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The 1987 Mexican Disinflation Program: An Exchange-rate-based Stabilization?

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  • Julio A. Santaella

    ()
    (Banco de México)

  • Abraham E. Vela

    (Banco de México)

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    Abstract

    We examine whether Mexico’s disinflation experience during 1987-94 fits the widely accepted set of stylized facts of exchange-ratebased stabilization (ERBS) on inflation, the boom-recession business cycle, and the external sector. A cursory look at Mexican data shows that the experience fits quite closely the stylized facts of ERBS. However, the paper shows that there were some important differences and peculiarities of the Mexican case that deserve further study, especially regarding the role of the nominal anchor and the nature of the business cycle.

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    File URL: http://www.economiamexicana.cide.edu/num_anteriores/XIV-1/01The_1987_Mexican.pdf
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    Bibliographic Info

    Article provided by in its journal Economia Mexicana NUEVA EPOCA.

    Volume (Year): XIV (2005)
    Issue (Month): 1 (January-June)
    Pages: 5-40

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    Handle: RePEc:emc:ecomex:v:14:y:2005:i:1:p:5-40

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    Keywords: stabilization; disinflation; business cycle; nominal anchor;

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    1. John H. Rogers & Ping Wang, 1993. "Output, inflation, and stabilization in a small open economy: evidence from Mexico," Research Paper 9315, Federal Reserve Bank of Dallas.
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