<?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>S0185-16672020000200034</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2020.312.75371</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Autonomía del Banco de México y estabilidad macroeconómica, 1994-2019]]></article-title>
<article-title xml:lang="en"><![CDATA[Banco de México&#8217;s autonomy and macroeconomic stability, 1994-2019]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Loría]]></surname>
<given-names><![CDATA[Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México Facultad de Economía Centro de Modelística y Pronósticos Económicos (CEMPE)]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</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>34</fpage>
<lpage>62</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672020000200034&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672020000200034&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672020000200034&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Analizamos la política monetaria que ha instrumentado el Banco de México desde 1994 y mostramos que ha sido estabilizadora en términos del Nuevo Consenso Keynesiano. Probamos analítica y econométricamente que no es posible asociar los cambios estructurales que se han observado en el producto y en el desempleo ni en el lento crecimiento en los últimos 30 años a los grandes cambios de política monetaria, entre ellos el otorgamiento de la autonomía al Banco de México. Encontramos evidencia empírica para afirmar que estos cambios de política monetaria han reducido significativamente la volatilidad de las variables macroeconómicas más importantes.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In this paper the Banco de México&#8217;s monetary policy implemented since 1994 is analyzed. It is shown that the effect of such policy, inspired in the New Keynesian Consensus approach, has been stabilizing. Also, it is analytically and econometrically proven that neither the structural changes in both output and unemployment nor the slow growth observed in the last 30 years can be associated to the major changes monetary policy has experienced, including the granting of autonomy to the Banco de México. We found empirical evidence confirming that these changes in monetary policy have significantly reduced the volatility of the most important macroeconomic variables.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[autonomía]]></kwd>
<kwd lng="es"><![CDATA[crecimiento económico]]></kwd>
<kwd lng="es"><![CDATA[cambio estructural]]></kwd>
<kwd lng="es"><![CDATA[regresión categórica]]></kwd>
<kwd lng="es"><![CDATA[E52]]></kwd>
<kwd lng="es"><![CDATA[E58]]></kwd>
<kwd lng="es"><![CDATA[E61]]></kwd>
<kwd lng="es"><![CDATA[E65]]></kwd>
<kwd lng="en"><![CDATA[Autonomy]]></kwd>
<kwd lng="en"><![CDATA[economic growth]]></kwd>
<kwd lng="en"><![CDATA[macroeconomic stability]]></kwd>
<kwd lng="en"><![CDATA[structural change]]></kwd>
<kwd lng="en"><![CDATA[categoric regression]]></kwd>
<kwd lng="en"><![CDATA[E52]]></kwd>
<kwd lng="en"><![CDATA[E58]]></kwd>
<kwd lng="en"><![CDATA[E61]]></kwd>
<kwd lng="en"><![CDATA[E65]]></kwd>
</kwd-group>
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