<?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>S0185-16672020000200005</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2020.312.75370</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Autonomía del Banco de México, crecimiento y distribución del ingreso]]></article-title>
<article-title xml:lang="en"><![CDATA[Banco de México&#8217;s independence, growth and income distribution]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vázquez Muñoz]]></surname>
<given-names><![CDATA[Juan Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Benemérita de la Universidad Autónoma de Puebla Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<volume>79</volume>
<numero>312</numero>
<fpage>5</fpage>
<lpage>33</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672020000200005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672020000200005&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672020000200005&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En agosto 1993 se otorgó autonomía al Banco de México y se le confirió el objetivo de mantener una tasa de inflación (&#960;) baja y estable. En el presente artículo se muestra que: a) la tasa de crecimiento (g) de la economía mexicana exhibe una relación no lineal, en forma de U invertida, con &#960;, y que lo mismo sucede con las tasas de crecimiento del sector manufacturero (m) y del sector de servicios financieros y de seguros (sf); b) la &#960; que optimiza g, m y sf es distinta para cada caso, siendo menor y cercana al objetivo de inflación para el caso de sf; c) la tasa de crecimiento de las remuneraciones nominales ha servido como ancla de la inflación y ha conllevado a una redistribución regresiva del ingreso, y d) la consecución de una &#960; baja y estable se ha acompañado de tasas de interés reales altas, lo cual ha deprimido la inversión y la tasa de crecimiento de la productividad laboral.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract On August 1993 the Banco de México was granted autonomy and charged with the objective of maintaining a low and stable inflation rate (&#960;). This paper shows that: a) the growth rate (g) of the Mexican economy exhibits a non-linear relationship (an inverted U-shape) with &#960;, and that the same is true of the growth rates of the manufacturing (m), the financial services and the insurance (sf) sectors; b) the &#960; that optimizes g, m and sf is different for each case, being lower and close to the inflation target for the case of sf; c) the growth rate of the nominal remuneration has worked as an inflation anchor and has led to a regressive redistribution of income; and d) the achievement of a low and stable &#960; has been accompanied by high real interest rates, which has depressed both investment and the growth rate of labor productivity.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Banco de México]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[objetivo de inflación]]></kwd>
<kwd lng="es"><![CDATA[crecimiento]]></kwd>
<kwd lng="es"><![CDATA[remuneraciones]]></kwd>
<kwd lng="es"><![CDATA[E31]]></kwd>
<kwd lng="es"><![CDATA[E52]]></kwd>
<kwd lng="es"><![CDATA[E58]]></kwd>
<kwd lng="es"><![CDATA[O23]]></kwd>
<kwd lng="es"><![CDATA[O43]]></kwd>
<kwd lng="en"><![CDATA[Bank of Mexico]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
<kwd lng="en"><![CDATA[inflation targeting]]></kwd>
<kwd lng="en"><![CDATA[growth]]></kwd>
<kwd lng="en"><![CDATA[remunerations]]></kwd>
<kwd lng="en"><![CDATA[E31]]></kwd>
<kwd lng="en"><![CDATA[E52]]></kwd>
<kwd lng="en"><![CDATA[E58]]></kwd>
<kwd lng="en"><![CDATA[O23]]></kwd>
<kwd lng="en"><![CDATA[O43]]></kwd>
</kwd-group>
</article-meta>
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