11.2 Devaluscién y rovaluacién a aatir del pteno empleo YyalCapeies sa cree cuties ntoto arco ds Se oc nya emcee rine waco en ca ape ars {po deanna ata sakas® Mieaenee rave ae ‘non Stren gm sain cl ae inca aes a ene ets age cee [pevtes tot. tort oeatrs cole ison cooea on cea Same ays on manos dnc el eos Una devaluacion a partir del pleno empleo nui ie ur, ingreeron cnet on deci rome fe an ie ‘anneconsms de cro psa Jas Snes satan Coa sc Solar ‘owl sr fon aru psy qa sere anc Cae eps “icana deo cational = go in store docario oa ear= ? ‘uss fo ir darn cok fn Schl toe nonce is ea spotter outa menses at io ce outer em cet aoe saa oem es eeae ese Eemicac ou ererenimonees Cece ase ae a cinetace rape ream momar eer SEU Se ouemarncosen oan Eee etapa tained Sein cierto tensa nos ‘oars Nem pars acm na sco on gto repre una doesn as — Siemens 1. een emer i ncn.Ee oe ee 12S np eu et (ie 1128 pra nr oreite tt ri rr tac i ston ali aaron ip da clo oe atl Sloss ne rohan. (SPUPRES iencn yg vmas e ecln. carn o o o a, SERIE Sheen comers cen ony en at ea es seen tenn an ean Si es covoc rom oto nates i: nl cup? tees Rts asa cont carbo = how ma See ain on tam eri se. cn lang onc ie et a oe Seeaiamnsateaemenimmenenen SeSeer ies eens en Rataitirnas edn aout an Samora sateywecabeaats Peers eso artarantn rn Seo cpakemeameamseanoams Satwatcbanntacamensrctn war sval Gain ye Capo en, nom, is de te oe els Hartree satan errata ona te re See rae csr psa coma do i a Ser tind teeidenv crete ope dec. Ahura aaron rere 3Ir: ta cant cana wo wl to de cai, Oni ee ‘Pitow pre ye pruners eg sae cotta eet ‘Ser cues mayors acne satan a! S38 rcs de oops seo [tne donna ety senha aa ofa Sa a ‘Sibunung anus dota me es {ha 14 Sse tinea etn ei, bse on ati ee a Se spi fae Sve pm se me nn (San enin tn men Fer sg oon ee a fatty edna rior oe nr ‘Simard ra cont in gu 9 arc Sear ae so mn | | | | l ‘coo pac, co oe carb 2 stn a S15 eel rd, ud \goemaloa armor ign aH x cme tna ene ‘Bris pac deta ines coheces aan museca arse brentes te ‘tar periaenho Sacs wo pec hay ren mi se ss ‘Shen 108 an cans pee aera cantina aunt se ey ‘scr araacnenoton acs coe dae San wigs reeeeen a ‘sls ees runagate vrs tapoon conte es ‘aT rec dona aa sap abana care on pepegn eee a Ste mn snes nee os at 8 uartan como tbo de cm, eared demerace t o mome Fro ‘tm acre oan tO tna ane nara nad ee ‘hn si ae Aen anaes tn we esata {toate ony dernin erabap curser on vaya a? noes upton sire ste ‘ava de crane ds tba Ya ce Ge emer de las han aad ‘crtertarmotonaran aa depose ein unos muie te ‘ntl dlaio tuo ar ond a Staged ‘ee ploo peers pin au eon eh guchon as Pe ‘Seltsrso cs hea cm Ena aa arg al “etenses pn deeded ater to eri “eri centres Aree con ca Seca omer de 9 ‘Gawd eaneoy se conatbows mir ssmersemcns 8 ot etsnd cuore alacant amp un quea comet cho (NOTE ele nna erode ros Yu oes [Sdn on osm is ance hm onc aaa on ‘osc ores aa aeons mcrae ee rata aud en ‘npr tfc de mca ns cera it rare a Pecos sce {a nt iene nn nen anes fete cin dl sao metre 12 tm dw wasn onside pivantamcen Sil tpe dca as se 2, jo ie Seta ca nar ws toe cans noe Bixee i inn pn tte a 1 ang ge pala sr saan rr eens wera 7[2+] ra 1 Ls i ean apa pe oroUna revaluacién monetaria a partir del leno empleo Fc 1. La enascnescnires dtr Ont ‘Win Ch yn Nera Keyes oon dS vs ene foo nan ach toy uct sogiseen sce lin me oe ‘dod peltsscorericehocn domino me ar tin, Elo eines enna 8 es anes ‘Sener Per