<?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>S0185-16672020000200063</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2020.312.75372</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Consideraciones sobre política fiscal y expectativas de inflación en México]]></article-title>
<article-title xml:lang="en"><![CDATA[Considerations regarding fiscal policy and inflation expectations in Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[López Martín]]></surname>
<given-names><![CDATA[Bernabé]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramírez de Aguilar]]></surname>
<given-names><![CDATA[Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sámano Peñaloza]]></surname>
<given-names><![CDATA[Daniel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco Central de Chile  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,University of Pennsylvania  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>USA</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Banco de México  ]]></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>63</fpage>
<lpage>88</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672020000200063&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672020000200063&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672020000200063&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este documento estima para México el modelo de Sargent, Williams y Zha (2009) en el cual la inflación se determina a partir de déficits fiscales financiados mediante expansiones monetarias, así como por las expectativas de inflación. La estimación del modelo sugiere que la evolución histórica de los déficits fiscales es clave para explicar la dinámica de la inflación en México. Hasta antes de la autonomía del Banco de México en abril de 1994, el modelo sugiere que la monetización de estos déficits habría determinado la dinámica de la inflación en México. Posteriormente, se encuentra evidencia que sugiere la presencia de canales indirectos a través de los cuales los déficits fiscales vía ajustes en la prima por riesgo soberano y en el tipo de cambio nominal aún han tenido cierto impacto sobre las expectativas de inflación. Esto último resalta la importancia de la disciplina fiscal, en adición a la autonomía del Banco Central, para preservar un entorno de estabilidad de precios.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This document estimates the model of Sargent, Williams y Zha (2009) in which inflation is determined by fiscal deficits financed through monetary expansions as well as inflation expectations. The estimation of the model suggests that the historical evolution of fiscal deficits is key to explaining the dynamics of inflation in our country. Before the autonomy of the Bank of Mexico in April 1994, the model suggests that the monetization of these deficits would have determined the dynamics of inflation in Mexico. Subsequently, evidence is found that suggests the presence of indirect channels through which fiscal deficits via adjustments in the sovereign risk premium and in the nominal exchange rate have still had some impact on inflation expectations. The latter highlights the importance of fiscal discipline, in addition to the autonomy of the Central Bank, to preserve an environment of price stability.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[inflación]]></kwd>
<kwd lng="es"><![CDATA[expectativas de inflación]]></kwd>
<kwd lng="es"><![CDATA[déficit fiscal]]></kwd>
<kwd lng="es"><![CDATA[E31]]></kwd>
<kwd lng="es"><![CDATA[E42]]></kwd>
<kwd lng="es"><![CDATA[E52]]></kwd>
<kwd lng="es"><![CDATA[E63]]></kwd>
<kwd lng="en"><![CDATA[Inflation]]></kwd>
<kwd lng="en"><![CDATA[inflation expectations]]></kwd>
<kwd lng="en"><![CDATA[fiscal deficit]]></kwd>
<kwd lng="en"><![CDATA[E31]]></kwd>
<kwd lng="en"><![CDATA[E42]]></kwd>
<kwd lng="en"><![CDATA[E52]]></kwd>
<kwd lng="en"><![CDATA[E63]]></kwd>
</kwd-group>
</article-meta>
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