Abstract

LORIA, Eduardo. Banco de México’s autonomy and macroeconomic stability, 1994-2019. Inv. Econ [online]. 2020, vol.79, n.312, pp.34-62.  Epub Dec 28, 2020. ISSN 0185-1667.  https://doi.org/10.22201/fe.01851667p.2020.312.75371.

In this paper the Banco de México’s monetary policy implemented since 1994 is analyzed. It is shown that the effect of such policy, inspired in the New Keynesian Consensus approach, has been stabilizing. Also, it is analytically and econometrically proven that neither the structural changes in both output and unemployment nor the slow growth observed in the last 30 years can be associated to the major changes monetary policy has experienced, including the granting of autonomy to the Banco de México. We found empirical evidence confirming that these changes in monetary policy have significantly reduced the volatility of the most important macroeconomic variables.

Keywords : Autonomy; economic growth; macroeconomic stability; structural change; categoric regression; E52; E58; E61; E65.

        · abstract in Spanish     · text in Spanish     · Spanish ( pdf )