7 fc1 sc0 ls18 ws4b">17. P<span class="_7 blank"></span>ol<span class="_4 blank"></span>´<span class="_8 blank"></span>\u0131tica<span class="_e blank"> </span>Monetaria<span class="_e blank"> </span>y<span class="_e blank"> </span>Mercados<span class="_e blank"> </span>Financieros<span class="_44 blank"> </span>377</div><div class="t m0 xd h13 yb3 ff6 fs7 fc1 sc0 ls20 ws61">1<span class="_10 blank"></span>7<span class="_10 blank"></span>.<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_22 blank"></span>I<span class="_10 blank"></span>n<span class="_20 blank"></span>t<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_1e blank"></span>d<span class="_10 blank"></span>u<span class="_10 blank"></span>c<span class="_10 blank"></span>c<span class="_10 blank"></span>i<span class="_10 blank"></span>´<span class="_1b blank"></span>o<span class="_20 blank"></span>n<span class="_2e blank"></span>................................ <span class="fc2 ls18 v0">377</span></div><div class="t m0 xd hc yb4 ff6 fs7 fc1 sc0 ls18 ws3a">17.2.<span class="_3 blank"> </span>De\ufb01niciones<span class="_13 blank"> </span>B´<span class="_20 blank"></span>asicas<span class="_2a blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">379</span></div><div class="t m0 xd hc yb5 ff6 fs7 fc1 sc0 ls18 ws3a">17.3.<span class="_3 blank"> </span>Precios,<span class="_13 blank"> </span>Retornos,<span class="_13 blank"> </span>F<span class="_4 blank"></span>orward<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Estructura<span class="_13 blank"> </span>de<span class="_13 blank"> </span>T<span class="_4 blank"></span>asas<span class="_3 blank"> </span>. . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">380</span></div><div class="t m0 xd hc yb6 ff6 fs7 fc1 sc0 ls18 ws62">17.4.<span class="_3 blank"> </span>In<span class="_7 blank"></span>terpretando<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Curv<span class="_7 blank"></span>a<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Retorno:<span class="_13 blank"> </span>La<span class="_13 blank"> </span>Hip´<span class="_20 blank"></span>otesis<span class="_13 blank"> </span>de<span class="_13 blank"> </span>las<span class="_13 blank"> </span>Exp ectativ<span class="_7 blank"></span>as<span class="_2c blank"> </span><span class="fc2">385</span></div><div class="t m0 xd hc yb7 ff6 fs7 fc1 sc0 ls18 ws63">17.5.<span class="_3 blank"> </span>T<span class="_4 blank"></span>ransmisi´<span class="_10 blank"></span>on<span class="_1d blank"> </span>de<span class="_3 blank"> </span>Cambios<span class="_3 blank"> </span>en<span class="_3 blank"> </span>Pol<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131tica<span class="_3 blank"> </span>Monetaria:<span class="_3 blank"> </span>Arbitra je<span class="_1d blank"> </span>y<span class="_3 blank"> </span>Precio<span class="_1d blank"> </span>de</div><div class="t m0 x10 hc yb8 ff6 fs7 fc1 sc0 ls20 ws64">A<span class="_10 blank"></span>c<span class="_10 blank"></span>c<span class="_10 blank"></span>i<span class="_10 blank"></span>o<span class="_10 blank"></span>n<span class="_10 blank"></span>e<span class="_10 blank"></span>s<span class="_18 blank"></span>.................................. <span class="fc2 ls18 v0">389</span></div><div class="t m0 xd hc yb9 ff6 fs7 fc1 sc0 ls18 ws3a">17.6.<span class="_3 blank"> </span>Burbujas<span class="_13 blank"> </span>Especulativ<span class="_7 blank"></span>as<span class="_1c blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">392</span></div><div class="t m0 x3 he yba ff4 fs9 fc1 sc0 ls18 ws65">VI<span class="_a blank"> </span>Fluctuaciones de corto plazo<span class="_45 blank"> </span>395</div><div class="t m0 x3 hc ybb ffa fs7 fc1 sc0 ls18 ws4b">18. In<span class="_7 blank"></span>tro ducci´<span class="_d blank"></span>on<span class="_e blank"> </span>a<span class="_e blank"> </span>Fluctuaciones<span class="_e blank"> </span>de<span class="_e blank"> </span>Corto<span class="_e blank"> </span>Plazo<span class="_46 blank"> </span>397</div><div class="t m0 xd hc ybc ff6 fs7 fc1 sc0 ls20 ws61">1<span class="_10 blank"></span>8<span class="_10 blank"></span>.