Inflación e incertidumbre inflacionaria : la postura del Banco de México, 1969-2017.

Inflación e incertidumbre inflacionaria : la postura del Banco de México, 1969-2017.

Este artículo examina la relación entre inflación e incertidumbre inflacionaria para la economía de México durante el periodo que comprende enero de 1969 a febrero de 2017, utilizando modelos SARMA-GARCH y sus extensiones GJR-GARCH-M y E-GARCH-M. Entre los hallazgos es posible evidenciar un efecto causal negativo de la incertidumbre inflacionaria sobre la inflación (cumplimiento de la hipótesis de Holland), lo cual indica que el Banco de México exhibe un comportamiento estabilizador ante la inflación. También se corrobora el cumplimiento de la hipótesis de Friedman-Ball, que establece que altos niveles de inflación incrementan la incertidumbre inflacionaria.

Guardado en:

Revista Finanzas y Política Económica

2248-6046

2011-7663

López González, Teresa

Rosas Rojas, Eduardo

UNIVERSIDAD CATÓLICA DE COLOMBIA

10.14718/revfinanzpolitecon.2018.10.2.6

10

2018-07-01

349

372

Colombia

Inflação

Incerteza inflacionária

Efeitos assimétricos

Banco central

Inflación

Incertidumbre inflacionaria

Efectos asimétricos

Banco central

http://purl.org/coar/access_right/c_abf2

info:eu-repo/semantics/openAccess

Eduardo Rosas Rojas, Teresa López González - 2018

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spelling Inflación e incertidumbre inflacionaria : la postura del Banco de México, 1969-2017.
Fountas, S., Karanasos, M. y Kim, J. (2006). Inflation uncertainty, output growth uncertainty, and macro-economic performance. The Oxford Bulletin of Economics and Statistics, 68(3), 319-343.
Holland, S. (1995). Inflation and uncertainty: Tests of temporal ordering. Journal of Money, Credit and Banking, 27, 827-837
Holland, S. (1993b). Comment on 'inflation regimes and the sources of inflation uncertainty'. Journal of Money, Credit, and Banking, 25, 514-520.
Holland, S. (1993a). Uncertain effects of money and the link between the inflation rate and inflation uncertainty. Economic Inquiry, 31, 39-51.
Grimme, C., Henzel, S. y Wieland, E. (2012). Inflation uncertainty revisited: Do different measures disagree? Múnich: Universidad de Múnich.
Grier, K. y Perry, M. (2000). The effects of real and nominal uncertainty on inflation and output growth: some GARCH-M evidence. Journal of Applied Econometrics, 15(1), 45-58.
Grier, K. B. y Perry, M., (1998). On inflation and inflation uncertainty in the G-7 countries. Journal of International Money and Finance, 17(4), 671-689.
Grier, R. y Grier, K. (2006). On the real effects of inflation and inflation uncertainty in México. Journal of Development Economics, 80(2), 478-500.
Golob, J. (1994). Does inflation uncertainty increases whit the inflation? Federal Reserve Bank of Kansas City Economic Review, 3, 27 38.
Glosten, L., Jagannathan, R. y Runkle, D. (1993). On the relation between the expected value and the volatility of the nominal excess return on stocks. The Journal of Finance, 48(5), 1779-1801.
Friedman, M. (1977). Nobel lecture: Inflation and unemployment. Journal of Political Economy, 85(3), 451-472.
Fountas, S., Ioannidis, A. y Karanasos, M. (2004). Inflation, inflation uncertainty and a Common European monetary policy. The Manchester School, 72(2), 221-242.
Kontonikas, A. (2004). Inflation and inflation uncertainty in the United Kingdom: Evidence from GARCH modeling. Economic Modelling, 21 (3), 387-618.
Fountas, S. (2010). Inflation, inflation uncertainty and growth: Are they related? Economic Modelling, 27(5), 896-899.
Fountas, S. (2001). The relationship between inflation and inflation uncertainty in the UK: 1885-1998. Economics Letters, 74, 77-83.
Fang W., Miller, S. y Yeh, C. (2010). Does a threshold inflation rate exist? Quantile inferences for inflation and its variability. Empirical economics, 39(3), 619-641.
Engle, R. and Ng, V. (1993). Measuring and testing the impact of news on volatility. Journal of Finance, 48(5), 1749-1778.
