AUTONOMÍA DEL BANCO DE MÉXICO Y ESTABILIDAD MACROECONÓMICA, 1994-2019

IF 0.6 4区经济学 Q4 ECONOMICS

Investigacion Economica Pub Date : 2020-03-24 DOI:10.22201/FE.01851667P.2020.312.75371

E. Loría

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引用次数: 0

Abstract

Analizamos la politica monetaria que ha instrumentado el Banco de Mexico desde 1994 y mostramos que ha sido estabilizadora en terminos del Nuevo Consenso Keynesiano. Probamos analitica y econometricamente que no es posible asociar los cambios estructurales que se han observado en el producto y en el desempleo ni en el lento crecimiento en los ultimos 30 anos a los grandes cambios de politica monetaria, entre ellos el otorgamiento de la autonomia al Banco de Mexico. Encontramos evidencia empirica para afirmar que estos cambios de politica monetaria han reducido significativamente la volatilidad de las variables macroeconomicas mas importantes. BANCO DE MEXICO’S AUTONOMY AND MACROECONOMIC STABILITY, 1994-2019 ABSTRACT In this paper the Banco de Mexico’s monetary policy implemented since 1994 is analyzed. It is shown that the effect of such policy, inspired in the New Keynesian Consensus approach, has been stabilizing. Also, it is analytically and econometrically proven that neither the structural changes in both output and unemployment nor the slow growth observed in the last 30 years can be associated to the major changes monetary policy has experienced, including the granting of autonomy to the Banco de Mexico. We found empirical evidence confirming that these changes in monetary policy have significantly reduced the volatility of the most important macroeconomic variables.

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1994-2019年墨西哥银行自治与宏观经济稳定

我们分析了墨西哥银行自1994年以来实施的货币政策，并表明它在新凯恩斯共识方面是稳定的。我们在分析和计量上证明，不可能将过去30年来产品和失业或缓慢增长的结构性变化与货币政策的重大变化，包括赋予墨西哥银行自治权联系起来。我们发现了经验证据，证明这些货币政策变化大大降低了最重要宏观经济变量的波动性。1994-2019年墨西哥银行自治与宏观经济稳定摘要本文分析了墨西哥银行自1994年以来实施的货币政策。这表明，受新凯恩斯共识方法的启发，这一政策的影响一直在稳定。此外，从分析和经济计量的角度来看，无论是产出和失业的结构性变化，还是过去30年来观察到的缓慢增长，都不能与货币政策所经历的重大变化有关，包括赋予墨西哥银行自主权。我们发现了经验证据，证实货币政策的这些变化大大减少了最重要宏观经济变量的波动。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Investigacion Economica ECONOMICS-

CiteScore

1.00

自引率

0.00%

发文量

期刊介绍： It is a specialized journal, bilingual (Spanish and English), plural and critical, which accepts and publishes scientific research articles in national and international economy. It is considered a public good that belongs to the University and society. Its vocation is to analyze the evolution of the theoretical and practical economics. In its pages the paradigms of economics, history of economic thought, the theories and debates about economic policy and its consequences, the diagnosis of the Mexican economy, the economic development of Latin America and the problems spread the world economy in general. It is a journal that does not discriminate plural none paradigm; theoretical orientation is unorthodox for epistemological reasons, not ideological preferences.