<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_22 blank"></span>I<span class="_10 blank"></span>n<span class="_20 blank"></span>t<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_1e blank"></span>d<span class="_10 blank"></span>u<span class="_10 blank"></span>c<span class="_10 blank"></span>c<span class="_10 blank"></span>i<span class="_10 blank"></span>´<span class="_1b blank"></span>o<span class="_20 blank"></span>n<span class="_2e blank"></span>................................ <span class="fc2 ls18 v0">397</span></div><div class="t m0 xd hc y51 ff6 fs7 fc1 sc0 ls18 ws3a">18.2.<span class="_3 blank"> </span>Oferta<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Demanda<span class="_13 blank"> </span>Agregada:<span class="_13 blank"> </span>El<span class="_13 blank"> </span>Modelo<span class="_13 blank"> </span>B´<span class="_10 blank"></span>asico<span class="_23 blank"> </span>. . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">399</span></div><a class="l" href="#pf133" data-dest-detail='[307,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:673.670000px;width:265.620000px;height:11.300000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf134" data-dest-detail='[308,"XYZ",null,457.963,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:659.790000px;width:347.340000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf139" data-dest-detail='[313,"XYZ",null,349.746,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:645.910000px;width:73.250000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf13d" data-dest-detail='[317,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:634.150000px;width:122.190000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf140" data-dest-detail='[320,"XYZ",null,667.522,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:618.150000px;width:133.850000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf141" data-dest-detail='[321,"XYZ",null,459.204,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:606.400000px;width:128.550000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf145" data-dest-detail='[325,"XYZ",null,636.888,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:592.520000px;width:76.030000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf14a" data-dest-detail='[330,"XYZ",null,209.068,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:576.520000px;width:278.400000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf14f" data-dest-detail='[335,"XYZ",null,183.498,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:562.640000px;width:289.130000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf153" data-dest-detail='[339,"XYZ",null,543.009,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:523.800000px;width:248.770000px;height:11.620000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf155" data-dest-detail='[341,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:498.990000px;width:194.920000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf155" data-dest-detail='[341,"XYZ",null,529.61,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:487.240000px;width:86.430000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf156" data-dest-detail='[342,"XYZ",null,594.075,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:471.240000px;width:115.730000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf159" data-dest-detail='[345,"XYZ",null,592.922,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:459.480000px;width:188.880000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf15b" data-dest-detail='[347,"XYZ",null,625.657,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:443.480000px;width:216.700000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf15c" data-dest-detail='[348,"XYZ",null,342.844,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:429.600000px;width:126.760000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf163" data-dest-detail='[355,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:417.850000px;width:76.030000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf165" data-dest-detail='[357,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:390.720000px;width:228.170000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf165" data-dest-detail='[357,"XYZ",null,433.631,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:378.960000px;width:122.820000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf169" data-dest-detail='[361,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:365.080000px;width:114.760000