LA ECONOMÍA POLÍTICA DE LA AUTONOMÍA DEL BANCO CENTRAL EUROPEO
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Abstract
El propósito de este trabajo es indagar la lógica que subyace de la independencia del Banco Central Europeo (BCE) a la luz de las teorías del excedente, la producción y el dinero de la economía política. A partir de este enfoque, la hipótesis de investigación que se contrasta es la siguiente: los costos laborales unitarios reales (CLUR) y la tasa general de ganancia han sido los instrumentos fundamentales del BCE que coadyuvaron a alcanzar el crecimiento junto a la estabilidad de precios en la eurozona en el periodo 1999-2018. Se aplicó un modelo ARDL en panel de datos y la prueba causalidad de Granger, cuyos resultados sugieren el cumplimiento de la hipótesis antedicha.
THE POLITICAL ECONOMY OF THE AUTONOMY OF THE EUROPEAN CENTRAL BANK
ABSTRACT
Based on the classical political economy’s theories of surplus, production and money, the aim of the paper is to enquire the logic behind the independence of the European Central Bank (ECB). Along this line of reasoning, the following hypothesis is put forth and tested: The ECB has used both the real unit labour costs (RULC) and the general profit rate as fundamental instruments to achieve economic growth and price stability in the Eurozone during the period 1999-2018. A Panel ARDL model and Granger causality test were applied to empirically contrast the above hypothesis.
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