Enders, W. (2015). Applied Econometric Time Series. Nueva York: John Wiley.
Dincer, N. y Eichengreen, B. (2010). Central bank transparency: Causes, consequences and updates. Theoretical Inquiries in Law, ii (1), 75-123.
Daal, E., Naka, A. y Sánchez, B. (2005). Re-examining inflation and inflation uncertainty in developed and emerging countries. Economics Letters, 89(2), 180-186.
Cukierman, A., Webb, S. y Neyapti, B. (1992). Measuring th of Central Banks and its effect on policy outcomes. World Bank Economic Review, 6(3), 353-398.
Cukierman, A. y Meltzer, A. (1986). A theory of ambiguity, credibility and inflation under discretion and asymmetric information. Econometrica, 54(5), 1099-1128.
Cukierman, A. (1992). Central Bank strategy, credibility, and independence. Cambridge: MIT Press.
Hyndman, R. y Khandakar, Y. (2008). Automatic time series forecasting: The forecast package for r. Journal of Statistical Software, 27(3), 1-22.
McLeod, A. y Li, W. (1983). Diagnostic checking ARMA Time Series Models using Squared Residual Autocorrelations. Journal of Time Series Analysis, 4(4), 269-273.
Caporale, G., Onorante, L. y Paesani, IP (2010). Inflation and inflation uncertainty in the Euro Area. Francfort: Banco Central Europeo.
Zako'ian, J.M. (1994). Threshold heteroskedastic models. Journal of Economic Dynamics and Control, 18, 931-944.
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Zeileis, A., Friedrich, L., Kurt, H. y Christian, K. (2002). Strucchange: An R package for testing for structural change in linear regression models. Journal of Statistical Software, Foundation for Open Access Statistics, 7 (2).
Ungar, M. y B. Zilberfarb (1993). Inflation and its unpredictability - Theory and empirical evidence. Journal of Money, Credit, and Banking, 25(4), 709-720.
Mántey, G. (2010). El "miedo a flotar" y la intervención esterilizada en el mercado de cambios como instrumento de la política monetaria en México. En G. Mántey y T López (Coords.), Política monetaria con elevado traspaso del tipo de cambio. La experiencia mexicana con metas de inflación (pp. 165-196). Ciudad de México: Universidad Nacional Autónoma de México.
Thornton, J. (2008) Inflation and inflation uncertainty in Argentina, 1810-2005. Economics Letters, 98(3), 247-252
Thornton, J. (2007). The relationship between inflation and inflation uncertainty in emerging market economies. Southern Economic Journal, 73, 858-870.
Stiglitz J. (1998). Central banking in a democratic society. The Economist, 146(2), 196-226.
Sidaoui, J. y Ramos-Francia, M. (2008). The Monetary Transmission Mechanism in Mexico: Recent Developments, BIS Papers. Recuperado de https://www.bis.org/publ/bppdf/bispap35q.pdf
Rocabado, P (2009). Inflación e incertidumbre inflacionaria: un análisis para la economía boliviana 1937-2009 (tesis de grado). La Paz: Universidad Mayor de San Andrés.
Ramos-Francia, M. y Torres, A. (2005). Reducción de la inflación a través del esquema de objetivos de inflación. La experiencia mexicana. Ciudad de México: Banco de México.
Press, W., Teukolsy, S., Vetterling, W. y Flannery, B. (1992). Numerical Recipes in Fortran. Cambridge: Cambridge University Press.
Pourgerami, A. y Maskus, K. (1987). The effects of inflation on the predictability of price changes in Latin America: Some estimates and policy implications. World Development, 15(2), 287-290.
Polillo, S. y M., F. Guillen (2005). Globalization pressures: The global spread of central bank Independence. American Journal of Sociology, 110(6), 1764-1802.
Perrotini, H. y Rodríguez, D. (2012). Inflación, incertidumbre inflacionaria y crecimiento económico en México: 1929-2009. Revista Mexicana de Economía y Finanzas, 7(1), 1-26.
Nelson, D. (1991). Conditional heteroskedasticity in asset returns: A new approach. Econometrica, 59(2), 347-70.
Cogley, T, Primiceri G. y Sargent, T (2009). Inflation-gap persistence in the US. Nueva York: Universidad de Nueva York.
Conrad, C. y Karanasos, M. (2005). On the inflation-uncertainty hypothesis in the USA, Japan and the UK: A dual long-memory approach. Japan and the World Economy, 17, 327-343.
