Ecos de Economía, Vol. 25, No. 52 (2021)

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https://hdl.handle.net/10784/30966

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Examinando Ecos de Economía, Vol. 25, No. 52 (2021) por Materia "Cambio Estructural"

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    Pricing Process in Mexico: New Evidence on the Inflation Dynamics
    (Universidad EAFIT, 2022-03-02) Loría Díaz de Guzmán, Dr. Eduardo Gilberto; Valdez Bonecchi, Lic. Gustavo Javier; Robles Juárez, Lic. Mario; 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)
    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