<?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>S0185-16672025000200035</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2025.332.90848</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La función de desutilidad de los bancos centrales de América Latina]]></article-title>
<article-title xml:lang="en"><![CDATA[Latin American central banks&#8217; loss function]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Aceves Mejía]]></surname>
<given-names><![CDATA[Mario]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Absalón Copete]]></surname>
<given-names><![CDATA[Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Benemérita Universidad Autónoma de Puebla Facultad de Contaduría ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,BUAP Facultad de Economía ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2025</year>
</pub-date>
<volume>84</volume>
<numero>332</numero>
<fpage>35</fpage>
<lpage>60</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672025000200035&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672025000200035&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672025000200035&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN En esta investigación analizamos la función de desutilidad de los bancos centrales (BC) en las economías de América Latina que aplican el modelo de inflación objetivo. De acuerdo con Carlin y Soskice (2006, 2009 y 2024), los BC muestran sus preferencias a través de una relación entre crecimiento del producto e inflación, con una fuerte aversión a esta última. Cuando la inflación se incrementa por arriba de su meta, los BC experimentan perjuicios en sentido microeconómico, aumentando su desutilidad. No obstante, algunas instituciones priorizan más las brechas del producto, mostrando objetivos duales y procurando un balance entre inflación y crecimiento. Nuestra metodología emplea un modelo de rolling regressions para Brasil, Chile, Colombia y México, analizamos el periodo de 2003 a 2024. La principal aportación de esta investigación es identificar las preferencias de los distintos BC que aplican el modelo de inflación objetivo y determinar su nivel de aversión a esta última.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT In this research, we analyze the loss function of Central Banks (CB) in Latin American economies that apply the inflation targeting model. Following Carlin and Soskice (2006, 2009 y 2024), the CB displays their preferences through a trade-off between output growth and inflation, with a strong aversion for the latter. When inflation rises above their target, CB experience microeconomic detriment, increasing their losses. Nonetheless, some institutions prioritize output gaps, showing dual objectives and aiming for a balance between inflation and growth. Our methodology employs a rolling regression model for Brazil, Chile, Colombia, and Mexico, analyzing the period 2003-2024. The main contribution of this research is to identify the preferences of the different CB that apply the inflation targeting model and to determine their level of aversion to inflation.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[bancos centrales]]></kwd>
<kwd lng="es"><![CDATA[inflación]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="en"><![CDATA[Central Banks]]></kwd>
<kwd lng="en"><![CDATA[inflation]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
</kwd-group>
</article-meta>
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