| Revista: | Journal of applied economics |
| Base de datos: | CLASE |
| Número de sistema: | 000401733 |
| ISSN: | 1667-6726 |
| Autors: | Cermeño, Rodolfo1 Villagómez, Alejandro1 Orellana Polo, Javier |
| Institucions: | 1Centro de Investigación y Docencia Económicas A.C., División de Economía, México, Distrito Federal. México |
| Any: | 2012 |
| Període: | Nov |
| Volum: | 15 |
| Número: | 2 |
| Paginació: | 259-286 |
| País: | Argentina |
| Idioma: | Inglés |
| Tipo de documento: | Artículo |
| Enfoque: | Analítico, descriptivo |
| Resumen en inglés | We estimate a small-scale macro model for the Mexican economy under the New Keynesian (NK) framework and alternative interest rate rules for Mexico. With these results we evaluate the performance of the Bank of Mexico against a set of optimality principles derived in the NK literature. Our system estimation results show that the Bank of Mexico holds a preference for stabilizing not only inflation around target, but also acts to achieve an output gap close to zero. Furthermore, we find that the central bank responds non-linearly to real exchange rate depreciations. We also find that the central bank has actively attempted to neutralize demand and supply shocks through monetary policy that is consistent with the Taylor principle |
| Disciplines | Economía |
| Paraules clau: | Política económica, México, Política monetaria, Economía abierta, Tasas de interés, Neokeynesianismo, Regla de Taylor |
| Text complet: | Texto completo (Ver PDF) |
