<?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>S1665-53462021000200002</article-id>
<article-id pub-id-type="doi">10.21919/remef.v16i2.580</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La desigualdad y el disímil impacto de la política monetaria]]></article-title>
<article-title xml:lang="en"><![CDATA[Inequality and the Heterogenous Impact of Monetary Policy]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cotler]]></surname>
<given-names><![CDATA[Pablo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Carrillo]]></surname>
<given-names><![CDATA[Rodrigo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Iberoamericana  ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2021</year>
</pub-date>
<volume>16</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462021000200002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462021000200002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462021000200002&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se analiza si cambios en la tasa objetivo del banco central tiene un impacto diferenciado en los distintos municipios del país. Se divide a éstos en cinco grupos según su marginación y se mide el impacto que tienen las variaciones en la tasa objetivo sobre el flujo de préstamos personales y de nómina que reciben los pobladores de los municipios. Utilizando datos panel y metodologías GLS y ARDL-CS, se encuentran dos resultados. Primero, en el caso de los préstamos de nómina, los beneficiados por una baja en la tasa objetivo y los menos afectados cuando dicha tasa sube son los que viven en los municipios de muy baja marginación. Segundo, el volumen de los préstamos personales y de nómina es sensible a las modificaciones en la tasa objetivo sólo en el caso que los pobladores vivan en municipios de baja y muy baja marginación. La originalidad de este trabajo es su enfoque municipal. Su principal implicancia es que en caso la autoridad monetaria desee elevar el impacto geográfico de sus medidas, debe buscar nuevos instrumentos y apoyar a instituciones financieras no-bancarias.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We analyze whether changes in the central bank's target rate have differentiated impacts in the different municipalities of the country. For such purpose we divide them into five groups according to their marginalization and estimate the impact that changes in the target rate have on the flow of personal and payroll loans. Using panel data and ARDL-CS methodologies, two results are found. First, in the case of payroll loans, those who benefit from a drop in the target rate and those who are least affected when the target rate is increased are those who live in municipalities with very low marginalization. Second, the volume of personal loans and payroll loans are sensitive to changes in the target rate only when people live in municipalities with low and very low marginalization. The originality of this work is its municipal approach. Its main implication is that if the monetary authority wishes to increase its geographical impact, it must look for new instruments and support non-bank financial institutions.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Tasa Objetivo]]></kwd>
<kwd lng="es"><![CDATA[préstamos personales]]></kwd>
<kwd lng="es"><![CDATA[marginación]]></kwd>
<kwd lng="es"><![CDATA[desigualdad]]></kwd>
<kwd lng="en"><![CDATA[central bank interest rate, personal loans]]></kwd>
<kwd lng="en"><![CDATA[marginalization, inequality]]></kwd>
</kwd-group>
</article-meta>
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