<?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>0301-7036</journal-id>
<journal-title><![CDATA[Problemas del desarrollo]]></journal-title>
<abbrev-journal-title><![CDATA[Prob. Des]]></abbrev-journal-title>
<issn>0301-7036</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0301-70362022000400133</article-id>
<article-id pub-id-type="doi">10.22201/iiec.20078951e.2022.211.69850</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Los límites de la política monetaria: de la trampa de la liquidez al zero lower bound]]></article-title>
<article-title xml:lang="en"><![CDATA[The limits of monetary policy: from the liquidity trap to the zero lower bound]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Duarte Rivera]]></surname>
<given-names><![CDATA[César]]></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 ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2022</year>
</pub-date>
<volume>53</volume>
<numero>211</numero>
<fpage>133</fpage>
<lpage>152</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0301-70362022000400133&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0301-70362022000400133&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0301-70362022000400133&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente artículo analiza los límites de la política monetaria desde una perspectiva teórica. Parte de la teoría de Keynes presentada en la Teoría general en la que se resalta la idea de la trampa de liquidez, pero también se reconocen otros límites que enfrentan las autoridades monetarias, siendo fundamentales el análisis de la incertidum- bre y las expectativas. Ello se contrapone al concepto del zero lower bound (ZLB), que se utiliza para señalar los límites actuales de la política monetaria. Concluye en que la falta de reconocimiento actual de las expectativas impide que la política monetaria supere los límites que enfrenta, rescatando el importante papel que juega la política fiscal como alternativa para influir en el ciclo económico.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This article analyzes the limits of monetary policy from a theoretical perspective. The analysis parts from Keynes&#8217;s theory presented in the General Theory in which the ideal of the liquidity trap is highlighted. Other limits faced by monetary authorities are also recognized, the analysis of uncertainty and expectations being fundamental. This is opposed to the concept of the zero lower bound (ZLB) which is used to indicate the current limits of monetary policy. The article concludes that the lack of current recognition of expectations prevents monetary policy from exceeding the limits it faces, rescuing the important role that fiscal policy plays as an alternative to influence the economic cycle.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[trampa de liquidez]]></kwd>
<kwd lng="es"><![CDATA[zero lower bound]]></kwd>
<kwd lng="es"><![CDATA[política monetaria no convencionales]]></kwd>
<kwd lng="en"><![CDATA[liquidity trap]]></kwd>
<kwd lng="en"><![CDATA[zero lower bound]]></kwd>
<kwd lng="en"><![CDATA[unconventional monetary policies]]></kwd>
</kwd-group>
</article-meta>
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