<?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>S0186-10422022000300012</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2022.3324</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La política monetaria no convencional del BCE y el desempleo]]></article-title>
<article-title xml:lang="en"><![CDATA[Unconventional monetary policy of the ECB and unemployment]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Alemán Hernández]]></surname>
<given-names><![CDATA[Jorge Eduardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Muller Durán]]></surname>
<given-names><![CDATA[Nancy Ivonne]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2022</year>
</pub-date>
<volume>67</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422022000300012&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422022000300012&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422022000300012&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente trabajo analiza las principales características de la política monetaria no convencional del banco central europeo (BCE) y su efectividad sobre el desempleo entre 2008-2019. En nuestro análisis empírico utilizamos una metodología PVAR; encontramos efectividad atribuible a cambios en la tasa de interés de la política monetaria y a los anuncios de política con estrategias forward guidance durante los primeros 12 meses. Asimismo, identificamos una escasa certeza en la reducción del desempleo mediante el uso de la hoja de balance del BCE. Los resultados sugieren que las medidas de política no convencionales han contribuido en la gradual, aunque lenta, recuperación económica y en la reducción de la tasa de desempleo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  In this paper both the main characteristics of the European Central Bank's (ECB) unconventional monetary policy and its effectiveness on the labour market between 2008-2019 are dealt with. Our econometric analysis is based on a panel vector autoregression (PVAR) methodology; it is empirically shown that policy rate changes and policy innovations such as forward guidance strategies turn out to be effective over the first twelve months. However, the empirical evidence appears to suggest that the effectiveness of the ECB&#8217;s balance sheet policy with regards reducing the unemployment rate is not as strong. Our results reveal that unconventional monetary policies have contributed to a gradual, albeit slow, recovery of both economic activity and the labor force&#8217;s employment level.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[política monetaria no convencional]]></kwd>
<kwd lng="es"><![CDATA[BCE]]></kwd>
<kwd lng="es"><![CDATA[desempleo]]></kwd>
<kwd lng="es"><![CDATA[PVAR]]></kwd>
<kwd lng="en"><![CDATA[unconventional monetary policy]]></kwd>
<kwd lng="en"><![CDATA[ECB]]></kwd>
<kwd lng="en"><![CDATA[unemployment]]></kwd>
<kwd lng="en"><![CDATA[PVAR]]></kwd>
</kwd-group>
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