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf16d" data-dest-detail='[365,"XYZ",null,328.715,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:349.090000px;width:302.580000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf170" data-dest-detail='[368,"XYZ",null,313.354,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:335.210000px;width:234.850000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf174" data-dest-detail='[372,"XYZ",null,240.7,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:323.450000px;width:149.160000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf179" data-dest-detail='[377,"XYZ",null,304.451,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:309.570000px;width:76.030000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf17b" data-dest-detail='[379,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:282.450000px;width:254.150000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf17b" data-dest-detail='[379,"XYZ",null,506.426,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:270.690000px;width:86.430000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf17d" data-dest-detail='[381,"XYZ",null,680.511,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:256.810000px;width:121.730000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf17e" data-dest-detail='[382,"XYZ",null,343.18,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:240.810000px;width:264.460000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf183" data-dest-detail='[387,"XYZ",null,407.914,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:226.930000px;width:354.490000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf187" data-dest-detail='[391,"XYZ",null,532.018,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:213.060000px;width:352.820000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf187" data-dest-detail='[391,"XYZ",null,532.018,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:133.550000px;bottom:201.630000px;width:42.580000px;height:8.450000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf18a" data-dest-detail='[394,"XYZ",null,414.976,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:185.630000px;width:137.520000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf18d" data-dest-detail='[397,"XYZ",null,534.653,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:146.780000px;width:197.510000px;height:11.630000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf18f" data-dest-detail='[399,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:124.100000px;width:263.490000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf18f" data-dest-detail='[399,"XYZ",null,505.346,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:110.220000px;width:86.430000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf191" data-dest-detail='[401,"XYZ",null,583.389,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:94.220000px;width:254.250000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf9" class="pf w0 h0" data-page-no="9"><div class="pc pc9 w0 h0"><div class="t m0 x3 hc y78 ffb fs7 fc2 sc0 ls18">´</div><div class="t m0 x3 hc y79 ffb fs7 fc2 sc0 ls18 ws49">INDICE GENERAL<span class="_36 blank"> </span><span class="ff6">7</span></div><div class="t m0 xd hc y53 ff6 fs7 fc1 sc0 ls18 ws66">18.3.<span class="_3 blank"> </span>¿Qu<span class="_7 blank"></span>´<span class="_1e blank"></span>e hay<span class="_1d blank"> </span>detr´<span class="_10 blank"></span>as de la Oferta Agregada?: El Mercado del T<span class="_18 blank"></span>raba<span class="_26 blank"> </span>jo<span class="_e blank"> </span>.<span class="_21 blank"> </span>.<span class="_11 blank"> </span><span class="fc2">400</span></div><div class="t m0 xd hc ybd ff6 fs7 fc1 sc0 ls18 ws67">18.4.<span class="_3 blank"> </span>¿Qu<span class="_7 blank"></span>´<span class="_1e blank"></span>e hay detr´<span class="_20 blank"></span>as de la Oferta Agregada?: Mercados de Bienes<span class="_c blank"> </span>.<span class="_21 blank"> </span>.<span class="_21 blank"> </span>.<span class="_21 blank"> </span>.