<?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>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462020000100017</article-id>
<article-id pub-id-type="doi">10.21919/remef.v15i1.463</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Expectativas en las tasas de interés y noticias de política monetaria de EEUU]]></article-title>
<article-title xml:lang="en"><![CDATA[Interest Rates Expectations and Monetary Policy News in the US]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Anzaldo]]></surname>
<given-names><![CDATA[Gilberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Benavides]]></surname>
<given-names><![CDATA[Guillermo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Anáhuac  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad del Valle de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2020</year>
</pub-date>
<volume>15</volume>
<numero>1</numero>
<fpage>17</fpage>
<lpage>35</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462020000100017&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462020000100017&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462020000100017&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El evento conocido como Taper Tantrum está relacionado con la alta volatilidad ocurrida en los mercados de capitales de Estados Unidos entre abril y junio de 2013, lo que aparentemente fue consecuencia de un conjunto de anuncios de la FED destinados a incrementar la tasa de interés estando a niveles relativamente bajos desde las crisis financieras de 2008-2009. La presente investigación estima el valor esperado del nivel de las tasas de interés (T-Note de 10 años) de un agente representativo y sus variaciones significativas en torno al Taper Tantrum. Para lograr ese objetivo se estima la densidad neutral-al-riesgo de la tasa de interés extraída de los precios de las opciones, la cual tiene información implícita sobre las expectativas. Los resultados obtenidos indican que la metodología propuesta mide implícitamente las expectativas en el mercado de deuda. La hipótesis del trabajo es que los anuncios de los formuladores de políticas durante el Taper Tantrum tienen un efecto estadísticamente significativo en los mercados de capital.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The Taper Tantrum event is related to the high volatility experienced in the US stock markets between April and June 2013. The apparent cause was a set of announcements made by the Fed as a means to increase the interest rate, which was at relative low levels since the financial crises of 2008-2009. This research estimates the expected value of the level of interest rates (10-year T-Note) of a representative agent, and its significant variations, around the Taper Tantrum. For this purpose, the risk-neutral density of the interest rate extracted from option prices, which has implicit information on the expectations, is estimated. The obtained results indicate that the proposed methodology implicitly measures the expectations in the debt market. The working hypothesis is that the announcements of policymakers made during the Taper Tantrum have a statistically significant effect on US stock markets.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[C22]]></kwd>
<kwd lng="es"><![CDATA[E52]]></kwd>
<kwd lng="es"><![CDATA[G13]]></kwd>
<kwd lng="es"><![CDATA[G14]]></kwd>
<kwd lng="es"><![CDATA[Densidades de riesgo-neutral]]></kwd>
<kwd lng="es"><![CDATA[tasas de interés]]></kwd>
<kwd lng="es"><![CDATA[taper tantrum]]></kwd>
<kwd lng="en"><![CDATA[C22]]></kwd>
<kwd lng="en"><![CDATA[E52]]></kwd>
<kwd lng="en"><![CDATA[G13]]></kwd>
<kwd lng="en"><![CDATA[G14]]></kwd>
<kwd lng="en"><![CDATA[interest rates]]></kwd>
<kwd lng="en"><![CDATA[risk-neutral densities]]></kwd>
<kwd lng="en"><![CDATA[taper tantrum]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Abarca]]></surname>
<given-names><![CDATA[G. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Benavides]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Rangel]]></surname>
<given-names><![CDATA[J. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exchange Rate Market Expectations and Central Bank Policy: The Case of the Mexican Peso/US Dollar from 2005-2009]]></article-title>
<source><![CDATA[Journal of Derivatives]]></source>
<year>2012</year>
<volume>19</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>70-90</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Andersen]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Broadie]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Primal-Dual Simulation Algorithm for Pricing Multidimensional American Options]]></article-title>
<source><![CDATA[Management Science]]></source>
<year>2004</year>
<volume>50</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>1222-34</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Andreou]]></surname>
<given-names><![CDATA[P. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Charalambous]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Martzoukos]]></surname>
<given-names><![CDATA[S. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Pricing and trading European options by combining artificial neural networks and parametric models with implied parameters]]></article-title>
<source><![CDATA[European Journal of Operational Research]]></source>
<year>2008</year>
<volume>185</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1415-33</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Andrews]]></surname>
<given-names><![CDATA[D. W. K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tests for Parameter Instability and Structural Change with Unknown Change Point]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1993</year>
<volume>61</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>821-56</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aït-Sahalia]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Lo]]></surname>
<given-names><![CDATA[A.W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Nonparametric Estimation of State-price Densities implied in Financial Asset Prices]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1998</year>
<volume>53</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>499-547</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bahra]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<source><![CDATA[Implied Risk Neutral Probability Density Functions from Options Prices: Theory and Application]]></source>
<year>1997</year>
<publisher-name><![CDATA[Bank of England]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barone-Adesi]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Whaley]]></surname>
<given-names><![CDATA[R.E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Efficient Approximation of American Option Values]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1987</year>
<volume>42</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>301-20</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barro]]></surname>
