MASTER DE ANÁLISIS ECONÓMICO APLICADO (MAE) IDEC
Transcripción
MASTER DE ANÁLISIS ECONÓMICO APLICADO (MAE) IDEC
MASTER DE ANÁLISIS ECONÓMICO APLICADO (MAE) IDEC-UNIVERSITAT POMPEU FABRA CURSO 2004-2005 CURSO: PREVISIÓN Y COYUNTURA PROFESOR: JOSÉ GARCIA MONTALVO ,A5 5W5 #, #,w5 #, 5,+W,5 A,+w,5 L_i*L }i?ih@* t| ' 7| n "| E _L?_i "| it ? h_L M*@?UL ."| ' fc ."| "|3 ' f 5 @_i4@t ti tTL?i ^i "| |i?i ?@ _t|hMUL? ?Lh4@*c i?|L?Uit ?L ULhhi*@UL? 4T*U@ ?_iTi?_i?U@ , t|i? _Lt |TLt _i 4L_i*LtG L_i*Lt ?@h@?|itG w@t i?|@@t _i it|i |TL _i 4L_i*Lt tL? 5L? ti?U**Lt 2 Ai?i? Mi?@t ThLTi_@_it Thi_U|@t , t|i 4i?Lh ThLM@M*_@_ _i i^LU@hti UL? ? 4L_i*L ^i ti@ ?@ @ThL 4@UL? ihhL?i@ _i *@ hi@*_@_ ,* ?UL?i?i?|i _i it|i |TL _i 4L_i*Lt it ^i t@ ?@ 4>?4@ ?uLh 4@UL? )c TLh |@?|Lc ?L it |@? iUi?|i UL4L ? 4L_i*L iUL?L4i|hUL w@ 4@)Lh iUi?U@ |i?i ? ULt|iG *@ UL4T*i_@_ _i *Lt 4L_i*Lt iUL?L4i|hULt TihL i* Mi?iUL it *@ hi_UUL? _i *@ ?Uih|_4Mhi L_i*Lt iUL?L4i|hULtG 5L? 4@t _u>U*it _i UL?t|hh ) ti ThiUt@ _i _@|Lt ^i 4U@t iUit ?L it|@? _tTL?M*it UL? *@ TihL_U_@_ _iti@_@ ,t|@UL?@hi_@_ ) ih}L_U_@_ w@t U@h@U|ih>t|U@t iti?U@*it _i *Lt ThLUitLt it|LU@t|ULt ^i @4Lt @ @?@*3@h tL? it|@UL?@hi_@_ ) ih}L_U_@_ 5? _U@t ThLTi_@_it *Lt |iLhi4@t _i* *>4|i @M|@*it ?L ti Ti_i? @T*U@h ,* UL?UiT|L _i it|@UL?@hi_@_ |i?i _Lt ihtL?itG 2 w@ ihtL? it|hU|@ ti} ? *@ U@* ? ThLUitL it it|@UL?@hL U@?_L t u?UL? _i _t|hMUL? UL??|@ it *@ 4t4@ UL? ?_iTi?_i?U@ _i* 4L4i?|L _i* |i4TL _i ^i ti |h@|i #i it|@ 4@?ih@ 8 Et| c t|3 c c t|3& ' 8 Et|3S c t|3S3 c c t|3S3& E2 ,? ti?|_L @4T*Lc L |@4Mi? **@4@_L it|@UL?@hL _i ti}?_L Lh_i? L UL@h@?3@ it|@UL?@hL ti i?|i?_i ^i ? ThLUitL it it|@UL?@hL t w@ 4i_@ ) *@ @h@?3@ tL? ?|@t ) UL?t|@?|it @ *L *@h}L _i* |i4TL .t| '> 2 .Et| > ' j2 4 E Ee 2 w@t @|LUL@h@?3@t i?|hi _Lt Tih>L_Lt _i |i4TL _t|?|Lt tL*L _iTi?_i? _i* ?|ih@*L _i |i4TL i?