<?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>S1665-53462021000100002</article-id>
<article-id pub-id-type="doi">10.21919/remef.v16i1.568</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Macroprudential regulation as part of the Mexican policy toolkit]]></article-title>
<article-title xml:lang="es"><![CDATA[Regulación macroprudencial como parte de las herramientas de política pública mexicana]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zarazúa Juárez]]></surname>
<given-names><![CDATA[Carlos Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Pennsylvania State University  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>USA</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2021</year>
</pub-date>
<volume>16</volume>
<numero>1</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462021000100002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462021000100002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462021000100002&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The objective of this work is to assess the effect of implementing countercyclical macroprudential regulation in Mexico with the objective of verify whether this type of policy is welfare-improving. Using a DSGE model, two kinds of macroprudential rules are tested: countercyclical bank capital requirements and countercyclical loan-to-value ratios. Results suggest that these rules are welfare-improving and avoid the formation of credit bubbles as well as facilitate loans in the presence of macroeconomic crises. Results suggest that the use of countercyclical rules is effective in keeping the debt level according to its long-term equilibrium. This paper presents a theoretical framework to analyze banking regulation for policy purposes and is the first attempt to analyze countercyclical regulation in Mexico using a microfounded model. Results can be used to rationalize the use of macroprudential tools during the COVID&#8209;19 pandemic given the current interventions in the Mexican banking system.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de este trabajo es evaluar el efecto de la implementación de la regulación macroprudencial contracíclica en México con el objetivo de verificar si este tipo de política mejora el bienestar. Utilizando un modelo DSGE, se prueban dos tipos de reglas macroprudenciales: los requisitos de capital bancario contracíclico y las razones de préstamo-valor contracíclico. Los resultados sugieren que estas reglas mejoran el bienestar y evitan la formación de burbujas de crédito, además de facilitar los préstamos en presencia de crisis macroeconómicas. Los resultados sugieren que el uso de reglas contracíclicas es efectivo para mantener el nivel de deuda de acuerdo con su equilibrio a largo plazo. Este documento presenta un marco teórico para analizar la regulación bancaria con fines de política pública y es el primer intento de analizar la regulación contracíclica en México utilizando un modelo microfundamentado. Los resultados pueden usarse para racionalizar el uso de herramientas macroprudenciales durante la pandemia del COVID-19, dadas las recientes intervenciones en el sistema bancario mexicano.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Business cycles fluctuations]]></kwd>
<kwd lng="en"><![CDATA[supply of credit]]></kwd>
<kwd lng="en"><![CDATA[policy designs]]></kwd>
<kwd lng="en"><![CDATA[macroprudential policy]]></kwd>
<kwd lng="es"><![CDATA[Fluctuaciones del ciclo de negocios]]></kwd>
<kwd lng="es"><![CDATA[oferta de créditos]]></kwd>
<kwd lng="es"><![CDATA[diseño de política pública]]></kwd>
<kwd lng="es"><![CDATA[política macroprudencial]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Adame]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Carrillo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Roldan-Peña]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Zerecero]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial considerations in a small open economy model for Mexico]]></source>
<year>2016</year>
<publisher-name><![CDATA[Mimeo]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Agenor]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Jia]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital Controls and Welfare with Cross-Border Bank Capital Flows]]></article-title>
<source><![CDATA[Journal of Macroeconomics]]></source>
<year>2020</year>
<volume>65</volume>
<numero>September 2020</numero>
<issue>September 2020</issue>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aguiar]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Gopinath]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Emerging market business cycles: the cycle is the trend]]></article-title>
<source><![CDATA[Journal of Political Economy]]></source>
<year>2007</year>
<volume>115</volume>
<page-range>69-102</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Akinci]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Olmstead-Rumsey]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[How Effective are Macroprudential Policies? An Empirical Investigation]]></source>
<year>2015</year>
<publisher-name><![CDATA[Board of Governors of the Federal Reserve System]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alpanda]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Cateau]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Meh]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A Policy Model to Analyze Macroprudential Regulations and Monetary Policy]]></article-title>
<source><![CDATA[Canadian Journal of Economics]]></source>
<year>2018</year>
<volume>51</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>828-63</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="">
<collab>Banco de México</collab>
<source><![CDATA[Reporte sobre el Sistema Financiero]]></source>
<year>2010</year>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="">
<collab>Banco de México</collab>