Capistran, C. and Ramos-Francia, M. (2006). Inflation dynamics in Latin America. Ciudad de México: Banco de México.
Inflação
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Caballero, C. y Caballero, R. (2015). Efectos asimétricos de schocks de inflación e incertidumbre inflacionaria en Bolivia 1990-2013. Economía Informa, 394, 68-99.
Artículo de revista
2
10
Incerteza inflacionária
Revista Finanzas y Política Económica
Efeitos assimétricos
Banco central
Inflación
Incertidumbre inflacionaria
Efectos asimétricos
Banco central
López González, Teresa
Rosas Rojas, Eduardo
Este artículo examina la relación entre inflación e incertidumbre inflacionaria para la economía de México durante el periodo que comprende enero de 1969 a febrero de 2017, utilizando modelos SARMA-GARCH y sus extensiones GJR-GARCH-M y E-GARCH-M. Entre los hallazgos es posible evidenciar un efecto causal negativo de la incertidumbre inflacionaria sobre la inflación (cumplimiento de la hipótesis de Holland), lo cual indica que el Banco de México exhibe un comportamiento estabilizador ante la inflación. También se corrobora el cumplimiento de la hipótesis de Friedman-Ball, que establece que altos niveles de inflación incrementan la incertidumbre inflacionaria.
Universidad Católica de Colombia
application/pdf
Publication
Aguilar-Argaez A., Cuadra, G., Ramírez, C. y Sámano, D. (2014). Anclaje de las expectativas de inflación ante choques de oferta adversos. Ciudad de México: Banco de México.
Broto, C. (2008). Inflation targeting in Latin America: empirical analysis using GARCH models. Madrid: Banco de España.
Brooks, C. (2008). Introductory econometrics for finance. Cambridge: Cambridge University Press.
Bollerslev, T (1986). Generalized autoregressive conditional heteroskedasticity. Journal of Econometrics, 31(3), 307-328.
Bojanic, A. (2013). Inflación e incertidumbre inflacionaria en Bolivia. El Trimestre Económico, 80(2), 401-426.
Berndt, E., Hall, B., Hall, R. y Hausman, J. (1974). Estimation and inference in nonlinear structural models. Annals of Economic and Social Measurement, 3, 653-665.
Ball, L. (1992). Why does high inflation raise inflation uncertainty? Journal of Monetary Economics, 29 (3), 371-388.
Baillie, R., Chung, C. y Tieslau, M. (1996). Analyzing inflation by the fractionally integrated ARFIMAGARCH model. Journal of Applied Econometrics, 11 (1), 23-40.
Alesina, A. y Summers, L. (1993). Central bank independence and macroeconomic performance. Journal of Money, Credit, and Banking, 25, 151-162.
Benati, L. y P Surico (2008). Evolving US monetary policy and the decline of inflation predictability. Journal of the European Economic Association, 6, 634-646.
Eduardo Rosas Rojas, Teresa López González - 2018
https://revfinypolecon.ucatolica.edu.co/article/view/1730
https://creativecommons.org/licenses/by-nc-sa/4.0/
Español
Journal article
This research paper examines the relationship between inflation and inflation uncertainty for the Mexican economy during the period from January 1969 to February 2017. Using SARMA-GARCH models and their extensions (GJR-GARCH-M and E-GARCH-M), the study evidenced a negative causal effect of financial uncertainty on inflation (compliance with Holland?s hypothesis), which indicates that the Bank of Mexico exhibits a stabilizing behavior in relation to inflation. It also confirms the fulfillment of the Friedman-Ball hypothesis, which states that high levels of inflation increase inflation uncertainty.
Inflation and inflation uncertainty : the position of the Bank of Mexico, 1969-2017.
Asymmetric effects
Central bank
Inflation
Inflation uncertainty
https://doi.org/10.14718/revfinanzpolitecon.2018.10.2.6
10.14718/revfinanzpolitecon.2018.10.2.6
https://revfinypolecon.ucatolica.edu.co/article/download/1730/2827
https://revfinypolecon.ucatolica.edu.co/article/download/1730/3381
https://revfinypolecon.ucatolica.edu.co/article/download/1730/2828
349
https://revfinypolecon.ucatolica.edu.co/article/download/1730/2369
