Modus operandi del Nuevo Consenso Macroeconómico en Brasil, Chile y México
| Autor: | Aída García Lázaro, Ignacio Perrotini |
|---|---|
| Rok vydání: | 2014 |
| Předmět: |
politique monétaire
Economics and Econometrics política monetaria banque centrale monetary policy tipo de cambio réserves internationales reservas internacionales exchange rate 国际储备 Development Inflation inflação taux de change 货币政策 international reserves Economía y Finanzas 通货膨胀 汇率 中央银行 inflación política monetária reservas internacionais banco central central bank |
| Zdroj: | Universidad Nacional Autónoma de México UNAM Redalyc-UNAM Problemas del Desarrollo. Revista Latinoamericana de Economía (México) Num.179 Vol.45 |
| ISSN: | 0301-7036 |
| DOI: | 10.1016/s0301-7036(14)70140-3 |
| Popis: | This text provides a critical analysis of the experiences of Brazil, Chile and Mexico, countries that have adopted the inflationary targeting monetary policy espoused by New Consensus Macroeconomics (ncm). Using cointegration and error correction models, as well as a discussion of the major facts of the case, we contrast the ncm with the empirical evidence available. One essential feature of its modus operandi in these economies lies in the fact that inflation control is crucially dependent on the appreciation of the exchange rate. The essential hypothesis of the ncm cannot be accepted. Similarly, its monetary policy, in which inflation depends on the product gap, contradicts the export-led growth model adopted by these countries and is a recessive method of stabilizing prices. |
| Databáze: | OpenAIRE |
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