Pricing Process in Mexico: New Evidence on the Inflation Dynamics
We analyze the inflation dynamics in Mexico during inflation targeting period by a GMM estimate of the Hybrid New Keynesian Phillips Curve in its open and closed economy versions. We update and discuss previous results and expand the capacity of this tool to analyze inflationary dynamics by incorpor...
- Autores:
-
Loría Díaz de Guzmán, Dr. Eduardo Gilberto
Valdez Bonecchi, Lic. Gustavo Javier
Robles Juárez, Lic. Mario
- Tipo de recurso:
- Fecha de publicación:
- 2022
- Institución:
- Universidad EAFIT
- Repositorio:
- Repositorio EAFIT
- Idioma:
- eng
- OAI Identifier:
- oai:repository.eafit.edu.co:10784/30998
- Acceso en línea:
- http://hdl.handle.net/10784/30998
- Palabra clave:
- Inflation Dynamics
Hybrid New Keynesian Phillips Curve
Generalized Method of Moments
Structural Change
Open Economy
Dinámica de la Inflación
Curva de Phillips Neokeynesiana Híbrida
Método Generalizado de Momentos
Cambio Estructural
Economía Abierta
- Rights
- License
- Acceso abierto
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| dc.title.eng.fl_str_mv |
Pricing Process in Mexico: New Evidence on the Inflation Dynamics |
| dc.title.spa.fl_str_mv |
Formación de Precios en México: Nueva Evidencia acerca de la Dinámica Inflacionaria |
| title |
Pricing Process in Mexico: New Evidence on the Inflation Dynamics |
| spellingShingle |
Pricing Process in Mexico: New Evidence on the Inflation Dynamics Inflation Dynamics Hybrid New Keynesian Phillips Curve Generalized Method of Moments Structural Change Open Economy Dinámica de la Inflación Curva de Phillips Neokeynesiana Híbrida Método Generalizado de Momentos Cambio Estructural Economía Abierta |
| title_short |
Pricing Process in Mexico: New Evidence on the Inflation Dynamics |
| title_full |
Pricing Process in Mexico: New Evidence on the Inflation Dynamics |
| title_fullStr |
Pricing Process in Mexico: New Evidence on the Inflation Dynamics |
| title_full_unstemmed |
Pricing Process in Mexico: New Evidence on the Inflation Dynamics |
| title_sort |
Pricing Process in Mexico: New Evidence on the Inflation Dynamics |
| dc.creator.fl_str_mv |
Loría Díaz de Guzmán, Dr. Eduardo Gilberto Valdez Bonecchi, Lic. Gustavo Javier Robles Juárez, Lic. Mario |
| dc.contributor.author.spa.fl_str_mv |
Loría Díaz de Guzmán, Dr. Eduardo Gilberto Valdez Bonecchi, Lic. Gustavo Javier Robles Juárez, Lic. Mario |
| dc.contributor.affiliation.spa.fl_str_mv |
Centro de Modelística y Pronósticos Económicos (CEMPE), Facultad de Economía, Universidad Nacional Autónoma de México (UNAM) Centro de Modelística y Pronósticos Económicos (CEMPE), Facultad de Economía, Universidad Nacional Autónoma de México (UNAM) Centro de Modelística y Pronósticos Económicos (CEMPE), Facultad de Economía, Universidad Nacional Autónoma de México (UNAM) |
| dc.subject.keyword.eng.fl_str_mv |
Inflation Dynamics Hybrid New Keynesian Phillips Curve Generalized Method of Moments Structural Change Open Economy |
| topic |
Inflation Dynamics Hybrid New Keynesian Phillips Curve Generalized Method of Moments Structural Change Open Economy Dinámica de la Inflación Curva de Phillips Neokeynesiana Híbrida Método Generalizado de Momentos Cambio Estructural Economía Abierta |
| dc.subject.keyword.spa.fl_str_mv |
Dinámica de la Inflación Curva de Phillips Neokeynesiana Híbrida Método Generalizado de Momentos Cambio Estructural Economía Abierta |
| description |
We analyze the inflation dynamics in Mexico during inflation targeting period by a GMM estimate of the Hybrid New Keynesian Phillips Curve in its open and closed economy versions. We update and discuss previous results and expand the capacity of this tool to analyze inflationary dynamics by incorporating the exchange rate on labor costs. We find: a) robust evidence of adaptive and rational expectations; b) incorporating the exchange rate improves the inflation fit; c) this version of the Phillips Curve has strengthened since Great Recession, and e) expectations formation process changes during inflationary episodes according to the origin of shocks |
| publishDate |
2022 |
| dc.date.available.none.fl_str_mv |
2022-03-23T16:59:31Z |
| dc.date.issued.none.fl_str_mv |
2022-03-02 |
| dc.date.accessioned.none.fl_str_mv |
2022-03-23T16:59:31Z |
| dc.date.none.fl_str_mv |
2022-03-02 |
| dc.type.eng.fl_str_mv |
info:eu-repo/semantics/article article info:eu-repo/semantics/publishedVersion publishedVersion |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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http://purl.org/coar/resource_type/c_6501 http://purl.org/coar/resource_type/c_2df8fbb1 |
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Artículo |
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publishedVersion |
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1657-4206 2462-8107 |
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http://hdl.handle.net/10784/30998 |
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1657-4206 2462-8107 |