|hi *Lt _Lt Tih>L_Lt E! ) ?L _i* 4L4i?|L i? i* ^i ti 4_@? E| .Et| >Et|3& > ' & 2 ED L_i*Lt @|Lhhi}hitLt E+ N? 4L_i*L +ET ti _i?i UL4L t| ' t|3 n 2 t|32 n n R t|3R n "| ES _L?_i "| it ? h_L M*@?UL N|*3@?_L i* LTih@_Lh _i hi|@h_Lt w TL_i4Lt hiitUhMh i* 4L_i*L @?|ihLh UL4L E u 2 u2 R uR t| ' Eut| ' "| L|@G i* LTih@_Lh _uihi?U@t ) i* LTih@_Lh _i hi|@h_Lt E. ,* LTih@_Lh _i Th4ih@t _uihi?U@t @T*U@_L @ ?@ @h@M*i 4T*U@ ^i {t| ' t| t|3 EH ,* LTih@_Lh _uihi?U@t ti Ti_i @T*U@h |@?|@t iUit UL4L ti@ ?iUit@hL ti4Thi UL? i* 4t4L iuiU|L Lh ii4T*L *@ Th4ih@ _uihi?U@ _i *@ Th4ih@ _uihi?U@ tih>@ {E{t| ' {Et| t|3 ' {t| {t|3 ' Et| t|3 Et|3 t|32 Eb ,* LTih@_Lh _i hi|@h_Lt 4T*U@ i* hi|@h_@h ? TihL_L i* |i4TL @* ^i ti hiihi *@ @h@M*i i? Uit|L? ut| ' t|3 Lh |@?|L u& t| ' t|3& Ef ,* LTih@_Lh _i hi|@h_Lt |i?i ? @*}iMh@ ti?U**@ UL4L ULhhiTL?_i @ t _i?UL?c ^i i?i _i?_@ TLh *@t t}i?|it ThLTi_@_it uE t| ' t|3 u& ur t| ' u&nr t| ' t|3&3r uf ' E @h@ 4L_i*Lt it|@UL?@*it |h@M@@hi4Lt UL? _uihi?U@t it|@UL?@*it 5 *@ _uihi?U@ ^i _i?L4?@hi4Lt hi}*@h Ti_i itUhMhtic i? |ih4?Lt _i* LTih@_Lh _i hi|@h_Ltc UL4L { ' uc *@ _uihi?U@ it|@UL?@* {r Ti_i itUhMhti UL4L {r ' ur @h@ _@|Lt |h4it|h@*itc TLh ii4T*Lc t@hi4Lt i* LTih@_Lh { t| ' t| t|3 ,* 4L_i*L +E ,* 4L_i*L +E i?i _i?_L UL4L t| ' t|3 n "| E2 N|*3@?_L i* LTih@_Lh _i hi|@h_Lt TL_i4Lt itUhMh i* 4L_i*L @?|ihLh UL4L E u+| ' "| E @h@ ^i i* 4L_i*L ti@ it|@UL?@hL |i?i ^i tih Uih|L ^i *@ h@>3 _i* TL*?L4L U@h@U|ih>t|UL u ' f e Ee ti@ 4@)Lh ^i Lh *L |@?|L m m w@t U@h@U|ih>t|U@t _i it|i 4L_i*L ti Ti_i? LM|i?ih hiitUhMi?_L*L i? t uLh4@ _i @*^ih +ET Ti_i itUhMhti UL4L ? E4 ,? i* U@tL _i ? +E *@ uLh4@ _i* tih@ t| ' "| n "|3 n 2 "|32 n ' " [ "|3 'f ED T@h|h _i it@ _itUhTUL? _i* 4L_i*L +E ti Ti_i U@*U*@h t it Tih@?3@ ) t @h@?3@ w@ itTih@?3@ _i* 4L_i*L @?