<?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>S2448-718X2017000400869</article-id>
<article-id pub-id-type="doi">10.20430/ete.v84i336.609</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Una nota sobre la devaluación contractiva bajo un esquema de metas de inflación]]></article-title>
<article-title xml:lang="en"><![CDATA[A Note on the Contractionary Devaluation Under an Inflation Targeting Scheme]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Libman]]></surname>
<given-names><![CDATA[Emiliano]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Buenos Aires  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Argentina</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2017</year>
</pub-date>
<volume>84</volume>
<numero>336</numero>
<fpage>869</fpage>
<lpage>898</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2017000400869&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2017000400869&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2017000400869&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  Antecedentes:  Una de las contribuciones más sobresalientes de la teoría estructuralista es la hipótesis de la devaluación contractiva. La misma fue desarrollada en un contexto de tipos de cambios fijos o semifijos y poca movilidad de capitales. Aunque la literatura ha incorporado nuevos problemas como los efectos &#8220;hoja de balance&#8221;, aún no se han examinado los problemas que la hipótesis plantea para la administración de un régimen de metas de inflación.  Métodos:  Analizamos las condiciones de estabilidad de un modelo estilizado, cuyas ecuaciones describen economías como las de América Latina, combinando los efectos contractivos de la devaluación con reglas de política monetaria.  Resultados:  En presencia de efectos contractivos de la devaluación existen efectos desestabilizadores asociados a los movimientos del tipo de cambio. La estabilidad es más probable si el Banco Central renuncia a estabilizar el producto. Las políticas de acumulación de reservas incrementan la probabilidad de obtener un sistema estable.  Conclusiones:  El carácter contractivo de la devaluación dificulta el manejo de la política monetaria bajo un esquema de metas de inflación. Las políticas que regulan los flujos de capitales, junto con la intervención cambiaria, pueden jugar un papel relevante en la administración exitosa de dicho régimen.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstrac  Background:  One of the most important contributions of Structuralism is the contractionary devaluation hypothesis. It was developed for a world of fixed or semi-fixed exchange rates and low capital mobility. Although the literature has addressed new problems, such as the &#8220;balance sheet&#8221; effects, the literature has not considered the implications for the administration of an Inflation Targeting regime.  Methods:  We analyze the stability conditions of a stylized model that describes mainly the Latin-American economies, combining contractionary effects from devaluations with monetary policy rules.  Results:  When devaluations are contractionary exchange rate movements can be destabilizing. Stability is more likely if the Central Bank does not targets the output-gap. Foreign exchange reserve accumulation policies increase the likelihood of having a stable system.  Conclusions:  Contractionary effects from devaluations complicates the administration of monetary policy if Inflation Targeting is operative. Policies that aim to regulate capital flows, combined with foreign exchange reserve accumulation, can improve the Inflation Targeting regime.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[metas de inflación]]></kwd>
<kwd lng="es"><![CDATA[devaluación contractiva]]></kwd>
<kwd lng="es"><![CDATA[acumulación de reservas internacionales]]></kwd>
<kwd lng="es"><![CDATA[estabilidad macroeconómica]]></kwd>
<kwd lng="en"><![CDATA[inflation targeting]]></kwd>
<kwd lng="en"><![CDATA[contractionary devaluations]]></kwd>
<kwd lng="en"><![CDATA[foreign exchange reserve accumulation]]></kwd>
<kwd lng="en"><![CDATA[macroeconomic stability]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Andersen]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Malchow-Müller]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
<name>
<surname><![CDATA[Nordvig]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation targeting and macroeconomic performance since the Great Recession]]></article-title>
<source><![CDATA[Oxford Economic Papers]]></source>
<year>2015</year>
<volume>67</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>598-613</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bahmani-Oskooee]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
<name>
<surname><![CDATA[Mitez]]></surname>
<given-names><![CDATA[I]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Are Devaluations Expansionary or Contractionary?]]></article-title>
<source><![CDATA[Economic Issues]]></source>
<year>2003</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-28</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ball]]></surname>
<given-names><![CDATA[L]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Policy Rules for Open Economies]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<source><![CDATA[Monetary Policy Rules]]></source>
<year>1999</year>
<publisher-loc><![CDATA[Chicago ]]></publisher-loc>
<publisher-name><![CDATA[National Bureau of Economic Research Studies in Business Cycles, The University of Chicago Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barbosa-Filho]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
</person-group>
<source><![CDATA[Exchange Rates, Growth and Inflation]]></source>
<year>2006</year>
<conf-name><![CDATA[ Conferencia Annual sobre Desarrollo y Cambio Estructural]]></conf-name>
