El modelo “P estrella”: un análisis empírico

José D. Liquitaya ()
Additional contact information
José D. Liquitaya: Profesor Investigador y jefe del C.A. “Modelos Macroeconómicos”, Departamento de Economía, U.A.M. – Iztapalapa

Revista Nicolaita de Estudios Económicos, 2008, vol. III, issue 1, 25-47

Abstract: In this paper, we have empirically tested the performance of the P Star model in the Mexican economy with data of 1985:4–2007:4 period. It is shown that long run equilibrium relationship works as expected according to the model. Besides, the error correction model constructed by using the gap between actual prices and the long term equilibrium price level (the ‘error correction mechanism’) offers a consistent explanation for the short run dynamics in prices. On the other hand, the P Star approach shows a forecasting ability similar to that presented for analogous studies about the Mexican economy and several other countries. Finally, the results support the option of a direct inflation target (instead monetary aggregate) as the intermediate variable of the monetary policy.

Keywords: Cointegration; error correction model; forecast of inflation; monetary. policy. (search for similar items in EconPapers)
JEL-codes: C32 E31 E51 E52 (search for similar items in EconPapers)
Date: 2008
References: Add references at CitEc
Citations:

Downloads: (external link)
http://rnee.umich.mx Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:rnicee:0020

Access Statistics for this article

Revista Nicolaita de Estudios Económicos is currently edited by Mario Gomez Aguirre

More articles in Revista Nicolaita de Estudios Económicos from Universidad Michoacana de San Nicolás de Hidalgo, Instituto de Investigaciones Económicas y Empresariales Contact information at EDIRC.
Bibliographic data for series maintained by Plinio Hernández Barriga ( this e-mail address is bad, please contact ).