Política monetaria de economias abiertas: El rol del tipo de cambio en Mexico

Abstract

This paper analyzes the role of the exchange rate in Mexico during the inflation targeting regime. The framework is based on the New Keynesian Macroeconomics, and the empirical evidence in the estimation of a Vector Error Correction model and the statistical analysis of the inflation targeting in Mexico and Latin America. The results describe to the Mexico's monetary policy as a hybrid system, where the nominal interest rate (policy instrument) and appreciations of the real exchange rate (intermediate instrument), have as their primary objective, the inflation stabilization within a numerical goal. Resumen Este trabajo analiza el rol del tipo de cambio en México durante el esquema de metas de inflación. El marco de referencia lo sustenta la Nueva Macroeconomía Keynesiana, y la evidencia empírica la estimación de un Agradezco los valiosos comentarios de Violeta Rodríguez del Villar y José García-Solanes. Se aplica el descargo usual de los errores.