<conf-loc>Campos do Jordo, Brazil </conf-loc>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Basu]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
<name>
<surname><![CDATA[Gosh]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
<name>
<surname><![CDATA[Ostry]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
<name>
<surname><![CDATA[Winat]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<source><![CDATA[Managing Capital Outflows: The Role of Foreign Exchange Intervention]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bebczuk]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Galindo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Panizza]]></surname>
<given-names><![CDATA[U.]]></given-names>
</name>
</person-group>
<source><![CDATA[An Evaluation of the Contractionary Devaluation Hypothesis]]></source>
<year>2006</year>
<numero>486</numero>
<issue>486</issue>
<publisher-loc><![CDATA[Washington D. C. ]]></publisher-loc>
<publisher-name><![CDATA[Banco Interamericano de Desarrollo]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bernanke]]></surname>
<given-names><![CDATA[B]]></given-names>
</name>
<name>
<surname><![CDATA[Mishkin]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation Targeting: A New Framework for Monetary Policy?]]></article-title>
<source><![CDATA[Journal of Economic Perspectives]]></source>
<year>1997</year>
<volume>11</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>97-116</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blanchard]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Khan]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Solution of Linear Difference Models under Rational Expectations]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1980</year>
<volume>48</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1 305-12</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blanchard]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Real Wage Rigidites and the New Keynesian Model]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Gali]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Money, Credit, and Banking]]></source>
<year>2007</year>
<volume>39</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>35-65</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blanchard]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<source><![CDATA[Macroeconomics]]></source>
<year>2017</year>
<edition>7a</edition>
<publisher-loc><![CDATA[Londres ]]></publisher-loc>
<publisher-name><![CDATA[Pearson]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brainard]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Tobin]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[]]></source>
<year>1968</year>
<numero>244</numero>
<issue>244</issue>
<publisher-loc><![CDATA[New Haven ]]></publisher-loc>
<publisher-name><![CDATA[Cowles Foundation for Research in Economics, Yale University]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bussiére]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Saxena]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Tovar]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Chronicle of currency collapses: Re-examining the Effects on Output]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2012</year>
<volume>31</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>680-708</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calvo]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Staggered Contracts and Exchange Rate Policy]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Frenkel]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Exchange Rates and International Macroeconomics]]></source>
<year>1983</year>
<publisher-loc><![CDATA[Cambridge, Massachusetts ]]></publisher-loc>
<publisher-name><![CDATA[NBER]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calvo]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Staggered Prices in a Utility-Maximizing Framework]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>1983</year>
<volume>12</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>383-98</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calvo]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exchange-Rate-Based Stabilization under Imperfect Credibility]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Végh]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Calvo]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Money, Exchange Rates, and Output]]></source>
<year>1993</year>
<publisher-loc><![CDATA[Cambridge, Massachusetts ]]></publisher-loc>
<publisher-name><![CDATA[The MIT Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calvo]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation Stabilization and BOP Crises in Developing Countries]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Végh]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
<name>
<surname><![CDATA[Woodford]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<source><![CDATA[Handbook of Macroeconomics]]></source>
<year>1999</year>
<publisher-loc><![CDATA[Ámsterdam ]]></publisher-loc>
<publisher-name><![CDATA[North-Holland]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calvo]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case]]></source>
<year>2007</year>
<numero>13 177</numero>
<issue>13 177</issue>
<publisher-loc><![CDATA[Cambridge, Massachusetts ]]></publisher-loc>
<publisher-name><![CDATA[NBER]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carlin]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Soskice]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The 3-Equation New Keynesian Model - A Graphical Exposition]]></article-title>
<source><![CDATA[Contributions to Macroeconomics]]></source>
<year>2005</year>
