Tema 3. El Banco Central, y La Política Monetaria

Wmjb 0. Mn Kbc`a @mctrbn, y nb panêto`b jacmtbrob

Xanêto`b jacmtbrob y kbc`as `mctrbnms

• Nb panêto`b jacmtbrob sac nbs gm`osoacms tajbgbs par nb butarogbg jacmtbrob (Kbc`a @mctrbn) gm ucb m`acajêb rmnbtovbs bn `actran gm ucb smrom gm vbrobknms focbc`omrbs (`bctogbg gm gocmra mc `or`unb`oðc y nas topas gm octmrïs). • Mc `bgb `bgb pbês mn Kbc`a Kbc`a @mctrbn @mctrbn ms ms nb butarogb butarogbgg rmspacsbknm gm gmfocor y mdm`utbr nb panêto`b jacmtbrob mc fuc`oðc gm sus akdmtovas.

Nas Kbc`as @mctrbnms • Pac ocstotu`o ocstotu`oacms acms qum sm mc`brl mc`brlbc bc gm gm mjotor mjotor y rmlunbr nb `bctogbg gm gocmra qum eby mc ucb m`acajêb. • Nas kbc`as kbc`as `mctrbnms `mctrbnms tomcmc tomcmc gas fuc`oacm fuc`oacmss fucgbjmctbnms4 • @a @acctr tran anbbr nnbb afm afmrt rtbb jac jacmt mtbr brob ob.. • Pupmrvosoðc kkbbc`brob.

• Nas proc`opb proc`opbnms nms kbc`as kbc`as `mctr `mctrbnms bnms gmn jucga jucga sac4 PK@M9 FMG9 Kbc`a gm Dbpðc, …

Mn PMK@ (Postmjb Murapma gm Kbc`as @mctrbnms) • Mc mn ``bsa bsa ggmm Msp Mspbòb bòb,, mn Kbc` Kbc`aa gm M Mspb spbòb òb fu fumm nb bbuta utarog rogbg bg jacmtbrob ebstb mn 02 gm go`omjkrm gm 2??5. • Gms Gmsgm gm qu qumm sm ooco` co`oð oð nb 0ª fb fbsm sm ggmm nb ] ]coð coðcc Jac Jacmtb mtbrob rob mn mn 2 gm mcmra gm 2???, nb butarogbg mc`brlbgb gm gmfocor nb panêto`b jacmtbrob ms mn KBC@A @MCW[BN M][AXMA. • Gms Gmsgm gm mn ``ajo ajomcz mczaa gm nb 0ª ffbsm bsm ggmm nb ]c ]coðc oðc J Jacm acmtbr tbrob, ob, M Mspb spbòb òb  ducta bn rmsta gm pbêsms octmlrbctms gm nb ucoðc jacmtb jacmtbrob, rob, pbsð b farjbr pbrtm gmn PMK@ (Postmjb Murapma gm Kbc`as

@mctrbnms) • M n PMK@ : mn Kbc`a @mctrbn Murapma ( K@M) + tagas nas Kbc`as @mctrbnms Cb`oacbnms gm nas jomjkras ]M. • M][ M][APO APOPWM PWMJB: JB: K K@M+ @M+2; 2; Kbc Kbc`as `as @ @mct mctrbn rbnms ms Cb Cb`oa `oacbn cbnms ms gm nas 2; pbêsms gm nb zacb mura (mn Murasostmjb mx`nuym bn [moca ]coga, Gocbjbr`b, Pum`ob y nas cumvas pbêsms gm nb ]M).

Xroc`opbn akdmtova gmn PMK@/Murasostmjb • Mn pr proc oc`o `opb pbnn nb aakd kdmt mtov ovaa gmn gmn PMK@ (y gmn, Murasostmjb Murasostmjb) ) ms nb lbrbctozbr mstbkonogbg gm prm`oas `ac mn foc gm qum `bpb`ogbg bgquosotovb gmn mura ca vbrêm sustbc`obnjmctm gm uc bòa pbrb atra. • Mn Kb Kbc` c`aa @mc @mctr trbn bn Mu Mura rapm pmaa (K@M (K@M)4 )4 • @rm @rmbga bga mmcc duco ducoaa gm 2?? 2??5. 5. Mn K K@M @M ms mstâ tâ mc mc`br `brlbg lbgaa gm lbr lbrbct bctozb ozbrr qum mn Murasostmjb `ujpnb sus fuc`oacms. • Mn K K@M @M trbkbdb trbkbdb mmcc `a `anbkarb nbkarb`oðc `oðc `ac mn rrmsta msta gm K Kbc`as bc`as @mct @mctrbnms rbnms gm nb zacb mura, gorolomcga nb Xanêto`b Jacmtbrob Ôco`b. • Mn Kb Kbc` c`aa @mc @mctr trbn bn Mu Mura rapm pmaa gm`ogm `uân ms nb panêto`b jacmtbrob, y nas kbc`as `mctrbnms gm nb zacb mura sac nas mc`brlbgas gm mdm`utbrnb4 • Kbc` Kbc`aa @mct @mctrb rbnn Mur Murap apma ma4 Gm`ogm Xanêto`b Jacmtbrob • Kbc` Kbc`as as @mc @mctr trbn bnms ms C Cb` b`oa oacb cbnm nmss4 Mdm`utbc nb Xanêto`b Jacmtbrob