<source><![CDATA[Reporte sobre el Sistema Financiero]]></source>
<year>2013</year>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="">
<collab>Banco de México</collab>
<source><![CDATA[Reporte sobre el Sistema Financiero]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="">
<collab>Banco de México</collab>
<source><![CDATA[Reporte sobre el Sistema Financiero]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="">
<collab>Banco de México</collab>
<source><![CDATA[Principales Activos y Pasivos de la Banca Comercial]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="">
<collab>Bank for International Settlements (BIS).</collab>
<source><![CDATA[Countercyclical capital buffer (CCyB).]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<collab>Basel Committee on Banking Supervision (BCBS).</collab>
<source><![CDATA[Strengthening the resilience of the banking sector]]></source>
<year>2009</year>
<publisher-name><![CDATA[Bank for International Settlements]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Binning]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Maih]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Modelling Occasionally Binding Constraints Using Regime-Switching]]></source>
<year>2017</year>
<publisher-name><![CDATA[Norges Bank Research]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blanchard]]></surname>
<given-names><![CDATA[Oliver]]></given-names>
</name>
<name>
<surname><![CDATA[Dell&#8217;Ariccia]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Mauro]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Rethinking Macro Policy II: Getting Granular]]></source>
<year>2013</year>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blundell-Wignall]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Roule]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Macro-prudential policy, bank systemic risk and capital controls]]></article-title>
<source><![CDATA[OECD Journal: Financial Market Trends]]></source>
<year>2014</year>
<volume>2014</volume>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bodenstein]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Guerrieri]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[LaBriola]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Macroeconomic Policy Games. Finance and Economics Discussion Series 2014-87]]></source>
<year>2014</year>
<publisher-name><![CDATA[Board of Governors of the Federal Reserve System]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brzoza-Brzezina]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Makarski]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Credit crunch in a small open economy]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2011</year>
<volume>30</volume>
<page-range>1406-28</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carrière-Swallow]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Jácome]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Magud]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Werner]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Central Banking in Latin America: The Way Forward]]></source>
<year>2016</year>
<page-range>41-79</page-range><publisher-name><![CDATA[International Monetary Fund]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carrillo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Mendoza]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Nuguer]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Roldán-Peña]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tight Money-Tight Credit: Tinbergen&#8217;s Rule and Strategic Interaction in the Conduct of Monetary and Financial Policies]]></article-title>
<source><![CDATA[American Economic Journal]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carstens]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Micro-data as a Key Input to Designing Macro-prudential Policy: The Mexican Experience]]></source>
<year>2016</year>
<conf-name><![CDATA[ Remarks at the Eighth European Central Bank Conference on Statistics]]></conf-name>
<conf-loc> </conf-loc>
</nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chang]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
<name>
<surname><![CDATA[Spiegel]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Capital Controls and Optimal Chinese Monetary Policy]]></source>
<year>2015</year>
<publisher-name><![CDATA[Federal Reserve Bank of San Francisco]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Christiano]]></surname>
<given-names><![CDATA[Lawrence J.]]></given-names>
</name>
<name>
<surname><![CDATA[Motto]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Rostagno]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Risk Shocks]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>2014</year>
<volume>104</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>27-65</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="">
<collab>Comisión Nacional Bancaria y de Valores (CNBV).</collab>
<source><![CDATA[Encuesta Nacional de Competitividad, Fuentes de Financiamiento y Uso de Servicios Financieros de las Empresas, Reporte de Resultados]]></source>
<year>2012</year>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="">
<collab>Comisión Nacional Bancaria y de Valores (CNBV)</collab>
<source><![CDATA[Indicadores financieros: históricos]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="">
<collab>Consejo de Estabilidad del Sistema Financiero (CESF)</collab>
<source><![CDATA[Informe anual]]></source>
<year>2013</year>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="">
<collab>Consejo de Estabilidad del Sistema Financiero (CESF)</collab>
<source><![CDATA[Informe anual]]></source>
<year>2019</year>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Garcia-Barragan]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Welfare analysis of bank capital requirements with endogenous default]]></article-title>
