<?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>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2011000400699</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Demanda por dinero en México (1986-2010)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Noriega]]></surname>
<given-names><![CDATA[Antonio E.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramos-Francia]]></surname>
<given-names><![CDATA[Manuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rodríguez-Pérez]]></surname>
<given-names><![CDATA[Cid Alonso]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco de México Dirección General de Investigación Económica ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Banco de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Banco de México Dirección General de Investigación Económica ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2011</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2011</year>
</pub-date>
<volume>78</volume>
<numero>312</numero>
<fpage>699</fpage>
<lpage>749</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2011000400699&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2011000400699&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2011000400699&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se realiza un análisis econométrico de la demanda por el agregado monetario M1 en México. Utilizando técnicas de cointegración se identifica una relación de largo plazo estable entre M1 y sus determinantes, se deriva un modelo uniecuacional de corrección de error estadísticamente sólido. Los resultados son utilizados para realizar las siguientes aplicaciones sencillas: i) se determina empíricamente el valor y la estabilidad de los equilibrios inflacionarios duales para los niveles observados de señoreaje; ii) se calcula la inflación que maximiza el señoreaje, y iii) se analiza el posible vínculo entre una medida de exceso dinero y la inflación. Los resultados sugieren que el equilibrio de baja inflación es estable, y que, en retrospectiva, el indicador de exceso de dinero considerado parece mostrar cierta capacidad para predecir presiones inflacionarias.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper presents an econometric analysis of the demand for the monetary aggregate M1 for Mexico. Using cointegration techniques, we identify both a stable long-run relationship between Ml and its determinants, and a statistically sound single-equation error-correction model. Results are used to carry out the following simple applications: i ) empirical determination of the value and stability of dual inflationary equilibria, given the observed seigniorage levels; ii ) calculation of the seigniorage maximizing inflation rate, and iii ) analysis of the potential relationship between a measure of excess money and inflation. Results indicate that the low inflation equilibrium is stable, and that the excess money indicator shows, in retrospective, some capacity in predicting inflationary pressures.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[demanda por dinero]]></kwd>
<kwd lng="es"><![CDATA[señoreaje]]></kwd>
<kwd lng="es"><![CDATA[inflación]]></kwd>
<kwd lng="es"><![CDATA[equilibrios inflacionarios duales]]></kwd>
<kwd lng="es"><![CDATA[cointegración]]></kwd>
<kwd lng="es"><![CDATA[general a específico]]></kwd>
<kwd lng="es"><![CDATA[brecha del dinero]]></kwd>
</kwd-group>
</article-meta>
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