https://revfinypolecon.ucatolica.edu.co/article/download/1730/2194
2011-7663
2018-07-01
2018-07-01T00:00:00Z
2018-07-01T00:00:00Z
372
2248-6046
institution UNIVERSIDAD CATÓLICA DE COLOMBIA
thumbnail https://nuevo.metarevistas.org/UNIVERSIDADCATOLICADECOLOMBIA/logo.png
country_str Colombia
collection Revista Finanzas y Política Económica
title Inflación e incertidumbre inflacionaria : la postura del Banco de México, 1969-2017.
spellingShingle Inflación e incertidumbre inflacionaria : la postura del Banco de México, 1969-2017.
López González, Teresa
Rosas Rojas, Eduardo
Inflação
Incerteza inflacionária
Efeitos assimétricos
Banco central
Inflación
Incertidumbre inflacionaria
Efectos asimétricos
Banco central
Asymmetric effects
Central bank
Inflation
Inflation uncertainty
title_short Inflación e incertidumbre inflacionaria : la postura del Banco de México, 1969-2017.
title_full Inflación e incertidumbre inflacionaria : la postura del Banco de México, 1969-2017.
title_fullStr Inflación e incertidumbre inflacionaria : la postura del Banco de México, 1969-2017.
title_full_unstemmed Inflación e incertidumbre inflacionaria : la postura del Banco de México, 1969-2017.
title_sort inflación e incertidumbre inflacionaria : la postura del banco de méxico, 1969-2017.
title_eng Inflation and inflation uncertainty : the position of the Bank of Mexico, 1969-2017.
description Este artículo examina la relación entre inflación e incertidumbre inflacionaria para la economía de México durante el periodo que comprende enero de 1969 a febrero de 2017, utilizando modelos SARMA-GARCH y sus extensiones GJR-GARCH-M y E-GARCH-M. Entre los hallazgos es posible evidenciar un efecto causal negativo de la incertidumbre inflacionaria sobre la inflación (cumplimiento de la hipótesis de Holland), lo cual indica que el Banco de México exhibe un comportamiento estabilizador ante la inflación. También se corrobora el cumplimiento de la hipótesis de Friedman-Ball, que establece que altos niveles de inflación incrementan la incertidumbre inflacionaria.
description_eng This research paper examines the relationship between inflation and inflation uncertainty for the Mexican economy during the period from January 1969 to February 2017. Using SARMA-GARCH models and their extensions (GJR-GARCH-M and E-GARCH-M), the study evidenced a negative causal effect of financial uncertainty on inflation (compliance with Holland?s hypothesis), which indicates that the Bank of Mexico exhibits a stabilizing behavior in relation to inflation. It also confirms the fulfillment of the Friedman-Ball hypothesis, which states that high levels of inflation increase inflation uncertainty.
author López González, Teresa
Rosas Rojas, Eduardo
author_facet López González, Teresa
Rosas Rojas, Eduardo
topicspa_str_mv Inflação
Incerteza inflacionária
Efeitos assimétricos
Banco central
Inflación
Incertidumbre inflacionaria
Efectos asimétricos
Banco central
topic Inflação
Incerteza inflacionária
Efeitos assimétricos
Banco central
Inflación
Incertidumbre inflacionaria
Efectos asimétricos
Banco central
Asymmetric effects
Central bank
Inflation
Inflation uncertainty
topic_facet Inflação
Incerteza inflacionária
Efeitos assimétricos
Banco central
Inflación
Incertidumbre inflacionaria
Efectos asimétricos
Banco central
Asymmetric effects
Central bank
Inflation
Inflation uncertainty
citationvolume 10
citationissue 2
publisher Universidad Católica de Colombia
ispartofjournal Revista Finanzas y Política Económica
source https://revfinypolecon.ucatolica.edu.co/article/view/1730
language Español
format Article
rights http://purl.org/coar/access_right/c_abf2
info:eu-repo/semantics/openAccess
Eduardo Rosas Rojas, Teresa López González - 2018
https://creativecommons.org/licenses/by-nc-sa/4.0/
references Fountas, S., Karanasos, M. y Kim, J. (2006). Inflation uncertainty, output growth uncertainty, and macro-economic performance. The Oxford Bulletin of Economics and Statistics, 68(3), 319-343.
