{"id":9142,"date":"2025-12-15T20:55:27","date_gmt":"2025-12-15T23:55:27","guid":{"rendered":"https:\/\/aaep.org.ar\/?p=9142"},"modified":"2025-12-15T20:55:29","modified_gmt":"2025-12-15T23:55:29","slug":"es-realmente-neutral-el-dinero-evidencia-para-america-latina-y-la-ocde-1990-2022","status":"publish","type":"post","link":"https:\/\/aaep.org.ar\/?p=9142","title":{"rendered":"\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022)"},"content":{"rendered":"<iframe loading=\"lazy\" class=\"wonderplugin-pdf-iframe\" src=\"https:\/\/aaep.org.ar\/wp-content\/plugins\/wonderplugin-pdf-embed\/pdfjslight\/web\/viewer.html?v=2&file=https:\/\/aaep.org.ar\/works\/works2025\/27.pdf\" width=\"100%\" height=\"600px\" style=\"border:0;\"><\/iframe>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Este trabajo analiza la relaci\u00f3n entre la dimensi\u00f3n monetaria y el crecimiento econ\u00f3mico en una muestra de 51 pa\u00edses de Am\u00e9rica Latina y la OCDE durante el per\u00edodo 1990\u20132022. A diferencia de gran parte de la literatura que se concentra exclusivamente en la inflaci\u00f3n, se incorporan medidas m\u00e1s amplias de la dimensi\u00f3n monetaria, incluyendo agregados monetarios (M2, M3) y tasas de inter\u00e9s de corto y largo plazo. Metodol\u00f3gicamente, se aplican modelos de datos de panel con errores est\u00e1ndar corregidos (PCSE), que permiten abordar problemas de heteroscedasticidad y autocorrelaci\u00f3n frecuentes en este tipo de bases. Los resultados indican que los agregados monetarios no tienen un efecto significativo sobre el crecimiento, mientras que la inflaci\u00f3n y, en particular, las tasas de inter\u00e9s de largo plazo muestran impactos negativos. Asimismo, se observan diferencias relevantes entre econom\u00edas desarrolladas y en desarrollo, lo que resalta la importancia del contexto institucional y del nivel de estabilidad macroecon\u00f3mica en la transmisi\u00f3n de los efectos monetarios.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[29],"tags":[33],"class_list":["post-9142","post","type-post","status-publish","format-standard","hentry","category-anales","tag-aaep-anales-2025"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022) - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022) - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\" \/>\n<meta property=\"og:description\" content=\"Este trabajo analiza la relaci\u00f3n entre la dimensi\u00f3n monetaria y el crecimiento econ\u00f3mico en una muestra de 51 pa\u00edses de Am\u00e9rica Latina y la OCDE durante el per\u00edodo 1990\u20132022. A diferencia de gran parte de la literatura que se concentra exclusivamente en la inflaci\u00f3n, se incorporan medidas m\u00e1s amplias de la dimensi\u00f3n monetaria, incluyendo agregados monetarios (M2, M3) y tasas de inter\u00e9s de corto y largo plazo. Metodol\u00f3gicamente, se aplican modelos de datos de panel con errores est\u00e1ndar corregidos (PCSE), que permiten abordar problemas de heteroscedasticidad y autocorrelaci\u00f3n frecuentes en este tipo de bases. Los resultados indican que los agregados monetarios no tienen un efecto significativo sobre el crecimiento, mientras que la inflaci\u00f3n y, en particular, las tasas de inter\u00e9s de largo plazo muestran impactos negativos. Asimismo, se observan diferencias relevantes entre econom\u00edas desarrolladas y en desarrollo, lo que resalta la importancia del contexto institucional y del nivel de estabilidad macroecon\u00f3mica en la transmisi\u00f3n de los efectos monetarios.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aaep.org.ar\/?p=9142\" \/>\n<meta property=\"og:site_name\" content=\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-15T23:55:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T23:55:29+00:00\" \/>\n<meta name=\"author\" content=\"aaepolitica\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@aaepoficial\" \/>\n<meta name=\"twitter:site\" content=\"@aaepoficial\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"aaepolitica\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=9142#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=9142\"},\"author\":{\"name\":\"aaepolitica\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/person\\\/7150b747ba20875259c74b2cd177316c\"},\"headline\":\"\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022)\",\"datePublished\":\"2025-12-15T23:55:27+00:00\",\"dateModified\":\"2025-12-15T23:55:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=9142\"},\"wordCount\":28,\"publisher\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#organization\"},\"keywords\":[\"AAEP Anales 2025\"],\"articleSection\":[\"Anales\"],\"inLanguage\":\"es\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=9142\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/?p=9142\",\"name\":\"\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022) - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#website\"},\"datePublished\":\"2025-12-15T23:55:27+00:00\",\"dateModified\":\"2025-12-15T23:55:29+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=9142#breadcrumb\"},\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/aaep.org.ar\\\/?p=9142\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/?p=9142#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Portada\",\"item\":\"https:\\\/\\\/aaep.org.ar\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#website\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/\",\"name\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"description\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"publisher\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/aaep.org.ar\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"es\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#organization\",\"name\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/aaep.org.ar\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/cropped-aaep_logo.png