<span class="_11 blank"> </span><span class="fc2">409</span></div><div class="t m0 xd hc ybe ff6 fs7 fc1 sc0 ls20 ws4d">1<span class="_10 blank"></span>8<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_22 blank"></span>R<span class="_10 blank"></span>e<span class="_10 blank"></span>s<span class="_10 blank"></span>u<span class="_10 blank"></span>m<span class="_10 blank"></span>e<span class="_10 blank"></span>n<span class="_22 blank"></span>.................................. <span class="fc2 ls18">412</span></div><div class="t m0 x3 hc ybf ffa fs7 fc1 sc0 ls18 ws4b">19. El<span class="_e blank"> </span>Mo delo<span class="_e blank"> </span>Keynesiano<span class="_e blank"> </span>de<span class="_e blank"> </span>Econom<span class="_4 blank"></span>´<span class="_1e blank"></span>\u0131a<span class="_e blank"> </span>Cerrada:<span class="_e blank"> </span>IS-LM<span class="_47 blank"> </span>413</div><div class="t m0 xd hc yc0 ff6 fs7 fc1 sc0 ls18 ws3a">19.1.<span class="_3 blank"> </span>El<span class="_13 blank"> </span>Modelo<span class="_13 blank"> </span>Keynesiano<span class="_13 blank"> </span>Simple<span class="_35 blank"> </span>. . . . . . . . . . . . . . . . . . . . . .<span class="_15 blank"> </span><span class="fc2 v0">413</span></div><div class="t m0 xd hc yc1 ff6 fs7 fc1 sc0 ls20 ws68">1<span class="_10 blank"></span>9<span class="_10 blank"></span>.<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_22 blank"></span>M<span class="_10 blank"></span>u<span class="_10 blank"></span>l<span class="_10 blank"></span>t<span class="_10 blank"></span>i<span class="_10 blank"></span>p<span class="_10 blank"></span>l<span class="_10 blank"></span>i<span class="_10 blank"></span>c<span class="_10 blank"></span>a<span class="_10 blank"></span>d<span class="_10 blank"></span>o<span class="_10 blank"></span>r<span class="_10 blank"></span>e<span class="_10 blank"></span>s ..............................<span class="_1d blank"> </span><span class="fc2 ls18">416</span></div><div class="t m0 xd hc yc2 ff6 fs7 fc1 sc0 ls18 ws3a">19.3.<span class="_3 blank"> </span>La<span class="_13 blank"> </span>T<span class="_4 blank"></span>asa<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Inter<span class="_7 blank"></span>´<span class="_1e blank"></span>es<span class="_13 blank"> </span>y<span class="_13 blank"> </span>el<span class="_13 blank"> </span>Mercado<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Bienes:<span class="_13 blank"> </span>la<span class="_13 blank"> </span>IS<span class="_2c blank"> </span>. . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">420</span></div><div class="t m0 xd hc yc3 ff6 fs7 fc1 sc0 ls18 ws3a">19.4.<span class="_3 blank"> </span>El<span class="_13 blank"> </span>Mercado<span class="_13 blank"> </span>Monetario:<span class="_13 blank"> </span>la<span class="_13 blank"> </span>LM<span class="_23 blank"> </span>. . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">423</span></div><div class="t m0 xd hc yc4 ff6 fs7 fc1 sc0 ls18 ws3a">19.5.<span class="_3 blank"> </span>Equilibrio<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Din´<span class="_20 blank"></span>amica<span class="_13 blank"> </span>en<span class="_13 blank"> </span>el<span class="_13 blank"> </span>Mo<span class="_1 blank"> </span>delo<span class="_13 blank"> </span>IS-LM<span class="_3 blank"> </span>. . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">428</span></div><div class="t m0 xd hc yc5 ff6 fs7 fc1 sc0 ls18 ws3a">19.6.<span class="_3 blank"> </span>Est´<span class="_20 blank"></span>atica<span class="_13 blank"> </span>Comparativ<span class="_7 blank"></span>a<span class="_13 blank"> </span>y<span class="_13 blank"> </span>P<span class="_0 blank"></span>ol<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131ticas<span class="_13 blank"> </span>Macroecon´<span class="_10 blank"></span>omicas<span class="_23 blank"> </span>. . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">430</span></div><div class="t m0 xd hc yc6 ff6 fs7 fc1 sc0 ls18 ws3a">19.7.<span class="_3 blank"> </span>La<span class="_13 blank"> </span>T<span class="_4 blank"></span>rampa<span class="_13 blank"> </span>de<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Liquidez<span class="_13 blank"> </span>y<span class="_13 blank"> </span>el<span class="_13 blank"> </span>Problema<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Poole<span class="_38 blank"> </span>. . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">440</span></div><div class="t m0 xd hc yc7 ff6 fs7 fc1 sc0 ls20 ws52">1<span class="_10 blank"></span>9<span class="_10 blank"></span>.