Política monetaria de economías abiertas: el rol del tipo de cambio en México

Oscar Pérez-Laurrabaquio ()

Revista de Analisis Economico – Economic Analysis Review, 2020, vol. 35, issue 1, 27-53

Abstract: This paper analyzes the role of the exchange rate in Mexico during the inflation targeting regime. The framework is based on the New Keynesian Macroeconomics, and the empirical evidence in the estimation of a Vector Error Correction model and the statistical analysis of the inflation targeting in Mexico and Latin America. The results describe to the Mexico’s monetary policy as a hybrid system, where the nominal interest rate (policy instrument) and appreciations of the real exchange rate (intermediate instrument), have as their primary objective, the inflation stabilization within a numerical goal.

Keywords: Time series models; monetary policy; exchange policy (search for similar items in EconPapers)
JEL-codes: C32 E52 F31 (search for similar items in EconPapers)
Date: 2020
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