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http://hdl.handle.net/10784/30998 |
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eng |
| language |
eng |
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https://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6981 |
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https://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6981 |
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http://purl.org/coar/access_right/c_abf2 |
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Acceso abierto |
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Acceso abierto http://purl.org/coar/access_right/c_abf2 |
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application/pdf |
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Universidad EAFIT |
| dc.source.spa.fl_str_mv |
Ecos de Economía, Vol. 25, Núm. 52 (2022) |
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Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees2022-03-022022-03-23T16:59:31Z2022-03-022022-03-23T16:59:31Z1657-42062462-8107http://hdl.handle.net/10784/30998We analyze the inflation dynamics in Mexico during inflation targeting period by a GMM estimate of the Hybrid New Keynesian Phillips Curve in its open and closed economy versions. We update and discuss previous results and expand the capacity of this tool to analyze inflationary dynamics by incorporating the exchange rate on labor costs. We find: a) robust evidence of adaptive and rational expectations; b) incorporating the exchange rate improves the inflation fit; c) this version of the Phillips Curve has strengthened since Great Recession, and e) expectations formation process changes during inflationary episodes according to the origin of shocksAnalizamos la dinámica inflacionaria en México a partir de la adopción formal del Esquema de Objetivos de Inflación mediante la estimación de la Curva de Phillips Híbrida Neokeynesiana en sus versiones de economía abierta y cerrada utilizando el Método Generalizado de Momentos (GMM). Actualizamos y discutimos los resultados previos y expandimos la capacidad de esta herramienta para aproximar la dinámica de la inflación incorporando el tipo de cambio en los costos laborales. Nuestros principales hallazgos son: a) evidencia robusta de expectativas racionales y adaptativas; b) la incorporación del tipo de cambio mejora el ajuste de la inflación; c) esta versión de la Curva de Phillips se ha fortalecido desde la Gran Recesión; d) el proceso de formación de expectativas cambia durante episodios inflacionarios dependiendo del origen de los choques.application/pdfengUniversidad EAFIThttps://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6981https://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6981Copyright © 2022 Eduardo Gilberto Loría Díaz de Guzmán, Dr., Gustavo Javier Valdez Bonecchi, Lic., Mario Alberto Robles Juárez, Lic.Acceso abiertohttp://purl.org/coar/access_right/c_abf2Ecos de Economía, Vol. 25, Núm. 52 (2022)Pricing Process in Mexico: New Evidence on the Inflation DynamicsFormación de Precios en México: Nueva Evidencia acerca de la Dinámica Inflacionariainfo:eu-repo/semantics/articlearticleinfo:eu-repo/semantics/publishedVersionpublishedVersionArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Inflation DynamicsHybrid New Keynesian Phillips CurveGeneralized Method of MomentsStructural ChangeOpen EconomyDinámica de la InflaciónCurva de Phillips Neokeynesiana HíbridaMétodo Generalizado de MomentosCambio EstructuralEconomía AbiertaLoría Díaz de Guzmán, Dr. Eduardo Gilberto47d40191-2be6-4fff-8cf0-374a2445f339-1Valdez Bonecchi, Lic. Gustavo Javier826a4aa2-46cd-4f99-b0b0-dc055f3b817e-1Robles Juárez, Lic. Mario777d9e0b-fe90-42b9-9caf-16eb186f78b8-1Centro de Modelística y Pronósticos Económicos (CEMPE), Facultad de Economía, Universidad Nacional Autónoma de México (UNAM)Centro de Modelística y Pronósticos Económicos (CEMPE), Facultad de Economía, Universidad Nacional Autónoma de México (UNAM)Centro de Modelística y Pronósticos Económicos (CEMPE), Facultad de Economía, Universidad Nacional Autónoma de México (UNAM)Ecos de Economía2552425ORIGINALPricing Processin Mexico.pdfPricing Processin Mexico.pdfTexto completo PDFapplication/pdf974856https://repository.eafit.edu.co/bitstreams/e6780f96-f3ac-40c4-95bc-6cec753dae7f/downloadedeaa7dd1d5dcd8292b0ad228c3811afMD51Pricing Process in Mexico.htmlPricing Process in Mexico.htmlTexto completo HTMLtext/html292https://repository.eafit.edu.co/bitstreams/8679a24c-ea6f-42ff-ad58-b20a8a1ed429/download2564023b06f35a26be7e9b5d46f03b3fMD53THUMBNAILminaitura-ecos_Mesa de trabajo 1.jpgminaitura-ecos_Mesa de trabajo 1.jpgimage/jpeg251248https://repository.eafit.edu.co/bitstreams/6d554984-a417-405c-99f3-a5edd8988cfb/download9b15d674b076c1793a0bc25cebb1bcefMD5210784/30998oai:repository.eafit.edu.co:10784/309982024-12-04 11:48:52.593open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co |