|ihLhc _@_@t *@t U@h@U |ih>t|U@t _i " it }@* @ f 5 i* 4L_i*L uih@ t| ' B n t|3 n "| ES *@ itTih@?3@ _i v tih>@c ti4Thi tTL?i?_L ^i it it|@UL?@hLc B E. V@4Lt @ |*3@h *@ ?L|@UL? T@h@ _i?h *@t UL@h@?3@t _i Lh_i? Lh |@?|Lc i? it|i 4L_i*Lc *@ @h@?3@ _i v it .t| ' .t|3 ' > > ' f ' j"2 2 EH @h@ LM|i?ih i* hit|L _i @|LUL@h@?3@t _iMi4Lt 4*|T*U@h *@ i ThitL? ?U@* TLh t|3 ' .Et| t|3 ' .Et|3 t|3 n .E"| t|3 Eb @h@ : f ti ihU@ ^i ' 3 ^i it ?@ iU@UL? i? _uihi?U@t L4L}i?i@ _i Th4ih Lh_i? tL*UL? it ' b ' f D E2f 5 E2 5 i? *}@h _i |h@M@@h UL? *@t @|LUL@h@?3@t |h@M@@4Lt UL? *@t @|L ULhhi*@UL?it |i?_hi4Lt ^i 4 ' ' 4 3 f E22 ^i |i?i UL4L tL*UL? 4 ' 4f ' E2 ,* 4L_i*L +E2 ,* 4L_i*L +E2 |i?i *@ uLh4@ t| ' t|3 n 2 t|32 n "| E2e N|*3@?_L i* LTih@_Lh _i hi|@h_Lt i* 4L_i*L ti hit4i @ E u 2 u2 +| ' "| E2D @h@ ^i i* 4L_i*L ti@ it|@UL?@hL |i?i ^i tih Uih|L ^i *@ h@>3 _i* TL*?L4L U@h@U|ih>t|UL u 2 u2 ' f E2S it|@? uih@ _i* U>hU*L ?|@hL @h@ LM|i?ih i* hit|L _i @|LUL@h@?3@t _iMi4Lt 4*|T*U@h *@ i ThitL? ?U@* TLh t|3 ' .Et| t|3 ' .Et|3 t|3 n 2 .Et|32 t|3 n .E"| t|3 E2. @h@ ' f it@ i ThitL? hit*|@ i? f ' n 2 2 n j2 E2H ' 3 n 2 32 E2b ) T@h@ : f #_i?_L @4MLt *@_Lt TLh f ti LM|i?i 4 ' 4 3 n 2 4 32 S Ef w@ tL*UL? _i it@ iU@UL? i? _uihi?U@t tih@ 4 ' b n 2 b2 E #U@ tL*UL? _@ UL4L hit*|@_L *@t **@4@_@t iU@U>L?it _i v*i`@*!ih 4 ' n 2 4 42 ' 4 n 2 E2 E w@ hitL*UL? _i it|i |TL _i tt|i4@t _@ *}@h @ *@ u?UL? _i @|LULh hi*@UL? T@hU@* E6 @L i* tTit|L _i ^i i t|i? T ULiUi?|it i? i* @|Lhhi}hitLc *@ 6 tih@ _t|?|@ _i f T@h@ hi|@h_Lt }@*it L ?uihLhit @ T ) f T@h@ tTihLhit )@ ^ic TLh TL|ittc *@t R tL? _t|?|@t _i f ,? ? ThLUitL c UL4L it ? ThLUitL + ??|L ?ih|_Lc *Lt ULiUi?|it _i @|LULhhi*@UL? T@hU@* ??U@ tih@? }@*it @ f ,? i* U@tL _i *@ u?UL? _i @|LULhhi*@UL? E6 *@ t|@UL? it *@ UL? |h@h@ @h@ ? + _U@ u?UL? ??U@ ti UL?ih|i i? f 4i?|h@ ^i i? ? tih@ f T@h@ hi|@h_Lt tTihLhit @* Lh_i? _i *@t 4i_@t 4L*it 2 ? @*tt _i ?