<?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>S0185-16672020000100054</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2020.311.72436</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Un ensayo crítico sobre la independencia/autonomía de la banca central según el paradigma dominante]]></article-title>
<article-title xml:lang="en"><![CDATA[A critical essay on the independence/autonomy of the central bank according to the dominant paradigm]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pérez Caldentey]]></surname>
<given-names><![CDATA[Esteban]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Comisión Económica para América Latina y el Caribe División de Desarrollo Económico Unidad de Financiamiento para el Desarrollo]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>04</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>04</month>
<year>2020</year>
</pub-date>
<volume>79</volume>
<numero>311</numero>
<fpage>54</fpage>
<lpage>82</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672020000100054&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672020000100054&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672020000100054&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La independencia del banco central se refiere a la independencia política y operacional para lograr y mantener la estabilidad de precios. La independencia política se justificó sobre la base que no era posible explotar la existencia de un trade-off en un mundo con agentes racionales. Los intentos de hacerlo daban lugar a un problema de inconsistencia intertemporal en la política económica. Además, la hipótesis de expectativas racionales limitaba significativamente el marco de acción de los banqueros centrales. La independencia de instrumentos acabó sustentándose en los marcos de metas de inflación explícitos o implícitos. La evidencia empírica muestra que el trade-off entre inflación y desempleo goza de buena salud y que la inflación disminuyó de manera generalizada en el mundo a partir de la década de 1990, independientemente de los objetivos de la política monetaria y marcos monetarios adoptados. Además, en el contexto actual, existe un claro predominio de los canales de transmisión financieros y de las restricciones financieras, lo que complejiza la independencia de la banca central.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The independence of the central bank refers to political independence and operational independence to achieve and maintain price stability. Political independence was justified on the basis that it was not possible to exploit the existence of a trade-off in a world with rational agents. Attempts to do so led to a problem of intertemporal inconsistency in economic policy. Moreover, the rational expectations hypothesis significantly limited the framework of action of central bankers. Instrument independence, on the other hand, was based on explicit or implicit inflation targeting frameworks. Empirical evidence shows that the trade-off between inflation and unemployment is well and alive and that inflation declined widely in the 1990s regardless of monetary policy objectives and monetary frameworks adopted. Moreover, in the current context, there is a clear dominance of financial transmission channels and financial constraints that makes central bank independence a more complex issue.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[independencia política]]></kwd>
<kwd lng="es"><![CDATA[independencia operacional]]></kwd>
<kwd lng="es"><![CDATA[expectativas racionales]]></kwd>
<kwd lng="es"><![CDATA[inconsistencia intertemporal]]></kwd>
<kwd lng="es"><![CDATA[metas de inflación]]></kwd>
<kwd lng="es"><![CDATA[Curva de Phillips]]></kwd>
<kwd lng="en"><![CDATA[Political independence]]></kwd>
<kwd lng="en"><![CDATA[operational independence]]></kwd>
<kwd lng="en"><![CDATA[rational expectations]]></kwd>
<kwd lng="en"><![CDATA[intertemporal inconsistency]]></kwd>
<kwd lng="en"><![CDATA[inflation targeting]]></kwd>
<kwd lng="en"><![CDATA[Phillips curve]]></kwd>
</kwd-group>
</article-meta>
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