<?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>S0185-16672017000400009</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Is the wage rate the real anchor of the inflation targeting monetary policy framework?]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Perrotini Hernández]]></surname>
<given-names><![CDATA[Ignacio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vázquez Muñóz]]></surname>
<given-names><![CDATA[Juan Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Perrotini Hernández]]></surname>
<given-names><![CDATA[Ignacio]]></given-names>
</name>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vázquez Muñoz]]></surname>
<given-names><![CDATA[Juan Alberto]]></given-names>
</name>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Boundi Chraki]]></surname>
<given-names><![CDATA[Fahd]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez Vargas]]></surname>
<given-names><![CDATA[Armando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,aff1  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Benemérita Universidad Autónoma de Puebla School of Economics ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,UNAM Instituto de Investigaciones Económicas ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,fboundi@ucm.es  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>España</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<volume>76</volume>
<numero>302</numero>
<fpage>9</fpage>
<lpage>54</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672017000400009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672017000400009&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672017000400009&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: Numerous central banks (CBs) focus on controlling the nominal interest rate (i) to sway the price level and meet the inflation target (&#960;o) nowadays (Taylor, 1993; Bernanke et al., 1999; Woodford, 2003). The i is taken to be the anchor for a low and stable rate of inflation in an open economy model. Yet, some analysts, orthodox and heterodox alike, have challenged this belief arguing that CBs turn to the exchange rate (e) channel and adopt it as a second policy tool with the aim of meeting &#960;o (Svensson, 1999; Hüfner, 2004). The purpose of this paper is to show that the veritable anchor of inflation is neither i nor e, but the wage rate and the unit labour costs (ULC). We conduct econometric analyses based on data from a set of inflation targeting countries. The main empirical findings support our hypothesis regarding the higher importance of wages and the ULC vis-à-vis i and e in the determination of the CPI.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: En la actualidad, varios bancos centrales (BCs) centran su política monetaria en el control de la tasa de interés nominal (i) para lograr su objetivo de inflación (&#960;o) (Taylor, 1993; Bernanke et al., 1999; Woodford, 2003). Se concibe a la i como el ancla que hace posible una tasa de inflación baja y estable en un modelo de economía abierta. Esta hipótesis ha sido cuestionada por economistas ortodoxos y heterodoxos con el argumento de que los BCs utilizan el canal del tipo de cambio (e) como un segundo instrumento de política para alcanzar &#960;o (Svensson, 1999; Hüfner, 2004). El objetivo de este artículo es demostrar que la verdadera ancla de la inflación estriba en la tasa de salarios y los costos laborales unitarios (CLU), no en la i ni en e. A este efecto, con datos de países que operan con políticas de objetivos de inflación, realizamos un análisis econométrico, cuyos resultados empíricos apoyan nuestra hipótesis.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Wages]]></kwd>
<kwd lng="en"><![CDATA[unit labour costs]]></kwd>
<kwd lng="en"><![CDATA[income distribution]]></kwd>
<kwd lng="en"><![CDATA[inflation targeting]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
<kwd lng="en"><![CDATA[E24]]></kwd>
<kwd lng="en"><![CDATA[E25]]></kwd>
<kwd lng="en"><![CDATA[E31]]></kwd>
<kwd lng="en"><![CDATA[E52]]></kwd>
<kwd lng="es"><![CDATA[salarios]]></kwd>
<kwd lng="es"><![CDATA[costos laborales unitarios]]></kwd>
<kwd lng="es"><![CDATA[distribución del ingreso]]></kwd>
<kwd lng="es"><![CDATA[objetivo de inflación]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[E24]]></kwd>
<kwd lng="es"><![CDATA[E25]]></kwd>
<kwd lng="es"><![CDATA[E31]]></kwd>
<kwd lng="es"><![CDATA[E52]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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