<?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>S0185-16672025000400047</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2025.334.93388</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The theoretical foundations of central bank&#8217;s separation principle, the rising importance of the unit of account and the need for a dynamic monetary policy]]></article-title>
<article-title xml:lang="es"><![CDATA[Los fundamentos teóricos del principio de separación del banco central, la creciente importancia de la unidad de cuenta y la necesidad de una política monetaria dinámica]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Combita]]></surname>
<given-names><![CDATA[Gonzalo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<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[,Universidad de la Salle  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Economic Commission for Latin America and the Caribbean  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<volume>84</volume>
<numero>334</numero>
<fpage>47</fpage>
<lpage>70</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672025000400047&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672025000400047&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672025000400047&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The separation principle guides central banks&#8217; mandates, giving priority to price over financial stability. The former requires specifying the conditions that make the monetary system determinate. Money must be above all a medium of exchange and monetary policy must be neutral with respect to distribution effects on income and expenditure, and on the holdings of financial assets. This implies that the inclusion of the financial sector is irrelevant or redundant to the aim of maintaining price stability. This view is exemplified by Neo-Walrasian monetary theory (NWMT) which is the basis of inflation targeting. Since the Global Financial Crisis (2008-2009), the growing recognition that monetary policy has major effects on financial conditions and the real economy has underscored the role of money as unit of account. This poses major challenges for the separation principle and its theoretical foundations. The paper proposes the adoption of a dynamic monetary policy framework as first step to address these limitations.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El principio de separación guía los mandatos de los bancos centrales, dando prioridad a la estabilidad de precios sobre la estabilidad financiera. El primero requiere especificar las condiciones que hacen que el sistema monetario sea determinado. El dinero debe ser sobre todo un medio de cambio y la política monetaria debe ser neutral respecto a los efectos de distribución sobre los ingresos y los gastos, y sobre las tenencias de activos financieros. Esto implica que la inclusión del sector financiero es irrelevante o redundante para el objetivo de mantener la estabilidad de precios. Este punto de vista se ejemplifica con la teoría monetaria neowalrasiana (NWMT), que es la base del esquema de metas de inflación. Desde la crisis financiera mundial de 2008-2009, el creciente reconocimiento de que la política monetaria tiene efectos importantes en las condiciones financieras y la economía real ha puesto en evidencia el papel del dinero como unidad de cuenta. Esto plantea grandes desafíos para el principio de separación y sus fundamentos teóricos. El documento propone la adopción de un marco dinámico de política monetaria como un primer paso para enfrentar estas limitantes.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Central bank]]></kwd>
<kwd lng="en"><![CDATA[dollarization]]></kwd>
<kwd lng="en"><![CDATA[medium of exchange]]></kwd>
<kwd lng="en"><![CDATA[Neo-Walrasian monetary theory (NWMT)]]></kwd>
<kwd lng="en"><![CDATA[price stability]]></kwd>
<kwd lng="en"><![CDATA[separation principle]]></kwd>
<kwd lng="en"><![CDATA[unit of account]]></kwd>
<kwd lng="en"><![CDATA[B22]]></kwd>
<kwd lng="en"><![CDATA[B50]]></kwd>
<kwd lng="en"><![CDATA[E12]]></kwd>
<kwd lng="en"><![CDATA[E13]]></kwd>
<kwd lng="en"><![CDATA[E42]]></kwd>
<kwd lng="en"><![CDATA[E44]]></kwd>
<kwd lng="en"><![CDATA[F41]]></kwd>
<kwd lng="es"><![CDATA[Banco central]]></kwd>
<kwd lng="es"><![CDATA[dolarización]]></kwd>
<kwd lng="es"><![CDATA[medio de cambio]]></kwd>
<kwd lng="es"><![CDATA[teoría monetaria neowalrasiana (NWMT)]]></kwd>
<kwd lng="es"><![CDATA[estabilidad de precios]]></kwd>
<kwd lng="es"><![CDATA[principio de separación]]></kwd>
<kwd lng="es"><![CDATA[unidad de cuenta.]]></kwd>
<kwd lng="es"><![CDATA[B22]]></kwd>
<kwd lng="es"><![CDATA[B50]]></kwd>
<kwd lng="es"><![CDATA[E12]]></kwd>
<kwd lng="es"><![CDATA[E13]]></kwd>
<kwd lng="es"><![CDATA[E42]]></kwd>
<kwd lng="es"><![CDATA[E44]]></kwd>
<kwd lng="es"><![CDATA[F41]]></kwd>
</kwd-group>
</article-meta>
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