Usando la política monetaria para gestionar expectativas durante las crisis deuda pública

Résumé

"The ECB is ready to do whatever it takes to preserve the Euro. And believe me, it will be enough". This sentence was pronounced by Mario Draghi in the highest point of the sovereign debt crisis in the Euro zone. Following this announcement, government bond spreads changed its tendency and went down considerably. On 2 August 2012, the �Outright Monetary Transactions� was announced to backup public debt of several countries in troubles. This program was effective basically because change expectations. This paper presents a model in which self-fulfilling debt crisis arise. The Central bank announces monetary policies to backup public debt. These policies will never be applied because the mere announcement of these monetary policies will alter expectation in such a way that would prevent the existence of self-fulfilling debt crises to arise and the necessity of applying the monetary policies announced. Thus, these monetary policies have zero cost.