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

Author

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  • Galán Figueroa, Javier

    (Facultad de Economía, UNAM.)

  • Venegas-Martínez, Francisco

    (Escuela Superior de Economía, IPN.)

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.

Suggested Citation

  • Galán Figueroa, Javier & Venegas-Martínez, Francisco, 2013. "Evolución de la política monetaria en México: un análisis VAR estructural, 2000-2011," Revista Nicolaita de Estudios Económicos, Universidad Michoacana de San Nicolás de Hidalgo, Instituto de Investigaciones Económicas y Empresariales, vol. 0(1), pages 59-74.
    • Handle: RePEc:ris:rnicee:0075
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    More about this item

    Keywords

    SVAR; monetary policy; rational expectations; policy rules; inflation targeting;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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