Evolución de la política monetaria en México: un análisis VAR estructural, 2000-2011

Javier Galan Figueroa () and Francisco Venegas-Martínez

Revista Nicolaita de Estudios Económicos, 2013, vol. VIII, issue 1, 59-74

Abstract: This paper uses the Structural Vector Autoregression (SVAR) to examine monetary policy of the Mexican Central Bank in the framework of standard assumption of neoclassical orthodoxy for the years 2000-2011. This research presents empirical evidence that Mexican monetary authorities reacted, in the short term, to face the crisis in countercyclical manner, thereby stimulating economic activity through monetary expansion accompanied by a slow reaction of the prices level, while in the long term the dynamics of the price level raised the interest rate, thereby diminishing the pace of economic activity.

Keywords: SVAR; monetary policy; rational expectations; policy rules; inflation targeting (search for similar items in EconPapers)
JEL-codes: C32 C50 E40 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:ris:rnicee:0075

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