BANCO DE MEXICO'S AUTONOMY AND MACROECONOMIC STABILITY, 1994-2019
Por:
Loria, Eduardo
Publicada:
1 abr 2020
Categoría:
Economics, econometrics and finance (miscellaneous)
Resumen:
In this paper the Banco de Mexico'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
Mexico. We found empirical evidence confirming that these changes in
monetary policy have significantly reduced the volatility of the most
important macroeconomic variables.
Filiaciones:
Loria, Eduardo:
Loria, E (Corresponding Author), Univ Nacl Autonoma Mexico, Ctr Modelist & Pronost Econ CEMPE, Fac Econ, UNAM, Mexico City, DF, Mexico
Univ Nacl Autonoma Mexico, Ctr Modelist & Pronost Econ CEMPE, Fac Econ, UNAM, Mexico City, DF, Mexico
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