<volume>5</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-36</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chang]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<source><![CDATA[Inflation Targeting, Reserves Accumulation, and Exchange Rate Management in Latin America]]></source>
<year>2008</year>
<numero>487</numero>
<issue>487</issue>
<publisher-loc><![CDATA[Colombia ]]></publisher-loc>
<publisher-name><![CDATA[Banco de la República]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cochrane]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinacy and Indentification with Taylor Rules]]></article-title>
<source><![CDATA[Journal of Political Economy]]></source>
<year>2011</year>
<volume>119</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>565-615</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Díaz Alejandro]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<source><![CDATA[Exchange Rate Devaluation in a Semi-Industrialized Country]]></source>
<year>1965</year>
<publisher-loc><![CDATA[Cambridge, Massachusetts ]]></publisher-loc>
<publisher-name><![CDATA[The MIT Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Edwards]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Relationship Between Exchange Rates and Inflation Targeting Revisited]]></source>
<year>2006</year>
<numero>12 163</numero>
<issue>12 163</issue>
<publisher-loc><![CDATA[Cambridge, Massachusetts ]]></publisher-loc>
<publisher-name><![CDATA[NBER]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ferrer]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Devaluación, redistribución de ingresos y el proceso de desarticulación industrial en la Argentina]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Di Tella]]></surname>
<given-names><![CDATA[T]]></given-names>
</name>
<name>
<surname><![CDATA[Halperín Donghi]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<source><![CDATA[Los fragmentos del poder. De la oligarquía a la poliarquía argentina]]></source>
<year>1969</year>
<publisher-loc><![CDATA[Buenos Aires ]]></publisher-loc>
<publisher-name><![CDATA[Jorge Álvarez]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Frankel]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Monetary Policy in Emerging Markets: A Survey]]></source>
<year>2010</year>
<numero>16 125</numero>
<issue>16 125</issue>
<publisher-loc><![CDATA[Cambridge, Massachusetts. ]]></publisher-loc>
<publisher-name><![CDATA[NBER]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Frenkel]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Globalización y crisis financieras en América Latina]]></article-title>
<source><![CDATA[Revista de la Cepal]]></source>
<year>2003</year>
<numero>80</numero>
<issue>80</issue>
<page-range>41-54</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Frenkel]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Unemployment and the real exchange rate in Latin America]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Ros]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[World Development]]></source>
<year>2006</year>
<volume>34</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>631-46</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Galí]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Monacelli]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Monetary Policy and Exchange Rate Volatility in a Small Open Economy]]></article-title>
<source><![CDATA[Review of Economic Studies]]></source>
<year>2005</year>
<volume>72</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>707-34</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Galindo]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Ros]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Alternatives to Inflation Targeting in Mexico]]></article-title>
<source><![CDATA[International Review of Applied Economics]]></source>
<year>2008</year>
<volume>22</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>201-14</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[García Lázaro]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
<name>
<surname><![CDATA[Perrotini]]></surname>
<given-names><![CDATA[I]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Modus Operandi of New Consensus Macroeconomics in Brazil, Chile and Mexico]]></article-title>
<source><![CDATA[Problemas del Desarrollo]]></source>
<year>2014</year>
<volume>45</volume>
<numero>179</numero>
<issue>179</issue>
<page-range>35-63</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gerchunoff]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Rapetti]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La economía argentina y su conflicto distributivo estructural (1930-2015)]]></article-title>
<source><![CDATA[El Trimestre Económico]]></source>
<year>2016</year>
<volume>83</volume>
<numero>330</numero>
<issue>330</issue>
<page-range>225-72</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kirman]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Whom or What Does the Representative Individual Represent?]]></article-title>
<source><![CDATA[The Journal of Economic Perspectives]]></source>
<year>1992</year>
<volume>6</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>117-36</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Krugman]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Contractionary effects of devaluation]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>1978</year>
<volume>8</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>445-56</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kumhof]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[International Capital Mobility in Emerging Markets: New Evidence from Daily Data]]></article-title>
<source><![CDATA[Review of International Economics]]></source>
<year>2001</year>