<span class="_10 blank"></span>8<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>................................. <span class="fc2 ls18">445</span></div><div class="t m0 x3 hc yc8 ffa fs7 fc1 sc0 ls18 ws4b">20. El<span class="_e blank"> </span>Mo delo<span class="_e blank"> </span>de<span class="_e blank"> </span>Mundell-Fleming:<span class="_e blank"> </span>IS-LM<span class="_e blank"> </span>en<span class="_e blank"> </span>Econom<span class="_4 blank"></span>´<span class="_1e blank"></span>\u0131as<span class="_e blank"> </span>Abiertas<span class="_48 blank"> </span>451</div><div class="t m0 xd h11 yc9 ff6 fs7 fc1 sc0 ls18 ws3a">20.1.<span class="_3 blank"> </span>Tipo<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Cambio<span class="_13 blank"> </span>Flexible<span class="_1d blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2 v0">452</span></div><div class="t m0 xd hc yca ff6 fs7 fc1 sc0 ls20 ws69">2<span class="_10 blank"></span>0<span class="_10 blank"></span>.<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_22 blank"></span>T<span class="_10 blank"></span>i<span class="_10 blank"></span>p<span class="_1e blank"></span>o<span class="_1a blank"></span>d<span class="_10 blank"></span>e<span class="_1f blank"></span>C<span class="_10 blank"></span>a<span class="_10 blank"></span>m<span class="_20 blank"></span>b<span class="_10 blank"></span>i<span class="_10 blank"></span>o<span class="_1a blank"></span>F<span class="_10 blank"></span>i<span class="_10 blank"></span>j<span class="_10 blank"></span>o........................... <span class="fc2 ls18">458</span></div><div class="t m0 xd hc ycb ff6 fs7 fc1 sc0 ls18 ws67">20.3.<span class="_3 blank"> </span>Din´<span class="_20 blank"></span>amica del Tip<span class="_1 blank"> </span>o de Cambio y el Ov<span class="_7 blank"></span>ersho<span class="_1 blank"> </span>oting de Dornbusc<span class="_7 blank"></span>h<span class="_12 blank"> </span>.<span class="_35 blank"> </span>.<span class="_21 blank"> </span>.<span class="_11 blank"> </span><span class="fc2">464</span></div><div class="t m0 xd hc ycc ff6 fs7 fc1 sc0 ls18 ws3a">20.4.<span class="_3 blank"> </span>Mo<span class="_7 blank"></span>vilidad<span class="_13 blank"> </span>Imp<span class="_1 blank"> </span>erfecta<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Capitales<span class="_15 blank"> </span>. . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">469</span></div><div class="t m0 xd hc ycd ff6 fs7 fc1 sc0 ls20 ws6a">2<span class="_10 blank"></span>0<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_22 blank"></span>C<span class="_10 blank"></span>r<span class="_10 blank"></span>i<span class="_10 blank"></span>s<span class="_10 blank"></span>i<span class="_10 blank"></span>s<span class="_1a blank"></span>C<span class="_10 blank"></span>a<span class="_10 blank"></span>m<span class="_20 blank"></span>b<span class="_10 blank"></span>i<span class="_10 blank"></span>a<span class="_10 blank"></span>r<span class="_10 blank"></span>i<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>............................. <span class="fc2 ls18">474</span></div><div class="t m0 xd hc yce ff6 fs7 fc1 sc0 ls18 ws3a">20.6.<span class="_3 blank"> </span>Tipo<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Cambio<span class="_13 blank"> </span>Fijo<span class="_13 blank"> </span>v<span class="_7 blank"></span>ersus<span class="_13 blank"> </span>Tip<span class="_1 blank"> </span>o<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Cambio<span class="_1d blank"> </span>Flexible<span class="_38 blank"> </span>. . . . . . . .<span class="_11 blank"> </span><span class="fc2">480</span></div><div class="t m0 xd hc ycf ff6 fs7 fc1 sc0 ls20 ws52">2<span class="_10 blank"></span>0<span class="_10 blank"></span>.<span class="_10 blank"></span>7<span class="_10 blank"></span>.<span class="_22 blank"></span>P<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_10 blank"></span>b<span class="_10 blank"></span>l<span class="_10 blank"></span>e<span class="_10 blank"></span>m<span class="_10 blank"></span>a<span class="_10 blank"></span>s<span class="_18 blank"></span>................................. <span class="fc2 ls18">484</span></div><div class="t m0 x3 hc yd0 ffa fs7 fc1 sc0 ls18 ws6b">21.