<given-names><![CDATA[R. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Grilli]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Febrero]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Macroeconomía. Teoría y Política]]></source>
<year>1997</year>
<edition>Primera ed.</edition>
<publisher-loc><![CDATA[Madrid, España ]]></publisher-loc>
<publisher-name><![CDATA[McGraw Hill]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bates]]></surname>
<given-names><![CDATA[D. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Crash of &#8217;87: Was It Expected? The Evidence from Options Markets]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1991</year>
<volume>43</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1009-44</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Benavides]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Mora]]></surname>
<given-names><![CDATA[F. I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Parametric vs. Non-Parametric Methods for Estimating Option Implied Risk-Neutral Densities: The Case of the Exchange Rate Mexican Peso - US Dollar]]></article-title>
<source><![CDATA[Ensayos Revista de Economía]]></source>
<year>2008</year>
<volume>27</volume>
<page-range>33-52</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Black]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Scholes]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Pricing of Options and Corporate Liabilities]]></article-title>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1973</year>
<volume>81</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>637-54</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bliss]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Panigirtzoglou]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Option-Implied Risk Aversion Estimates]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>2004</year>
<volume>59</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>407-46</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bondarenko]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Estimation of Risk-neutral Densities Using a Positive Convolution Approximation]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>2003</year>
<volume>116</volume>
<numero>1-2</numero>
<issue>1-2</issue>
<page-range>85-112</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cornyn]]></surname>
<given-names><![CDATA[A.J.]]></given-names>
</name>
<name>
<surname><![CDATA[Mays]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Interest Rate Risk Models. Theory and Practice]]></source>
<year>1997</year>
<publisher-loc><![CDATA[Chicago, Illinois, Estados Unidos de América ]]></publisher-loc>
<publisher-name><![CDATA[F. D. Publishers]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Díaz de León]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Casanova]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Expectativas del Mercado Implícitas en los Precios de Instrumentos Derivados: Aplicaciones al Mercado Cambiario y Petrolero&#8217;]]></source>
<year>2004</year>
<publisher-name><![CDATA[Banco de México]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Shackleton]]></surname>
<given-names><![CDATA[M.B.]]></given-names>
</name>
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[S.J]]></given-names>
</name>
<name>
<surname><![CDATA[Xu]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Closed-form Transformations from Risk-Neutral to Real-World Distributions]]></article-title>
<source><![CDATA[Journal of Banking &amp; Finance]]></source>
<year>2004</year>
<volume>31</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1501-20</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Madan]]></surname>
<given-names><![CDATA[D. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Milne]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Contingent Claims Valued and Hedged by Pricing and Investing in a Basis]]></article-title>
<source><![CDATA[Mathematical Finance]]></source>
<year>1994</year>
<volume>4</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>223-45</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Malz]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Estimating the Probability Distribution of the Future Exchange Rate from Option Prices]]></article-title>
<source><![CDATA[Journal of Derivatives]]></source>
<year>1997</year>
<volume>5</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>18-36</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mishkin]]></surname>
<given-names><![CDATA[S. F.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Economics of Money, Banking, and Financial Markets]]></source>
<year>2007</year>
<edition>8va Edición</edition>
<publisher-name><![CDATA[Pearson]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Melick]]></surname>
<given-names><![CDATA[W. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Thomas]]></surname>
<given-names><![CDATA[C. P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Recovering an Asset&#8217;s Implied PDF from Option Prices: An Application to Crude Oil during the Gulf Crisis]]></article-title>
<source><![CDATA[Journal of Financial and Quantitative Analysis]]></source>
<year>1997</year>
<volume>32</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>91-115</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Micu]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Extracting Expectations from Currency Option Prices: A Comparison of Methods, Computing in Economics and Finance]]></article-title>
<source><![CDATA[Society for Computational Economics]]></source>
<year>2005</year>
<volume>226</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ortiz-Ramírez]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Venegas-Martínez]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Durán-Bustamante]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Valuación de opciones europeas sobre AMX-L, WALMEX-V y GMEXICO-B: calibración de parámetros de volatilidad estocástica con funciones cuadráticas de pérdida]]></article-title>
<source><![CDATA[El Trimestre Económico]]></source>
<year>2014</year>
<volume>81</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>324-943-988</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Quandt]]></surname>
<given-names><![CDATA[R. E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tests of the Hypothesis that a Linear Regression System Obeys Two Separate Regimes]]></article-title>
<source><![CDATA[Journal of the American Statistical Association]]></source>
<year>1960</year>
<volume>55</volume>
<numero>290</numero>
<issue>290</issue>
<page-range>324-30</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ritchey]]></surname>
<given-names><![CDATA[R. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Call Option Valuation for Discrete Normal Mixtures]]></article-title>
<source><![CDATA[Journal of Financial Research]]></source>
<year>1990</year>
<volume>XIII</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>285-96</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rubinstein]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Implied Binomial Trees]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1994</year>