Seren ris ere oo Sr 6 ‘pa aot a str ose rm para coc itneas dyes rac nthe monte ner note ‘era hae dots ne par re Lao 0. tes Pas ‘rate son moor or hans ae arn eee Ep apres sina it ern ver a ab ‘aarti, muchos en guar concern Go Beans nce et partonic rms oom emacs a ‘Sopra lr arco gum une se Sista Ercan agar ar 85 yee maoront ean ESRF as are Stn Si eo roan teee 1... eae nese wn. ‘san omary Suh Ey camnot ate nage ans pune Set caso ‘ita 0a grr nse omb2patno ease ‘ees nen es tora sen ey pss ne ‘ura tr Ena snanoreSomcom s ogo scart nd arate pt cantare Ss eo aps ee ea ec {ato Same pounce mic dea Stor wenn whee rats merostrmrante ors a Roms gnsemscsecne open ‘ee rt ren ts Rc Centre recs ‘sie mtn cae pepe nt ht caesar Lagoa ero desea aan an ate ple een. tose mares war cress Gis coe ame ee pee ‘sire Kn Jun ors ecm sn nine oa Eiptaasenac trap sins amas ae+11. Palticas monetarias bajo tipo de cambio flexible Poltica monetaia expansiva en pleno empleo SISTERS doe ig cca oma nav pt oon es post peeps ent os eat panaias wae ice. | Sor Shee dein ssseeannonena merce snes op a re Cac Seen etme abe ha one eos oc men ont anten nae nt cn 1 veeibane ue sn al po de aia re rotten wast pr So eb ere Ao SSW eN sr aeenoney ave ses ea mason aepeotce © ses er at co a eel os seo ruan ok es coneaties onsen brent at rei ‘wringer nen mast urate elon sh iptenarcist re paeainen wnt paar eros, Eveontn (eee cra snr Se arp crest aa acts ioscan come see’. con sou tre (Sitter dn ome reser bo SSeS spe ecb tman ona seen arr Se Se aces an snes sprain 2 te on ‘ote eens pose (SiN Min dines cos, capo condense ul oor a rb. Poltica monetaria contract en plano empleo [icy ude re et Apne aun etn corns er cs netgocnenea punto pans umesete ama i, enw cr ‘Sto uasnnos Go hemp a ra ates pw unease ote endo 11 en mons alee ee et wae on SER tome fam 12 neha mnt Ron ‘eran porcini sve se ars un eran cen ‘Mio Oats ena etn dro mnt eco ea eae 'Ssncas, ec oe un Fett ra par eto hy eae Sa es a ik a rc ‘Sat mana puoen sa spe, ato ane cee sees ‘Sigil noon meranca ese Come sae repel ob some ss ee ae oe ‘Stearn secon rau ess ‘Soa etnnbstai snerprte naaonn ds "stage dn pn cps ant pn gerbe nee ‘aso samen cs patos Maca sa eva ach 11.5 Politics monotaria @ inflacién en el large plazo Ents atin comarca tr ls pan ep aro ae ‘eivattuma corer ren fSanbeq wir wen ee eet Bes cho ono ta ins Se ars enim en arse as Si etd nom een nl ee act a rans ‘Si epics mans spr ee pa Sos eis eames sami rn ese: tian.itn dt cnn aumento seer y gna en ere xe ay ory wooed nena hyn, amare serene tu pc ars ts Ces clarence re ‘Sign satoce es gn itacy sqaairsoa uw etnos pwn in een ga con ac npr ue por a Si ety a ssn aon mada ener core tapes oe, Ym eae w deen. Cova mo ps: Iti trs ono ho eran sto mera, Bt eo re ‘SERN Sheps uty wows oe Pus ens fare poe ‘Serra snta ocean mn ‘Sipe ope sown ee oy Wn yt Pen ney us 1000| ‘SEITE emesis rey ot ten nein apr one nae easing oss ND a an Change io port rae, sg REE oti an en ten ra Gi yearn (898) pb Sas eae mens era cae ci Pe a et my eg vos loutate Ean peg sans ace pe a0 fee aS ic nn needa tpt frosstearieey gin ea nee conde ane eran ecenonin Ls por ro ate ei nea “Summoning tengo dre loca care. 1 ssi a rr een ce nin a me neath serra ease tineedtansoneeris S10 orem, nems suse oun 001810 10 sega rua cron rept tu aca IES foes ar nia ome chnaorevn copes, ovis one, vay ‘Sen seat cn nec oro oer unecreta ‘strane sintton poses