<?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>S2448-718X2013000200345</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Descifrando el lenguaje del Banco de México]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[López Marmolejo]]></surname>
<given-names><![CDATA[Arnoldo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,BBVA Research  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2013</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2013</year>
</pub-date>
<volume>80</volume>
<numero>318</numero>
<fpage>345</fpage>
<lpage>370</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2013000200345&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2013000200345&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2013000200345&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este artículo analiza la comunicación del Banco de México. Para hacerlo identifica ciertas frases y palabras en el anuncio de la decisión de política monetaria y les asigna un valor, lo que deriva en un índice de comunicación. Incorporando este índice en reglas de Taylor se concluye que la comunicación del Banco de México proporciona señales al mercado que contribuyen a pronosticar la tasa objetivo de política monetaria. Otra conclusión relevante es que tanto el mercado como los analistas entienden el sentido de la comunicación, lo que ha contribuido a que las expectativas de las tasas de interés del mercado sean más congruentes con la visión del banco central, además de más cercanas y estables en relación con el nivel finalmente observado.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This article analyzes Banco de Mexico's communication. To do so, it identifies certain phrases and words in the monetary policy decision announcement and assigns to them a numerical value which results in a communication index. Incorporating this index in Taylor rules, it is found that Banco de Mexico's communication provides signs to the market that contribute to forecast the monetary policy interest rate. Other relevant conclusion is that both the market and the analysts understand the communication's tone, which has contributed to make the market expectations on interest rates more consistent with Banxico's view, and keep them closer and be more stable in relation to their finally observed levels.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[comunicación]]></kwd>
<kwd lng="es"><![CDATA[Banco de México]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
</kwd-group>
</article-meta>
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