|ihi?U L? Ai?i TLh LMi|L U@T|h@h @?L4@*>@t ) U@4MLt _i _i?UL? _i *@t tihit ,i4T*LtG ,? i?ihL _i bHS ti ThL_Ui *@ i?|h@_@ i? }Lh _i* WV i? ,tT@ ?@ #U@ U@4ML |i?_h@ ? iuiU|L U*@hL tLMhi i* W ,? _Ui4Mhi _i bH2 ti U@4M@ *@ _i?UL? _i *Lt wc hi_Ui? _Lti *Lt T@tLt UL4T|@M*it E*Lt _iTLt|Lt _i* tiU|Lh T M*UL _i@? _i tih UL4T|@M*it 5ihi _i i TLh|@UL?itG i? i?ihL _i bH ti UL4T|@? *Lt 4itit UL4L _i* @* i? *}@h _i* 2D @* 2e UL4L @?|ihLh4i?|i 2 ,t|i @?@*tt ti hi@*3@ TLh 4i_L _i @h@M*it _UL|L4U@t . ?@*tt 4) |* T@h@ @|>TULt i? *@t tihit _iM_Lt @ U@t@t UL?LU_@t ) UL?Uhi|@tG ,hhLhit i? *@ UL?t|hUUL? _i *@t tihit @4MLt i? *@ _i?UL? _i *@t tihit i__@t iUL?L4U@t itTiU@*it UL?|iU4i?|Lt i |h@Lh_?@hLt Ei*}@tc i*iUUL?itc i|U 6it|@t 4L*it @4MLt i? i* U@*i?_@hL @_4?t|h@|L 5ihit tL4i|_@t @ UL?|hL* htt iUL?L4U@ 5i |*3@? _Lt |TLt _i @h@M*it T@h@ U@T|h@h _ULt iuiU|LtG V@h@M*it 4T*tLG ?L |i?i? iuiU|L @ *@h}L T*@3L 5TL?}@4Lt ^i ML ?@ i*}@ i? |W ,? |@* U@tL ti Ti_i _i?h ?@ @h@M*i UL4L (8| ' f r | ' |W ' r | ' |W Ee ED ,i4T*L _i tL t| ' /f (8| n w^ Eu "| Rn_ Eu ES _L?_i /f it i* ULiUi?|i _i ?|ihi?UL? @h@ @*@h}@h i* iuiU|L _h@?|i @hLt Tih>L_Lt ti Ti_i itUhMh E/f n / u(8| Lc ?U*tLc |*3@h ? *|hL + UL4L /f ' /f E n Bu n B 2 u2 n ' /f n /f Bu n /f B 2 u2 Bu E. @h@ ^i *Lt iuiU|Lt ti @)@? hi_Ui?_L UL? i* |i4TL tih@ ?iUit@hL ^i mBm H V@h@M*it itU@*L?G |i?i? iuiU|L @ *@h}L T*@3L ETLh ii4T*Lc i* U@4ML i? *@ _i?UL? _i *Lt w ,* iuiU|L @ *@h}L T*@3Lc L }@?@?U@ _i* *|hLc ti U@*U*@ UL4L /Eu /f n / u ' ' f n u n 2 u2 n Bu Bu }' /f n / /E ' B B b EH Eb A,W5 #, +,#WW A iU?U@t i*i4i?|@*it _i Thi_UU L? i_@t 4L*it L_i*Lt ?}i?Lt U +|n ' +| UU +|n +| ' +| +|3 Eef Ee |h@ @h@?|i 4@t tLt|U@_@ tih>@ U@*U*@h *@ Thi_UUL? UL4L *@ 4i_@ _i *Lt @*Lhit _i* T@t@_L +|n ' +7 5 @) |i?_i?U@ i?|L?Uit it|@ |iU?U@ tTL?i U@*U*@h +|n ' E n }+| Ee2 |h@ LTUL? tTL?i i*44@h *@ |i?