seo Laer ata raat, ago eens cu, note ln rnauednaoyioa ecu Poss dah Peano indo ea ewenis cousin ca as qi spur spe essen ann entrar pt ne ‘ssid rain nen naman ol can Seopa Keone (ncungaritenicen cP wend aun SESS Sa earl ceao ae naa 90a uel el eal pend oa nck depron tatu nar epee cng uso ose ne ‘Shr tnshs or ner pooner ma ens ‘yt hrs, eufa ces ype rome cme pan ans Soe cmon ow pl an ano cree Sor aaa et honey en yg str Soto et a nel mcm StF {utmost eo coo se stapes ev scatspaca nn nse Femeontc Eee npr ree tna ian 114. Resumen, Inaujende poco de mas monte sre! eatin McoacenOmin Tos ret sy an fatten apts ere pa neat np ce arose ee ‘See vs tne onesoutca seers msn ne oor pes \Serotoninyae mewn eves pe sig oc rn one tance ‘Sjrope sa enmacen pe ce settee of eae er rere Jt EQeTESS seme eins ecomicczseswanyseve mimo eqana oartee orang Sean oS ‘SoZ Tnlnson pr nl cre pncebate pete Se seers gs paceman pelts po canto ay: rt pea rpms cae cris tn oan min omecene set ‘cesar msn bcs so dtstery pees sc hi ‘won erie de reo vos calaces oma terarrtanormacon ea maar Fortin usa apenocanurcon a setaraara Sane eces SS spo esrb cleo Laramcn gw emaion wr eu xis shinceen sr, enc len mortar ee te ‘seta ate oy man cers Sie sare porns een uta ‘ita ent cas ae pa oan os eras ro Sem [tert be possums Seman soi lo nt petit oy duct, rae psec ee ‘Saini a canto poramalens cai oaraa. 11.7 Ejorcicios 1 foe se tno mg ym cam ‘Bac eat ino can robe eon enone eto feria deste etm oe ESSN a cr eS oa cocci oo Sao ss ‘25cm gainer memantine met Fron Por serdar ith ages pins cso Saka ga Ce tre elo nna 2 rn ene ain, to ft eu ° Yasha de cate a Conn sesstace condo 2p ce new "ieee ee nee Tee Seareerie anc, eee Tider tag 12.4 La poltica monetaria ante shocks. soap nna nan rn rere : ‘sauge oh Perousewie manta gnc conn sera pa carbo Hope ir [Soni ol deongalto moon toaphao trance en ‘err oc pom sar ambi Ges aot eo mi sto eerie ears Ura ema may er ‘patio ahr ter aaron mt ei acres ‘thon oto prone snow, src econ eect ea apn cram nota ccs hepa corpenaacon gu pans eattrtato peop [Weonorarboncansetae oe oe nr pln ac ies ‘xbanasl tr te aan leper tp aon corinne naar tpaapnn hn inser se ‘s'te ot ett racnecnsnms Seiten cure copia Exo eee gs Seo et rng eno Yer ‘Son Beene entrap raptor geen 122 Respuesta a shocks bajo tipo de cambio fijo nego 8 rata oct rand gain lao r= ‘dre oa casn one craze agua screen ea eS ‘Sesonar se sn y poses ron seme tre Siecle ‘mo onan ml st) camera nea ee Perma ecru sts Or np ceo ines so oon ‘Gearon tence omc oie omecospeen seh ie 1. din ne nd rem a podecatii ibd unc ons paar ets hcoranny tea arb “arrwnanogaairsss oor canonres eon esse rider se Cec paris apminccn rch an apts ponents pn raat supercar le Eup de cunt ears eso pou aeaae bore Pen us ‘SEE. Sours ne none en, womoe ee SeteiStiienetaawoyeperemeenicascen mrcece mss so ite 123s tc eo ee tj cer ac ots Ss tat beso sera ree one Sa(ie 12. on eaten ep gon muni un pot nan ede ea el eno ue et ‘treason scrmume it stress aca ef bibomn esd unan cro ance mcm ‘ilo os ences banal peers ate pes wren y cae ee spr ons can om mt crs sn at ‘Thats ron eon shew slenpls tsa ae Puan pro cope alr 3 rte de tb ‘asin ie cot ero a asst fsa a Sha ws Sn ona nen Soe pre mt as era, Rs oe orem cece co suman be ec: ure ca od cnt sl, rt {iecgn sor nts ve nro ire, cnean = romeciny sor u s Seco fn wanes uur srt eget ee ‘heal preg en onet ndaosnee neenbicoe ease Eo pds ant