\",\"contentUrl\":\"https:\\\/\\\/aaep.org.ar\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/cropped-aaep_logo.png\",\"width\":74,\"height\":49,\"caption\":\"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica\"},\"image\":{\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/aaepoficial\",\"https:\\\/\\\/www.instagram.com\\\/aaepoficial\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/aaep.org.ar\\\/#\\\/schema\\\/person\\\/7150b747ba20875259c74b2cd177316c\",\"name\":\"aaepolitica\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g\",\"caption\":\"aaepolitica\"},\"sameAs\":[\"https:\\\/\\\/aaep.org.ar\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022) - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","robots":{"index":"noindex","follow":"follow"},"og_locale":"es_ES","og_type":"article","og_title":"\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022) - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","og_description":"Este trabajo analiza la relaci\u00f3n entre la dimensi\u00f3n monetaria y el crecimiento econ\u00f3mico en una muestra de 51 pa\u00edses de Am\u00e9rica Latina y la OCDE durante el per\u00edodo 1990\u20132022. A diferencia de gran parte de la literatura que se concentra exclusivamente en la inflaci\u00f3n, se incorporan medidas m\u00e1s amplias de la dimensi\u00f3n monetaria, incluyendo agregados monetarios (M2, M3) y tasas de inter\u00e9s de corto y largo plazo. Metodol\u00f3gicamente, se aplican modelos de datos de panel con errores est\u00e1ndar corregidos (PCSE), que permiten abordar problemas de heteroscedasticidad y autocorrelaci\u00f3n frecuentes en este tipo de bases. Los resultados indican que los agregados monetarios no tienen un efecto significativo sobre el crecimiento, mientras que la inflaci\u00f3n y, en particular, las tasas de inter\u00e9s de largo plazo muestran impactos negativos. Asimismo, se observan diferencias relevantes entre econom\u00edas desarrolladas y en desarrollo, lo que resalta la importancia del contexto institucional y del nivel de estabilidad macroecon\u00f3mica en la transmisi\u00f3n de los efectos monetarios.","og_url":"https:\/\/aaep.org.ar\/?p=9142","og_site_name":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","article_published_time":"2025-12-15T23:55:27+00:00","article_modified_time":"2025-12-15T23:55:29+00:00","author":"aaepolitica","twitter_card":"summary_large_image","twitter_creator":"@aaepoficial","twitter_site":"@aaepoficial","twitter_misc":{"Escrito por":"aaepolitica"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/aaep.org.ar\/?p=9142#article","isPartOf":{"@id":"https:\/\/aaep.org.ar\/?p=9142"},"author":{"name":"aaepolitica","@id":"https:\/\/aaep.org.ar\/#\/schema\/person\/7150b747ba20875259c74b2cd177316c"},"headline":"\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022)","datePublished":"2025-12-15T23:55:27+00:00","dateModified":"2025-12-15T23:55:29+00:00","mainEntityOfPage":{"@id":"https:\/\/aaep.org.ar\/?p=9142"},"wordCount":28,"publisher":{"@id":"https:\/\/aaep.org.ar\/#organization"},"keywords":["AAEP Anales 2025"],"articleSection":["Anales"],"inLanguage":"es"},{"@type":"WebPage","@id":"https:\/\/aaep.org.ar\/?p=9142","url":"https:\/\/aaep.org.ar\/?p=9142","name":"\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022) - Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","isPartOf":{"@id":"https:\/\/aaep.org.ar\/#website"},"datePublished":"2025-12-15T23:55:27+00:00","dateModified":"2025-12-15T23:55:29+00:00","breadcrumb":{"@id":"https:\/\/aaep.org.ar\/?p=9142#breadcrumb"},"inLanguage":"es","potentialAction":[{"@type":"ReadAction","target":["https:\/\/aaep.org.ar\/?p=9142"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/aaep.org.ar\/?p=9142#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Portada","item":"https:\/\/aaep.org.ar\/"},{"@type":"ListItem","position":2,"name":"\u00bfEs realmente neutral el dinero? Evidencia para Am\u00e9rica Latina y la OCDE (1990\u20132022)"}]},{"@type":"WebSite","@id":"https:\/\/aaep.org.ar\/#website","url":"https:\/\/aaep.org.ar\/","name":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","description":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","publisher":{"@id":"https:\/\/aaep.org.ar\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/aaep.org.ar\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"es"},{"@type":"Organization","@id":"https:\/\/aaep.org.ar\/#organization","name":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica","url":"https:\/\/aaep.org.ar\/","logo":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/aaep.org.ar\/#\/schema\/logo\/image\/","url":"https:\/\/aaep.org.ar\/wp-content\/uploads\/2022\/05\/cropped-aaep_logo.png","contentUrl":"https:\/\/aaep.org.ar\/wp-content\/uploads\/2022\/05\/cropped-aaep_logo.png","width":74,"height":49,"caption":"Asociaci\u00f3n Argentina de Econom\u00eda Pol\u00edtica"},"image":{"@id":"https:\/\/aaep.org.ar\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/aaepoficial","https:\/\/www.instagram.com\/aaepoficial\/"]},{"@type":"Person","@id":"https:\/\/aaep.org.ar\/#\/schema\/person\/7150b747ba20875259c74b2cd177316c","name":"aaepolitica","image":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/secure.gravatar.com\/avatar\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b4c835a24b26f7310194c9c19eee26567492d7a70e27fc0adad2d6b1983478c9?s=96&d=mm&r=g","caption":"aaepolitica"},"sameAs":["https:\/\/aaep.org.ar"]}]}},"_links":{"self":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/9142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9142"}],"version-history":[{"count":2,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/9142\/revisions"}],"predecessor-version":[{"id":9144,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/9142\/revisions\/9144"}],"wp:attachment":[{"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aaep.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}