<?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>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422015000600250</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.11.001</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La reserva federal, la crisis y la política monetaria no convencional]]></article-title>
<article-title xml:lang="en"><![CDATA[The federal reserve, the crisis and unconventional monetary policy]]></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-group>
<aff id="A01">
<institution><![CDATA[,Universidad Nacional Autónoma de México Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<volume>60</volume>
<fpage>250</fpage>
<lpage>271</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422015000600250&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422015000600250&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422015000600250&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[El artículo discute los fundamentos y los límites de la política monetaria convencional que estuvo vigente hasta la Gran Recesión, se analizan los elementos principales de la política monetaria no convencional (política de tasa de interés cero, flexibilización cuantitativa y forward guidance) implementada por la Fed desde el inicio de la Gran Recesión y concluimos que la nueva política monetaria no ha inducido una senda de crecimiento sostenido.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Conventional and non conventional monetary policy frameworks followed by the Federal Reserve, prior and after the Great Recession, respectively, are dealt with in this paper. It is also shown that quantitative or credit easing, forward guidance and the zero interest rate monetary policy, all part and parcel of the Fed's new monetary policy approach, have failed to restore long-run sustainable growth.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Interest rate]]></kwd>
<kwd lng="en"><![CDATA[Monetary policy]]></kwd>
<kwd lng="en"><![CDATA[Financial crisis]]></kwd>
<kwd lng="en"><![CDATA[Growth]]></kwd>
<kwd lng="es"><![CDATA[Tasa de interés]]></kwd>
<kwd lng="es"><![CDATA[Política monetaria]]></kwd>
<kwd lng="es"><![CDATA[Crisis financiera]]></kwd>
<kwd lng="es"><![CDATA[Crecimiento]]></kwd>
</kwd-group>
</article-meta>
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