aman nt Nt Te wei aa ‘own val yal tra cra lo pl eg ene am ce ‘hereon or i edn on ests cane sar cfr Poo toe el pena ‘Sw arto ron canara ltr csi oe ae ‘tetramers ns ais ine ores Lo mpesabocr nan nas {Sait reece en cerca ison eres ‘fen yr crncre dosent Esta cemiacsn caren mela esin corr a rr ie eotrce veces Sve un st ma a Fer sree as ee ‘as conan Soren oe anon dnio cc ois ‘Grim men on ates sou scotia ana wea a ‘cero, msoatain hs tna coe oes te ‘Sere in Stns me ae wae pac yn forte Ros {STG Seo sorte mmr sno ube hab we patiencarprtrs Soman een anc oy pion Sen are geet ie Simran re rp i aati 121 Rai dean ymca Ameria 28 a leer saber decane aaa ‘SComsast atmo shacn fees yer tomers ramet uncle! Ere qn go eae we apie copa ‘Shomer arnt ‘Shure 188 sprang en wer ont ‘Gre ment maven Apc sz sa ee ‘arn vate tay ui eee ‘iets rcs crenata cole ‘htcon min mace ofa oocwb ely ata roma anta ed conn aaron ag. a, mis Stet team serena ce ane Senate sper ince erepcni diet sonsmmememerrsire tees Seteecs maces Sache arora Sone rerecreeeneane ‘in i caren B arrow gn ta ip dca Wo eae ‘iat ue rier Seyret toy 2000 ‘evar ssany oro Got nm egestas as {eet anto decor ene ta {Ez foton tna crm moe de anatase ra ecg apr eon ata eras 50 12 Respuesta a shocks bajo tipo de cambio flexible rm rl sn ian aac onic a in sratcapse iain tipo de cambio esperado y el tipo de cambio corlente ‘nomad hans rare de reo porque erin et Je Poe ee ‘Means perenne pcan ied ‘> fococanc en pam ons a wn Mow mmenEPILEY Insaco ba hr de de ce nt de ute Sede tabi ap ae ca coma ones on Cash 22, ‘Tle wan e ope exec do rene rooney Bae Pes EPIL SR oa, far eae ot m8, Seengznco nls pa oman ne eas 5 Pre EPIL OSE 16RD ofan 2) ene oe me + tn il eo a can nmi ct ae te ec SE pea pro mann seh(fester seca cranes algo dow ooo * Geartcperas sass dentate enn es ene sy tp ncn ne. oft oe Sa Se ee nee terme ae et ara SEE Scvuracemvecccumeaees xegconie secu Cc e 3 beane ahs sundae ee SStee re neraeonnaoa 7 Mn a3 res oi ean aga me i ene ines ssanon that spo utenti nea elves elenne ors eee (Sie draroen ns 8 maprarse ts nee a aun ee ‘Enum, bry retary couse nobis reteset pees ‘Ronan ain =toyy abn pone rr Sieh ‘Soca ora aera 25 Meath. ¥0 wen Mestatte.¥9 ‘eran paca ge nen ome et dl fo denon Setnocasscoaies, tee ots ect anos poo meas a Exon cana npr hi: es emt cont od an osirads aaa hay ncn nein camaraderie vacooe ‘Seago mpc seco eps rss NrCambios on spo do cab eld silo Insprenar ue epreraarars nace elcrene mo rate [Rturpeastnes evel Gace reno nats gga upon ace {Sirs yuma pn smn na scutes Som Sete be ee on # (reteapoce ntsc noma caoa?clmelsepmace Snowe (Ee ge pr in cara mince lnc cs cara fs Esc gr ra apa catnasn cee entries > ‘ream ural # yours wacatn oe esteem osama: sens aves por be nso es Po een ar lar aera fp cam lst ao cen um nas sone Siti geet yin nt ge seme aed ES eae ne donee agen (Sedeomeartn nome tor ‘entra coaqateinfanay mba owas onsen Fecal 122 6 term ipo ce camoroned aie etree 04 ura gout pce pn ‘shear conan adept eo ‘Tcenenea or utara etna ont ts ‘Taste sores ony ras mass i are fe LST Ser’ Sieneeter aguns cnet pee eras hes mete asec be wowace tt { EE \ ‘Swtspasacen ond tpo econ equity ans” | ‘cere nip canon turin Al the aba ‘Satepeah anowiaant per nontra nostra ee | ‘atcepo us Easement dsaoee epee | ‘onindenrn cers Yeon wae Fe ‘cambios ana potca mons cxperads SSA27 Sutbiemoncinc rato: Protas gees cre OCA ‘amr cra doo, oer. enpectatn