Evaluation of compliance with inflation objectives and the role of expectations: evidence for Mexico, 1995-2012: Evaluación del cumplimiento de los objetivos de inflación y el papel de las expectativas: evidencia para México, 1995-2012
After more than a decade of inflation targeting, it is important to evaluate its scope in terms of the inflation objectives set by the central bank in Mexico, and on the role, that inflation expectations have played in this process as a nominal anchor for prices. In particular, we contrast how often...
| Autores: | , |
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2014 |
| País: | México |
| Institución: | UNIVERSIDAD AUTÓNOMA DE NUEVO LEÓN |
| Repositorio: | Ensayos Revista de Economía |
| Idioma: | español |
| OAI Identifier: | oai:ensayos.uanl.mx:article/24 |
| Acceso en línea: | https://ensayos.uanl.mx/index.php/ensayos/article/view/24 |
| Access Level: | acceso abierto |
| Palabra clave: | Monetary Policy Inflation Targeting Inflation Expectations E52 E31 E59 Política Monetaria Objetivos de Inflación Expectativas de Inflación |
| Sumario: | After more than a decade of inflation targeting, it is important to evaluate its scope in terms of the inflation objectives set by the central bank in Mexico, and on the role, that inflation expectations have played in this process as a nominal anchor for prices. In particular, we contrast how often the bank deviates from its goal and investigate on the stabilization of inflation expectations in an environment of low and stable inflation, but subject to macroeconomic shocks, which are evaluated using a VAR model. Furthermore, a correlation analysis between inflation expectations and their actual values is performed, based on the Rolling Windows methodology. The results suggest that the degree of association between actual inflation and its expectations has declined over time and the effects of macroeconomic shocks on expectations are less intense during the inflation targeting period. |
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