<span class="_1 blank"> </span>La Oferta Agregada y la Curv<span class="_7 blank"></span>a de Phillips<span class="_49 blank"> </span>491</div><div class="t m0 xd h14 yd1 ff6 fs7 fc1 sc0 ls20 ws61">2<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_22 blank"></span>I<span class="_10 blank"></span>n<span class="_20 blank"></span>t<span class="_10 blank"></span>r<span class="_10 blank"></span>o<span class="_1e blank"></span>d<span class="_10 blank"></span>u<span class="_10 blank"></span>c<span class="_10 blank"></span>c<span class="_10 blank"></span>i<span class="_10 blank"></span>´<span class="_1b blank"></span>o<span class="_20 blank"></span>n<span class="_2e blank"></span>................................ <span class="fc2 ls18 v0">491</span></div><div class="t m0 xd hc yd2 ff6 fs7 fc1 sc0 ls18 ws6c">21.2.<span class="_3 blank"> </span>El<span class="_3 blank"> </span>Mo delo<span class="_1d blank"> </span>de<span class="_1d blank"> </span>Lucas:<span class="_1d blank"> </span>Informaci´<span class="_10 blank"></span>on<span class="_1d blank"> </span>Imp erfecta<span class="_1d blank"> </span>y<span class="_3 blank"> </span>Exp ectativ<span class="_7 blank"></span>as<span class="_1d blank"> </span>Racionales <span class="fc2">496</span></div><div class="t m0 xd hc yd3 ff6 fs7 fc1 sc0 ls18 ws3a">21.3.<span class="_3 blank"> </span>Rigideces<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Salarios<span class="_13 blank"> </span>Nominales<span class="_13 blank"> </span>y<span class="_13 blank"> </span>Expectativ<span class="_7 blank"></span>as<span class="_40 blank"> </span>. . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">500</span></div><div class="t m0 xd hc yd4 ff6 fs7 fc1 sc0 ls18 ws3a">21.4.<span class="_3 blank"> </span>Rigideces<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Precios<span class="_13 blank"> </span>e<span class="_13 blank"> </span>Indexaci´<span class="_20 blank"></span>on<span class="_23 blank"> </span>. . . . . . . . . . . . . . . . . . . .<span class="_15 blank"> </span><span class="fc2">503</span></div><div class="t m0 xd hc yd5 ff6 fs7 fc1 sc0 ls18 ws3a">21.5.<span class="_3 blank"> </span>La<span class="_13 blank"> </span>Nuev<span class="_18 blank"></span>a<span class="_13 blank"> </span>Curv<span class="_7 blank"></span>a<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Phillips*<span class="_2a blank"> </span>. . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">505</span></div><div class="t m0 xd hc yd6 ff6 fs7 fc1 sc0 ls18 ws3a">21.6.<span class="_3 blank"> </span>Econom<span class="_4 blank"></span>´<span class="_6 blank"></span>\u0131as<span class="_13 blank"> </span>Abiertas<span class="_27 blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">510</span></div><div class="t m0 x3 hc yd7 ffa fs7 fc1 sc0 ls18 ws4b">22. Oferta,<span class="_e blank"> </span>Demanda<span class="_e blank"> </span>Agregada<span class="_e blank"> </span>y<span class="_e blank"> </span>P<span class="_7 blank"></span>ol<span class="_4 blank"></span>´<span class="_8 blank"></span>\u0131ticas<span class="_e blank"> </span>Macro econ´<span class="_2 blank"></span>omicas<span class="_4a blank"> </span>511</div><div class="t m0 xd h14 yd8 ff6 fs7 fc1 sc0 ls20 ws4e">2<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_10 blank"></span>1<span class="_10 blank"></span>.<span class="_22 blank"></span>E<span class="_10 blank"></span>l<span class="_1a blank"></span>M<span class="_10 blank"></span>o<span class="_1e blank"></span>d<span class="_10 blank"></span>e<span class="_10 blank"></span>l<span class="_10 blank"></span>o<span class="_1f blank"></span>B<span class="_10 blank"></span>´<span class="_1b blank"></span>a<span class="_20 blank"></span>s<span class="_10 blank"></span>i<span class="_10 blank"></span>c<span class="_10 blank"></span>o<span class="_7 blank"></span>............................. <span class="fc2 ls18 v0">511</span></div><div class="t m0 xd hc yd9 ff6 fs7 fc1 sc0 ls18 ws3a">22.2.<span class="_3 blank"> </span>La<span class="_13 blank"> </span>Demanda<span class="_13 blank"> </span>Agregada<span class="_13 blank"> </span>y<span class="_13 blank"> </span>la<span class="_13 blank"> </span>Regla<span class="_13 blank"> </span>de<span class="_13 blank"> </span>P<span class="_7 blank"></span>ol<span class="_4 blank"></span>´<span class="_14 blank"></span>\u0131tica<span class="_13 blank"> </span>Monetaria<span class="_2f blank"> </span>. . . . . . .