Choques de política monetaria en México: una aplicación del modelo SVAR, 1995–2012

Adelaido García–Andrés y Leonardo Torre Cepeda ()
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Adelaido García–Andrés y Leonardo Torre Cepeda: Universidad Autónoma de Nuevo León, http://www.uanl.mx/

No 18, Estudios Regionales en Economía, Población y Desarrollo. Cuadernos de Trabajo de la Universidad Autónoma de Ciudad Juárez. from Cuerpo Académico 41 de la Universidad Autónoma de Ciudad Juárez

Abstract: The purpose of the paper is to analyze the impact of short-term monetary shocks on output and the price level in Mexico. We follow the Structural Vector Autoregressive (SVAR) methodology of Bernanke and Mihov (1998) to identify specific monetary policy shocks consistent with the operating procedures followed by Mexico's monetary authorities during the study period. Our findings suggest that the funds rate regime provides a good approximation to the process by which the monetary authority offsets the monetary shocks, decreases the demand for money and maintains stability in the price level.

Keywords: monetary policy; structural autoregressive model; impulse-response functions. (search for similar items in EconPapers)
JEL-codes: E42 E52 (search for similar items in EconPapers)
Pages: pages 36
Date: 2013-25-11, Revised 2013
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