<volume>9</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>626-40</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mishkin]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation Targeting]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Vane]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Vine]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[An Encyclopedia of Macroeconomics]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Northampton, Massachusetts ]]></publisher-loc>
<publisher-name><![CDATA[Edward Elgar]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Moyano Llerena]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[El proceso de distribución]]></article-title>
<source><![CDATA[Panorama de la economía argentina]]></source>
<year>1961</year>
<publisher-loc><![CDATA[Buenos Aires ]]></publisher-loc>
<publisher-name><![CDATA[Facultad de Ciencias Económicas, Universidad de Buenos Aires]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Obstfeld]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Rogoff]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Speculative Hyperinflations in Maximizing Models:Can we Rule them Out?]]></article-title>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1983</year>
<volume>91</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>675-87</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Obstfeld]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Ruling out Divergent Speculative Bubbles]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Rogoff]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>1986</year>
<volume>17</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>349-62</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Poole]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model]]></article-title>
<source><![CDATA[The Quarterly Journal of Economics]]></source>
<year>1970</year>
<volume>84</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>197-216</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Razmi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rapetti]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Skott]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Real Exchange Rate and Economic Development]]></article-title>
<source><![CDATA[Structural Change and Economic Dynamics]]></source>
<year>2012</year>
<volume>23</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>151-69</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodrik]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Real Exchange Rate and Economic Growth]]></article-title>
<source><![CDATA[Brooking Papers on Economic Activity]]></source>
<year>2008</year>
<volume>39</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>365-412</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Romer]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Avanced Macroeconomics]]></source>
<year>2011</year>
<edition>4a</edition>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[McGraw-Hill]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sargent]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Wallace]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[&#8220;Rational Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule]]></article-title>
<source><![CDATA[The Journal of Political Economy]]></source>
<year>1975</year>
<volume>83</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>241-54</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Svensson]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Open-economy Inflation Targeting]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2000</year>
<volume>50</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>155-83</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Svensson]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Inflation Targeting]]></source>
<year>2010</year>
<numero>16 654</numero>
<issue>16 654</issue>
<publisher-loc><![CDATA[Cambridge, Massachusetts ]]></publisher-loc>
<publisher-name><![CDATA[NBER]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tadeu-Lima]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
<name>
<surname><![CDATA[Setterfield]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Da Silveira]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation Targeting and Macroeconomic Stability with Heterogeneous Inflation Expectations]]></article-title>
<source><![CDATA[Journal of Post Keynesian Economics]]></source>
<year>2014</year>
<volume>37</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>255-79</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Discretion versus Policy Rules in Practice]]></article-title>
<source><![CDATA[Carnegie-Rochester Conference Series on Public Policy]]></source>
<year>1993</year>
<volume>39</volume>
<page-range>195-214</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Low Inflation, Pass-Through, and the Pricing Power of Firms]]></article-title>
<source><![CDATA[European Economic Review]]></source>
<year>2000</year>
<volume>44</volume>
<numero>7</numero>
<issue>7</issue>
<page-range>1 389-408</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Inflation, Income Distribution, and Growth]]></source>
<year>1991</year>
<publisher-loc><![CDATA[Cambridge, Massachusetts ]]></publisher-loc>
<publisher-name><![CDATA[The MIT Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wainwright]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Chiang]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Fundamental Methods of Mathematical Economics]]></source>
<year>2005</year>
<edition>4a</edition>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[McGraw-Hill]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Woodford]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Interest and Prices. Foundations of a Theory of Monetary Policy]]></source>
<year>2003</year>
<publisher-loc><![CDATA[Nueva Jersey ]]></publisher-loc>
<publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