<span class="_11 blank"> </span><span class="fc2">514</span></div><div class="t m0 xd hc yda ff6 fs7 fc1 sc0 ls18 ws3a">22.3.<span class="_3 blank"> </span>La<span class="_13 blank"> </span>Nuev<span class="_18 blank"></span>a<span class="_13 blank"> </span>Demanda<span class="_13 blank"> </span>Agregada*<span class="_19 blank"> </span>. . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">520</span></div><div class="t m0 xd hc ydb ff6 fs7 fc1 sc0 ls18 ws3a">22.4.<span class="_3 blank"> </span>Aplicaciones<span class="_13 blank"> </span>de<span class="_13 blank"> </span>Modelo<span class="_2a blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">522</span></div><div class="t m0 xd hc ydc ff6 fs7 fc1 sc0 ls20 ws6d">2<span class="_10 blank"></span>2<span class="_10 blank"></span>.<span class="_10 blank"></span>5<span class="_10 blank"></span>.<span class="_22 blank"></span>E<span class="_10 blank"></span>c<span class="_10 blank"></span>o<span class="_10 blank"></span>n<span class="_10 blank"></span>o<span class="_10 blank"></span>m<span class="_2 blank"></span>´<span class="_32 blank"></span>\u0131<span class="_10 blank"></span>a<span class="_1a blank"></span>A<span class="_10 blank"></span>b<span class="_10 blank"></span>i<span class="_10 blank"></span>e<span class="_10 blank"></span>r<span class="_10 blank"></span>t<span class="_10 blank"></span>a<span class="_1f blank"></span>I<span class="_22 blank"></span>............................ <span class="fc2 ls18">528</span></div><div class="t m0 xd hc ydd ff6 fs7 fc1 sc0 ls18 ws3a">22.6.<span class="_3 blank"> </span>Econom<span class="_4 blank"></span>´<span class="_6 blank"></span>\u0131a<span class="_13 blank"> </span>Abierta<span class="_13 blank"> </span>I<span class="_1 blank"> </span>I<span class="_43 blank"> </span>. . . . . . . . . . . . . . . . . . . . . . . . . . .<span class="_11 blank"> </span><span class="fc2">528</span></div><div class="t m0 x3 hc yde ffa fs7 fc1 sc0 ls18 ws4b">23. Otros<span class="_e blank"> </span>Mo delos<span class="_e blank"> </span>de<span class="_e blank"> </span>Fluctuaciones<span class="_e blank"> </span>y<span class="_e blank"> </span>P<span class="_7 blank"></span>ol<span class="_4 blank"></span>´<span class="_8 blank"></span>\u0131tica<span class="_e blank"> </span>Macro econ´<span class="_d blank"></span>omica<span class="_4b blank"> </span>529</div><div class="t m0 x3 hc ydf ffa fs7 fc1 sc0 ls18 ws6e">Bibliograf<span class="_4 blank"></span>´<span class="_1e blank"></span>\u0131a 531</div><a class="l" href="#pf192" data-dest-detail='[402,"XYZ",null,318.551,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:673.670000px;width:339.490000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf19b" data-dest-detail='[411,"XYZ",null,357.127,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:659.100000px;width:319.880000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf19e" data-dest-detail='[414,"XYZ",null,361.072,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:646.650000px;width:69.340000px;height:8.450000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf19f" data-dest-detail='[415,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:618.370000px;width:307.140000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf19f" data-dest-detail='[415,"XYZ",null,205.647,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:603.800000px;width:169.030000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1a2" data-dest-detail='[418,"XYZ",null,582.872,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:589.230000px;width:99.820000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1a6" data-dest-detail='[422,"XYZ",null,232.979,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:574.660000px;width:257.850000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1a9" data-dest-detail='[425,"XYZ",null,281.23,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:562.220000px;width:169.190000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1ae" data-dest-detail='[430,"XYZ",null,312.148,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:545.530000px;width:230.520000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1b0" data-dest-detail='[432,"XYZ",null,251.556,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