Los Determinantes del Ni?vel de Precios en Me?xico: Un Enfoque Heterodoxo

Luis Miguel Galindo () and Carlos Guerrero-de-Lizardi

Brazilian Journal of Political Economy, 2000, vol. 20, issue 4, 446-465

Abstract: The objective of this essay is to analyze the effects of the minimal nominal wage,a monetary aggregate and the exchange rate on the price level using the Johansen procedurefor co-integration. The empirical evidence indicates the existence of a long-term relationshipamong these variables and the price level that can be interpreted as a price equation. Theeconometric model allows establishing the specific weights of each of these variables on theprice level. Furthermore, the empirical evidence rejects the weak exogeneity hypothesis thatconfirms the existence of a feedback between these variables. This information was usedto build an econometric model in order to simulate and forecast the dynamic of prices inMexico with satisfactory statistical properties and structural stability. JEL Classification: E31; F31.

Keywords: Inflation; minimum wage; exchange rate regime (search for similar items in EconPapers)
Date: 2000
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