Monetary policy rules as a nominal anchor: Evidence from the mexican economy

Alberto Torres García
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Alberto Torres García: Banco de México

in Premio de Banca Central Rodrigo Gómez / Central Banking Award "Rodrigo Gómez" from Centro de Estudios Monetarios Latinoamericanos, CEMLA

Abstract: This article analyzes the process through which interest rates are determined in the Mexican economy. The analysis is concentrated on two fundamental issues of monetary policy. First, the analysis addresses if through the inflation targeting framework followed by the Bank of Mexico, monetary policy has effectively become the nominal anchor of the economy. The second issue addressed in this article deals with the identification of a set of variables which combined within a monetary policy rule provide a good approximation to the process through which interest rates are determined in Mexico.

Keywords: Monetary policy; Mexican Economy (search for similar items in EconPapers)
JEL-codes: E40 E51 (search for similar items in EconPapers)
Date: 2002
ISBN: 968-6154-85-X
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