<volume>49</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>771-818</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sahay]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Arora]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Arvanitis]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Faruqee]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[N&#8217;Diaye]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Mancini-Grifolli]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<source><![CDATA[Emerging Market Volatility: Lessons from the Taper Tantrum]]></source>
<year>2014</year>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shimko]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Bounds of Probability]]></article-title>
<source><![CDATA[Risk]]></source>
<year>1993</year>
<volume>6</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>33-7</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stock]]></surname>
<given-names><![CDATA[J. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Watson]]></surname>
<given-names><![CDATA[M. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Has the Business Cycle changed and why?]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Gertler]]></surname>
<given-names><![CDATA[Mark]]></given-names>
</name>
<name>
<surname><![CDATA[Rogoff]]></surname>
<given-names><![CDATA[Kenneth]]></given-names>
</name>
</person-group>
<source><![CDATA[NBER Macro-economics Annual]]></source>
<year>2003</year>
<volume>17</volume>
<publisher-name><![CDATA[MIT Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Venegas-Martínez]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Bayesian Inference, Prior Information on Volatility, and Option Pricing: A Maximum Entropy Approach]]></article-title>
<source><![CDATA[International Journal of Theoretical and Applied Finance]]></source>
<year>2005</year>
<volume>8</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-12</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Venegas-Martínez]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Riesgos financieros y económicos. Productos derivados y decisiones económicas bajo incertidumbre]]></source>
<year>2008</year>
<edition>2da. Edición</edition>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Cengage Learning]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wright]]></surname>
<given-names><![CDATA[J. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Options-Implied Probability Density Functions for Real Interest Rates]]></article-title>
<source><![CDATA[International Journal of Central Banking]]></source>
<year>2016</year>
<volume>12</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>129-49</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[J. C]]></given-names>
</name>
<name>
<surname><![CDATA[Xia]]></surname>
<given-names><![CDATA[F. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound]]></article-title>
<source><![CDATA[Journal of Money, Credit and Banking]]></source>
<year>2016</year>
<volume>48</volume>
<numero>2-3</numero>
<issue>2-3</issue>
<page-range>253-91</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baldwin]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Why the Stock Martket Is Down Today - DJIA Falls 350 Points]]></source>
<year>2015</year>
<publisher-name><![CDATA[Money Morning]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="book">
<collab>Banco de México</collab>
<source><![CDATA[Preguntas Frecuentes de Política Monetaria e Inflación]]></source>
<year>2015</year>
<publisher-name><![CDATA[Banco de México]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="book">
<collab>Banco de México</collab>
<source><![CDATA[Glosario]]></source>
<year>2015</year>
<publisher-name><![CDATA[Banco de México]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Christie]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Farewell Mortgage Rates]]></source>
<year>2013</year>
<publisher-name><![CDATA[CNN Money]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="book">
<collab>CNN Money</collab>
<source><![CDATA[Worst day of the year for Dow, S&amp;P 500]]></source>
<year>2013</year>
<publisher-name><![CDATA[CNN Money]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dwyer]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Rosner]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Shukyatyeva]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<source><![CDATA[US: Playing with fire]]></source>
<year>2013</year>
<publisher-name><![CDATA[B. P. Banking, Editor]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="book">
<collab>FRS</collab>
<source><![CDATA[Monetary Policy and Financial stability]]></source>
<year>2014</year>
<publisher-name><![CDATA[Federal Reserve System]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gandel]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Bernanke won&#8217;t blow up bond market]]></source>
<year>2013</year>
<publisher-name><![CDATA[Fortune]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hargreaves]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[FED sets road map for end of stimulus]]></source>
<year>2013</year>
<publisher-name><![CDATA[CNN Money]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hellwig]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Max Planck Institute]]></source>
<year>2014</year>
</nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="">
<collab>IMF</collab>
<source><![CDATA[International Monetary Fund]]></source>
<year>2015</year>
</nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="book">
<collab>Market Watch</collab>
<source><![CDATA[Greenspan sees another taper tantrum once rates rise]]></source>
<year>2015</year>
<publisher-name><![CDATA[Market Watch]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="book">
<collab>OECD</collab>
<source><![CDATA[Options - SNA. Glossary of Statistical Terms]]></source>
<year>2001</year>
<publisher-name><![CDATA[OECD]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="book">
<collab>OECD</collab>
<source><![CDATA[Derivatives - SNA. Glossary of Statistical Terms]]></source>
<year>2001</year>
<publisher-name><![CDATA[OECD]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Popik]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<source><![CDATA[Taper Tantrum (taper + temper tantrum)]]></source>
<year>2013</year>
</nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tseng]]></surname>
<given-names><![CDATA[N.-H.]]></given-names>
</name>
</person-group>
<source><![CDATA[The real reason interest rates are rising]]></source>
<year>2013</year>
<publisher-name><![CDATA[Fortune]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yousuf]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Dow sinks 200 points after FED hints at stimulus easing]]></source>
<year>2013</year>
<publisher-name><![CDATA[CNN Money]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
