<?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>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2016000300537</article-id>
<article-id pub-id-type="doi">10.20430/ete.v83i331.210</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[¿Existe evidencia de asimetrías en la gestión de la política monetaria por parte del Banco Central Europeo? (1999-2014)]]></article-title>
<article-title xml:lang="en"><![CDATA[Is There Any Evidence of Asymmetries in the Management of the Monetary Policy by the European Central Bank? (1999-2014)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Barros-Campello]]></surname>
<given-names><![CDATA[Esther]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pateiro-Rodríguez]]></surname>
<given-names><![CDATA[Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Salcines-Cristal]]></surname>
<given-names><![CDATA[J. Venancio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade da Coruña Facultad de Economía y Empresa Departamento de Análisis Económico y Administración de Empresas]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade da Coruña Facultad de Economía y Empresa Departamento de Análisis Económico y Administración de Empresas]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidade da Coruña Facultad de Economía y Empresa Departamento de Análisis Económico y Administración de Empresas]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2016</year>
</pub-date>
<volume>83</volume>
<numero>331</numero>
<fpage>537</fpage>
<lpage>564</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2016000300537&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2016000300537&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2016000300537&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo de este artículo es verificar la presencia de asimetrías en la actuación del Banco Central Europeo (BCE) desde el inicio de su mandato hasta finales de 2014. La metodología utilizada es doble: la estimación, mediante el método de los momentos generalizado (MMG), de una regla de política monetaria óptima y de una regla que incluye variables ficticias multiplicativas capaces de detectar la presencia de comportamientos asimétricos. La crisis de crecimiento en la eurozona y los problemas de liquidez provocaron la puesta en marcha de medidas no convencionales de política monetaria después de 2008. Nuestros resultados muestran presencia de asimetría en la determinación de los tipos de interés por parte del BCE durante el periodo analizado, así como una reorientación de las decisiones de política monetaria más favorables al crecimiento económico.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The main goal of this paper is to detect an asymmetric behaviour in the management of the European Central Bank (ECB) since the beginning of its mandate until 2014. The methodology used is twofold. This paper estimates by the generalized method of moments (GMM) an optimal monetary policy rule and a rule including dummy variables which can detect the presence of asymmetries. The crisis in the euro-zone and the liquidity problems caused the implementation of nonconventional policy measures from 2008. Our results show a) asymmetries in the interest rate-setting behaviour of ECB and b) changes in the monetary policy decisions to enhance economic growth.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[banco central]]></kwd>
<kwd lng="es"><![CDATA[reglas monetarias]]></kwd>
<kwd lng="es"><![CDATA[asimetrías]]></kwd>
<kwd lng="es"><![CDATA[inflación]]></kwd>
<kwd lng="en"><![CDATA[central bank]]></kwd>
<kwd lng="en"><![CDATA[monetary rules]]></kwd>
<kwd lng="en"><![CDATA[asymmetries]]></kwd>
<kwd lng="en"><![CDATA[inflation]]></kwd>
</kwd-group>
</article-meta>
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