:530.960000px;width:271.190000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1ba" data-dest-detail='[442,"XYZ",null,653.03,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:516.390000px;width:264.640000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1bf" data-dest-detail='[447,"XYZ",null,667.477,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:503.940000px;width:76.030000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1c5" data-dest-detail='[453,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:475.660000px;width:362.790000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1c6" data-dest-detail='[454,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:461.090000px;width:145.030000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1cc" data-dest-detail='[460,"XYZ",null,248.467,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:446.520000px;width:126.250000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1d2" data-dest-detail='[466,"XYZ",null,365.812,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:431.960000px;width:327.190000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1d7" data-dest-detail='[471,"XYZ",null,307.871,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:417.390000px;width:191.030000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1dc" data-dest-detail='[476,"XYZ",null,637.595,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:404.940000px;width:110.280000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1e2" data-dest-detail='[482,"XYZ",null,620.241,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:388.250000px;width:281.700000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1e6" data-dest-detail='[486,"XYZ",null,483.95,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:375.800000px;width:76.030000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1ed" data-dest-detail='[493,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:347.520000px;width:251.090000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1ed" data-dest-detail='[493,"XYZ",null,500.289,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:335.080000px;width:86.430000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1f2" data-dest-detail='[498,"XYZ",null,521.337,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:318.390000px;width:363.730000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1f6" data-dest-detail='[502,"XYZ",null,235.894,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:303.820000px;width:253.030000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1f9" data-dest-detail='[505,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:289.250000px;width:186.550000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf1fb" data-dest-detail='[507,"XYZ",null,484.061,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:274.680000px;width:163.760000px;height:11.300000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf200" data-dest-detail='[512,"XYZ",null,323.878,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:262.230000px;width:121.250000px;height:8.580000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf201" data-dest-detail='[513,"XYZ",null,712.245,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:92.100000px;bottom:233.950000px;width:330.830000px;height:10.700000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf201" data-dest-detail='[513,"XYZ",null,294.053,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:221.510000px;width:109.790000px;height:8.570000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf204" data-dest-detail='[516,"XYZ",null,567.021,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:204.820000px;width:294.940000px;height:10.690000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf20a" data-dest-detail='[522,"XYZ",null,452.068,null]'><div class="d m1" style="border-width:1.000000px;border-style:solid;border-color:rgb(0,255,255);position:absolute;left:108.460000px;bottom:190.250000px;width:174.910000px;height:11.300000px;background-color:rgba(255,255,255,0.000001);"></div></a><a class="l" href="#pf20c" data-dest-detail='[524,"XYZ",null,263.199,null]'><div class="d m1" 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data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div>
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