<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672000000100047</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Un modelo de demanda de dinero de saldos de amortiguamiento: el caso de México]]></article-title>
<article-title xml:lang="en"><![CDATA[A Model of the Demand for Buffer Money Balances: the Case of Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Galindo]]></surname>
<given-names><![CDATA[Luis Miguel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,UNAM Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2000</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2000</year>
</pub-date>
<volume>60</volume>
<numero>231</numero>
<fpage>47</fpage>
<lpage>69</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672000000100047&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672000000100047&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672000000100047&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de este trabajo es estimar un modelo de demanda de dinero de saldos de amortiguamiento para México. Los resultados obtenidos indican que existe una relación de largo plazo entre la demanda de saldos reales, el ingreso y la tasa de interés pero que en esta relación es necesario considerar las expectativas y la presencia de rezagos en el proceso de ajuste. La evidencia empírica presenta­ da sugiere que los agentes económicos ajustan sus saldos reales de acuerdo a sus expectativas sobre el ingreso y los costos de oportunidad y que utilizan al dinero como mecanismo amortiguador ante sorpresas de diversa índole. Esto implica que la política monetaria tiene que considerar, para ser eficiente, la existencia de retrasos en los procesos de ajuste de los agentes económicos y el uso de expectativas para determinar sus saldos monetarios. Ello implica que los agentes económicos pueden utilizar dinero para balancear o amortiguar las intenciones de las autoridades monetarias.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The aim of this paper was to compute for Mexico, a model of the demand for buffer money balances. The results obtained indicate that there is a long-term relationship between the demand for real balances, income and the interest rate, but that within this relationship it is necessary to consider expectations and the possibility of falling behind in the adjustment process. The empirical evidence presented suggests that economic agents do indeed adjust their real balances according to their expectations regarding income and the costs of opportunity, and that they use money as a buffer mechanism against unforeseen surprises. This implies that, in order to be efficient, monetary policy has to take into account the likelihood of delays in the adjustment processes of economic agents, as well as their use of expectations in the determination of their monetary balances. This means that economic agents are able to use money in order to balance or cushion the intentions of the monetary authorities.]]></p></abstract>
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