Holland, S. (1995). Inflation and uncertainty: Tests of temporal ordering. Journal of Money, Credit and Banking, 27, 827-837
Holland, S. (1993b). Comment on 'inflation regimes and the sources of inflation uncertainty'. Journal of Money, Credit, and Banking, 25, 514-520.
Holland, S. (1993a). Uncertain effects of money and the link between the inflation rate and inflation uncertainty. Economic Inquiry, 31, 39-51.
Grimme, C., Henzel, S. y Wieland, E. (2012). Inflation uncertainty revisited: Do different measures disagree? Múnich: Universidad de Múnich.
Grier, K. y Perry, M. (2000). The effects of real and nominal uncertainty on inflation and output growth: some GARCH-M evidence. Journal of Applied Econometrics, 15(1), 45-58.
Grier, K. B. y Perry, M., (1998). On inflation and inflation uncertainty in the G-7 countries. Journal of International Money and Finance, 17(4), 671-689.
Grier, R. y Grier, K. (2006). On the real effects of inflation and inflation uncertainty in México. Journal of Development Economics, 80(2), 478-500.
Golob, J. (1994). Does inflation uncertainty increases whit the inflation? Federal Reserve Bank of Kansas City Economic Review, 3, 27 38.
Glosten, L., Jagannathan, R. y Runkle, D. (1993). On the relation between the expected value and the volatility of the nominal excess return on stocks. The Journal of Finance, 48(5), 1779-1801.
Friedman, M. (1977). Nobel lecture: Inflation and unemployment. Journal of Political Economy, 85(3), 451-472.
Fountas, S., Ioannidis, A. y Karanasos, M. (2004). Inflation, inflation uncertainty and a Common European monetary policy. The Manchester School, 72(2), 221-242.
Kontonikas, A. (2004). Inflation and inflation uncertainty in the United Kingdom: Evidence from GARCH modeling. Economic Modelling, 21 (3), 387-618.
Fountas, S. (2010). Inflation, inflation uncertainty and growth: Are they related? Economic Modelling, 27(5), 896-899.
Fountas, S. (2001). The relationship between inflation and inflation uncertainty in the UK: 1885-1998. Economics Letters, 74, 77-83.
Fang W., Miller, S. y Yeh, C. (2010). Does a threshold inflation rate exist? Quantile inferences for inflation and its variability. Empirical economics, 39(3), 619-641.
Engle, R. and Ng, V. (1993). Measuring and testing the impact of news on volatility. Journal of Finance, 48(5), 1749-1778.
Enders, W. (2015). Applied Econometric Time Series. Nueva York: John Wiley.
Dincer, N. y Eichengreen, B. (2010). Central bank transparency: Causes, consequences and updates. Theoretical Inquiries in Law, ii (1), 75-123.
Daal, E., Naka, A. y Sánchez, B. (2005). Re-examining inflation and inflation uncertainty in developed and emerging countries. Economics Letters, 89(2), 180-186.
Cukierman, A., Webb, S. y Neyapti, B. (1992). Measuring th of Central Banks and its effect on policy outcomes. World Bank Economic Review, 6(3), 353-398.
Cukierman, A. y Meltzer, A. (1986). A theory of ambiguity, credibility and inflation under discretion and asymmetric information. Econometrica, 54(5), 1099-1128.
Cukierman, A. (1992). Central Bank strategy, credibility, and independence. Cambridge: MIT Press.
Hyndman, R. y Khandakar, Y. (2008). Automatic time series forecasting: The forecast package for r. Journal of Statistical Software, 27(3), 1-22.
McLeod, A. y Li, W. (1983). Diagnostic checking ARMA Time Series Models using Squared Residual Autocorrelations. Journal of Time Series Analysis, 4(4), 269-273.
Caporale, G., Onorante, L. y Paesani, IP (2010). Inflation and inflation uncertainty in the Euro Area. Francfort: Banco Central Europeo.
Zako'ian, J.M. (1994). Threshold heteroskedastic models. Journal of Economic Dynamics and Control, 18, 931-944.
Zeileis, A., Friedrich, L., Kurt, H. y Christian, K. (2002). Strucchange: An R package for testing for structural change in linear regression models. Journal of Statistical Software, Foundation for Open Access Statistics, 7 (2).
Ungar, M. y B. Zilberfarb (1993). Inflation and its unpredictability - Theory and empirical evidence. Journal of Money, Credit, and Banking, 25(4), 709-720.