_i?U@ @?|it _i hi@*3@h i* @?@*tt N?@ uLh4@ _i hi@*3@h _U@ i*4?@UL? it |L4@h Th4ih@ _uihi?U@t 7 | ' *A dE+| +|3 n E+|3 +|32 n n E+ +f o ' *A E+| +f Ee {+ M@4i?|ic *@ Thi_UUL? i? it|i |TL _i 4L_i*Lt ti hi@*3@h>@ UL4L 7 | ' *A E+| +f { +|n ' {+ +|n ' +| n { +|n ' +| n *A E+| +f Eee EeD ,t|i Uh|ihL it TLUL LTih@|L _@_L ^i 5TL?i i* hiU@*U*L UL?|?L _i *Lt @*Lhit w@ 4@)Lh T@h|i _i *@t Thi_UUL?it ti hiihi? @* ULh|L T*@3L )c TLh |@?|Lc *@ 4i_@ i? it|i U@tL Ti_i ihti ?_@ TLh ui?L4i?Lt UL4L *@ it|@UL?@*_@_ f Lh it|Lt 4L|Lt it 4@t uhiUi?|i |h@M@@h UL? 4i_@t 4L*it UL4L +| n +|3 n n +|3rn EeS r ) LM|i?ih Thi_UUL?it t@?_L *@ uLh4*@ +|n ' | ,t|i U@*U*L tTL?i *@ ?L i t|i?U@ _i it|@UL?@*_@_ ? |i?_i?U@ @h@ i|@h *Lt ThLM*i4@t _i *@ it|@UL?@*_@_ ti _iMi U@*U*@h *@ _uihi?U@ i?|hi | |3 ^i tTL?i *@ _uihi?U@ i?|hi _Lt 4itit _i _Lt @ ?Lt UL?tiU|Lt | ' +| +|32 Ee. 2 #U@ _uihi?U@c @* ?L |i?ih )@ it|@UL?@*_@_c _iMi ?|ihThi|@hti UL4L |i?_i?U@ UhiUi?|i Et it TLt|@ L _iUhiUi?|i Et it ?i}@|@ iuiU|Lt _i Thi_UUL? ti _iMih>@ |*3@h *@ i ThitL? | |3 ' +|n ' | n +| +|32 2 EeH wLt hit*|@_Lt tL? t4*@hit t ti |h@M@@ UL? ?Uhi4i?|Lt ) UL? ?@ 4i_@ 4L* _i 2 |ih4?Lt T@h@ _@|Lt 4i?t@*it dE+| +|3 n E+|3 +|32 n n E+|3 +|32 o +| +|32 ' 2 2 Eeb w@ Thi_UUL? i? it|i U@tL tih>@ (| ' +|n ' +| n (| ' +| n *2E+| +2 EDf "i it UL4L Thi_iUh i* @*Lh _i ? 4it TLh i* _i* 4it @?|ihLh 4@t i* ?Uhi4i?|L 4i_L 4i?t@* _i* *|4L @ ?L ,t|L t}i t? hitL*ihc T@h@ *@ Thi_UUL?c i* ThLM*i4@ _i *@ it|@UL?@*_@_c @?^i ti @ ULhhi}_L *@ |i? _i?U@ v@ ti @ UL4i?|@_L ^i ?@ 4i_@ 4L* _i Lh_i? 2 ?L Thiti?|@ LtU*@UL?it it|@UL?@*it TihL i? *@ Thi_UUL? ti ThL_Uh@? ihhLhit _@_L ^i ?L ti |i?i i? Ui?|@ i* UL4TL?i?|i it|@UL?@* _i* 4it ^i ti Thi_Ui U@t i4Thit@t t@? i* A E|@?|L @?@* 4L* UL4L uLh4@ _i ti}h *@ |@t@ _i UhiU4i?|L 4L* _i *@t i?|@t _h@?|i *Lt *|4Lt 2 4itit ELM @?_L *@ it|@UL?