<source><![CDATA[Economic Modelling]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Garcia-Cicco]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Kirchner]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Carrillo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rodriguez]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Perez]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Gondo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Montoro]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Chang]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial and real shocks and the effectiveness of monetary and macroprudential policies in Latin American countries]]></source>
<year>2017</year>
<publisher-name><![CDATA[BIS]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Garcia-Verdu]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Factor shares from household survey data]]></source>
<year>2005</year>
<publisher-name><![CDATA[Banco de Mexico]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gerali]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Neri]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Sessa]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Signoretti]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Credit and Banking in a DSGE Model of the Euro Area]]></article-title>
<source><![CDATA[Journal of Money, Credit and Banking]]></source>
<year>2010</year>
<volume>42</volume>
<page-range>107-41</page-range><publisher-name><![CDATA[Blackwell Publishing]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guerrieri]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Iacoviello]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[OccBin: A toolkit for solving dynamic models with occasionally binding constriants easily]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>2015</year>
<volume>70</volume>
<page-range>22-38</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guzman Calafell]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Challenges for macroprudential policy and the Mexican case. Remarks at the panel on Macroprudential policies for securing financial stability in a volatile external liquidity environment]]></source>
<year>2013</year>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hartley]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rebucci]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[An Event Study of COVID-19 Central Bank Quantitative Easing in Advanced and Emerging Economies]]></source>
<year>2020</year>
<publisher-name><![CDATA[NBER]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Iacoviello]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[House Prices, Borrowing Constraints and Monetary Policy in the Business Cycle]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>2005</year>
<volume>95</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>739-64</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Laeven]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Valencia]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Systemic Banking Crises Database: An Update]]></source>
<year>2012</year>
<publisher-name><![CDATA[IMF]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lama]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Accounting for output drops in Latin America]]></article-title>
<source><![CDATA[Review of Economic Dynamic]]></source>
<year>2011</year>
<volume>14</volume>
<page-range>295-316</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Leith]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The inflation bias under Calvo and Rotemberg pricing]]></article-title>
<source><![CDATA[Journay of Economic Dynamics &amp; Control]]></source>
<year>2016</year>
<volume>73</volume>
<page-range>283-97</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mier-y-Teran]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Bank Competition and the Transmission of Monetary Policy]]></source>
<year>2012</year>
<publisher-name><![CDATA[UCLA]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ramos-Francia]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Torres]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Reducción de la Inflación a Través de un Esquema de Objetivos de Inflación: La Experiencia Mexicana]]></source>
<year>2005</year>
<publisher-name><![CDATA[Banco de Mexico]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ramos-Francia]]></surname>
<given-names><![CDATA[Manuel]]></given-names>
</name>
<name>
<surname><![CDATA[Torres]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Inflation Dynamics in Mexico: A Characterization Using the New Phillips Curve]]></source>
<year>2006</year>
<publisher-name><![CDATA[Banco de Mexico]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roldán-Peña]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Torres-Ferro]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Torres]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial Stability Objectives: Drivers of Gains from Coordinating Monetary and Macroprudential Policies]]></source>
<year>2016</year>
<publisher-name><![CDATA[Banco de Mexico]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sámano]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[In the quest for macroprudential policy tools]]></source>
<year>2011</year>
<publisher-name><![CDATA[CEMLA]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schmitt-Grohé]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Closing small open economy models]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2003</year>
<volume>61</volume>
<page-range>163-85</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schmitt-Grohé]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Solving dynamic general equilibrium models using a second-order approximation to the policy function]]></article-title>
<source><![CDATA[Journal of Economic Dynamics &amp; Control]]></source>
<year>2004</year>
<volume>28</volume>
<page-range>755-75</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