epee Cl On como oma ‘se raps denparsen roar non pte pero ea eario ‘igo deco rund ae oa ops eogamet, afc anne ‘eine mua co murray epics rr rere a ne “alam eurcon ees 2 Sy custo ws ptr tn ge dort a npn am en apc at trata Sn patronage ose, ease counts Ce See etalon es sonoan ned acer rnd ‘Sel decane ses essai aonI dosequitrio macroeconémico bajo tipa de cambio fexibla ‘en cocoon ne cas ne nein 122 ot alc asc Gee 128 enone enone bp a te Ponta cect atin dp ai a te. ‘Spain psa agave manic neon (29 Speman amet hs naghare once wyiaor-m ee sxe a an te ttn ce ete Mabe EPLLG OBIE 488) Foca sinonsntrna nian oametae Iman crc oman io ag ce Sear eee eee Soiaseee cs amaomieeecremes Sele eyesore {derweranaya cad Isard cra pre ‘Seger drm an 6p denture arn Pauars FE ‘ado slo naan d's qua sania go car a apy (qovwid do itn Clte amen once a sr cn fa Eepates soma pur ctFea 12, tp de cot y res note: lesconnety eres roe vio i, 6 ran oe cabal a ‘i iti nrg rset tiga fe ree nate wre panes ep mera pe eas apc myn te Sissealign seacoast tpn Soin palo dren vores te remeber a ust ear Cae rk res Pre po ‘tine mec ptr tesa tes nears opal ‘es parcnen gras panes nie ipo kets ericonc resem areca gearcree ‘Jeasrenain apis opeaimasanerte tun dea pass comers Gna coon act toe teotnadcene Sea cons bam en ens “errs Pad son cy Sea SOS eP ee POF 424 E! ajuste econémico con tipo de cambio filo y flexible: tuna comparacién ‘ele ls ported ouedononan cota pasos, erence 38 eqire mast ‘Soin get as urn am, oasisLocus eon ck ne sto at ml eso mae yale arn seagate tanta tne to ancarte fe Ses (shag enna onde panne Pre oe a es ‘anil ai rapa smo cena oman jr manga Scag ores escalation Sete ne rn in Eis Secor cen sania shocks mines, ig vate cnn ue pos iccront areas ewsnose S emtcrapacensesecareen Seating ne cere eas ‘etd ei ome Sv ers 125 ,06mo manefar la politica moncteria? tetas tat set aor arti fcr te Sonar Season ao mero ow re ‘eo cam ol osc oy tes, cance Wo a {hie ur comenn ns ecb al Pososne 2 etc era contre eur ip cant ow Nt See ie ‘ated cnt tio rca Eup manta cans eee Fae (pe hoes Dar it wade Casa in cat os ek Ime a Bre Gil hen mh npr as sea ‘dd am kines Can ane ara pitesremecratmerscere ce [Sst tp de amt omer cc Sl sna i ese ‘i llins Cra’ bors near wan ett cn estes ‘Staten, usec alone cnn pur ea vast eaese ‘tre enh tp Cana cme ek usc arm mec nl es nnriny sara ean Le run oo outer Seance Cnt vert ice eno eae, te pecs iar evan soak Par oases vane eee oe ‘Sr ai Ss soa esc esas peste ‘Rano too conceaibnn naoerienySanahionloe vas rs, ate on iin ur asd main mer ‘Sim ema nts oats sine eines tte ‘Staccato mstn So ay os desea se ran my tna aa amour petite os ‘rer in tmp rare seeps sr ast ‘tisocecario'oiseosaenoporasa'aaitnceemsnecraionseeee ota St upon olin et Stam eins oes Senet anc ners cscsgroin ——— 12.6 Tipo de cambio real de equilbri y tasa de interés coal irene Winn a se pte compere oe, {Sec na er nanan ce ang macnn aa Ptr ‘Shur inurinie pon etre dss Sear ope pay, an eon" Siesta nun anuc tn gece uncrabnean tata arrason com. ‘inser at free cu cesar comarca a Ont ‘itumsinpatae cara pn resere mor ssn eee mo aan i in et ce ts ne "APS so rote pcan nap tpn Eps ‘Sava eon yostramta testo la pcs Stop ‘SiS date spate ton erga yoo acy carta ‘tap npe poate aos awa stucsel Cpeumoe gun vor a a ‘Srobianran ise arte earnascnceter nie se a ‘Shu cnr de cto oe fo. 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