Mántey, G. (2010). El "miedo a flotar" y la intervención esterilizada en el mercado de cambios como instrumento de la política monetaria en México. En G. Mántey y T López (Coords.), Política monetaria con elevado traspaso del tipo de cambio. La experiencia mexicana con metas de inflación (pp. 165-196). Ciudad de México: Universidad Nacional Autónoma de México.
Thornton, J. (2008) Inflation and inflation uncertainty in Argentina, 1810-2005. Economics Letters, 98(3), 247-252
Thornton, J. (2007). The relationship between inflation and inflation uncertainty in emerging market economies. Southern Economic Journal, 73, 858-870.
Stiglitz J. (1998). Central banking in a democratic society. The Economist, 146(2), 196-226.
Sidaoui, J. y Ramos-Francia, M. (2008). The Monetary Transmission Mechanism in Mexico: Recent Developments, BIS Papers. Recuperado de https://www.bis.org/publ/bppdf/bispap35q.pdf
Rocabado, P (2009). Inflación e incertidumbre inflacionaria: un análisis para la economía boliviana 1937-2009 (tesis de grado). La Paz: Universidad Mayor de San Andrés.
Ramos-Francia, M. y Torres, A. (2005). Reducción de la inflación a través del esquema de objetivos de inflación. La experiencia mexicana. Ciudad de México: Banco de México.
Press, W., Teukolsy, S., Vetterling, W. y Flannery, B. (1992). Numerical Recipes in Fortran. Cambridge: Cambridge University Press.
Pourgerami, A. y Maskus, K. (1987). The effects of inflation on the predictability of price changes in Latin America: Some estimates and policy implications. World Development, 15(2), 287-290.
Polillo, S. y M., F. Guillen (2005). Globalization pressures: The global spread of central bank Independence. American Journal of Sociology, 110(6), 1764-1802.
Perrotini, H. y Rodríguez, D. (2012). Inflación, incertidumbre inflacionaria y crecimiento económico en México: 1929-2009. Revista Mexicana de Economía y Finanzas, 7(1), 1-26.
Nelson, D. (1991). Conditional heteroskedasticity in asset returns: A new approach. Econometrica, 59(2), 347-70.
Cogley, T, Primiceri G. y Sargent, T (2009). Inflation-gap persistence in the US. Nueva York: Universidad de Nueva York.
Conrad, C. y Karanasos, M. (2005). On the inflation-uncertainty hypothesis in the USA, Japan and the UK: A dual long-memory approach. Japan and the World Economy, 17, 327-343.
Capistran, C. and Ramos-Francia, M. (2006). Inflation dynamics in Latin America. Ciudad de México: Banco de México.
Caballero, C. y Caballero, R. (2015). Efectos asimétricos de schocks de inflación e incertidumbre inflacionaria en Bolivia 1990-2013. Economía Informa, 394, 68-99.
Aguilar-Argaez A., Cuadra, G., Ramírez, C. y Sámano, D. (2014). Anclaje de las expectativas de inflación ante choques de oferta adversos. Ciudad de México: Banco de México.
Broto, C. (2008). Inflation targeting in Latin America: empirical analysis using GARCH models. Madrid: Banco de España.
Brooks, C. (2008). Introductory econometrics for finance. Cambridge: Cambridge University Press.
Bollerslev, T (1986). Generalized autoregressive conditional heteroskedasticity. Journal of Econometrics, 31(3), 307-328.
Bojanic, A. (2013). Inflación e incertidumbre inflacionaria en Bolivia. El Trimestre Económico, 80(2), 401-426.
Berndt, E., Hall, B., Hall, R. y Hausman, J. (1974). Estimation and inference in nonlinear structural models. Annals of Economic and Social Measurement, 3, 653-665.
Ball, L. (1992). Why does high inflation raise inflation uncertainty? Journal of Monetary Economics, 29 (3), 371-388.
Baillie, R., Chung, C. y Tieslau, M. (1996). Analyzing inflation by the fractionally integrated ARFIMAGARCH model. Journal of Applied Econometrics, 11 (1), 23-40.
Alesina, A. y Summers, L. (1993). Central bank independence and macroeconomic performance. Journal of Money, Credit, and Banking, 25, 151-162.
Benati, L. y P Surico (2008). Evolving US monetary policy and the decline of inflation predictability. Journal of the European Economic Association, 6, 634-646.
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