Teachings of the model of Krugman and Taylor (1978).
Keywords:
Devaluación, Corrección de error, Krugman y TaylorAbstract
Devaluation is one of the ways in which the external restriction to growth of peripheral countries in general, and Argentina in particular, is expressed. The original work by Krugman and Taylor (1978) opened the academic debate in the developed world about the regressive and contractionary impact of devaluations. However, the model has calculation errors that, together with the way in which the results are presented, make it difficult to understand its mathematics and limits the influence of the work for the construction of economic simulation tools. Correcting the error is necessary to recover the critical content of that work and expand its influence, not only at the theoretical level, but also in applied work.
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