@*_@_ 5? i4M@h}Lc i? |ih4?Lt _i Thi_UUL? *@ 4i_@ 4L* _iMih@ tih ULhhi}_@ TLh ULiUi?|it _i it|@UL?@*_@_ UL4L ihi4Lt 4@t @_i*@?|i ,* ThLUi_4i?|L _i *@t 4i_@t 4L*it @*t@ *@t @h@UL?it Eit|@UL?@*itc U>U*U@t i hhi}*@hit _i *@ tihi Lh}?@* TLh *L ^i Tih|i?iUi @* }hTL _i |iU?U@t _i @*t@_L @?|L 4@)Lh ti@ i* ? 4ihL _i i*i4i?|Lt _i *@ 4i_@ 4L* 4@t t@i tih@ *@ tihi ,* Th?UT@* ThLM*i4@%Uit|L? UL?tt|i i? _i|ih4?@h i* ? 4ihL _i |ih4?Lt @ |*3@h i? i* @*t@_L |h@ Uit|L? 4TLh|@?|i it i* Tih>L_L @* U@* _iMi @t}?@hti *@ 4i_@ 4L* @h@ Thi_UUL? T@hiUi *L}UL @t}?@h*L @* *|4L @*Lh UL?LU_L 5? i4M@h}Lc T@h@ @*}?@t @T*U@UL?it it 4iLh @t}?@h*L @* Tih>L_L 4i_L +|no n +|no3 n n +| n +|3 n +|3o ED 2o n 5 i* ? 4ihL _i LMtih@UL?it uih@ T@h tih>@ ?iUit@hL @Uih *@ 4i_@ _i *@t 4i_@t i? *L ^i ti UL?LUi UL4L ?@ _LM*i 4i_@ 4L* _i4@t _i *L UL4i?|@_L UL? @?|ihLh_@_ ti TL_h>@? U@*U*@h 4i_@t 4L*it TL?_ih@_@t _L?_i *Lt @*Lhit _i *@t uLh4*@t |i?i? _t|?|Lt TitLt w@t |iU?U@t _i @* t@_L i TL?i?U@* ^i ti Thiti?|@? i? i* t}i?|i iT>}h@ui tL? ?@ hitTit|@ @ *@ ?iUit_@_ _i |*3@h _t|?|@t TL?_ih@UL?it T@h@ *Lt _t|?|Lt @*Lhit _i ) | ' *t@_L i TL?i?U@* ,* @*t@_L i TL?i?U@* tTL?i ?@ 4i_@ 4L* UL? ?@ TL?_ih@UL? _i UhiUi?|i i? uLh4@ _i ThL}hitL? }iL4i|hU@ | ' k+| n kE k+|3 n kE k2 +|32 n ED2 _L?_i f k w@ t4@ _i *Lt ULiUi?|it ti4Thi _iMi tih *@ ?_@_ )@ ^i k " [ r'f E kr ' k ' E k ED ,* T@h@4i|hL k UL?|hL*@ TLh i* ? 4ihL _i 4i_@t 4L*it ^i ti |*3@? @h@ k ' *@ 4i_@ UL?U_h@ UL? i* @*Lh _i* Tih>L_L @h@ k UihU@ _i f *@t TL?_ih@UL?it tih@? |L_@t 4) Ti^i ?@t 2 L4L uLh4*@ _i Thi_UUL? *@ 4i_@ ti _iMi U@*U*@h UL4L +|n ' k+| n kE k+|3 n kE k2 +|32 n EDe +|n ' k+| n E k +| EDD L Lh |@?|Lc *@ Thi_UUL? Ti_i ?|ihThi|@hti UL4L ?@ 4i_@ TL?_ih@_@ _i *Lt @*Lhit @?|ihLhitc hi@*it ) Thi_UUL? T@t@_@ O@Ui?_L ?@ Ti^i ?@ |h@?tuLh4@UL? 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