This paper is about the dynamics and the exchange rate determination in an open economy with free capital movements. The basic monetary and portfolio models are presented and analyzed. The paper includes a brief description of the interest and purchasing power parities, which are part of both...

This paper is concerned with competition in the peruvian manufacturing industry. A simple model of competition is estimated in order to evaluate the influence of productivity changes and relative labor costs. With this purpose an index of competition was constructed for 32 industrial branches,...

This essay pretends to show, on the one hand, that the gains of competition are concentrated only on industrial branches with statistically significant increasing returns to scale and, on the other hand, that the significance of intra-industrial trade has been reduced during the last years. The...

In order to explain growth in per capita output, an exogenous technical change is introduced into the neoclassical models. The new growth theory emerges as a critical to this explanation and considers that technical change is an endogenous result. Hence, the new theory abandons the neoclassical...

This essay is concerned with Peruvian economic growth and its cycles from 1950 to 1995, and the long stagnation that begins in 1975-1978. The corresponding analysis is based on the hypothesis that the Peruvian economic dynamics responds to the unbalanced character of industrialization and to the...

This chapter contains the capital theory controversy that took place among the most important economists from the universities of Cambridge (UK) and Cambridge (Mass.). First, we present the neoclassical propositions which are summarized in the neoclassical parables. The second section contains...

This is an introductory chapter to the theory of economic growth. It starts analyzing the objet of the growth theory and the distinction between long term growth and fluctuations. The chapter includes data about Gross Domestic Product (GDP) and GDP per capita for different countries from a...

This chapter contains the keynesian and neoclassic models by which it was initiated the theory of economic growth. The main concern in these models is the possibility of growth with stability and full employment. First, we present models with an exogenous propensity to save: the Keynesian models...