Interest rate, demand, GDP, inflation, and expectations in a New Keynesian economy for Mexico
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| Natura: | Artículo científico |
| Lingua: | en |
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Universidad Autónoma Metropolitana
2023
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| _version_ | 1876486994689785856 |
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| author | Christopher Cernichiaro Reyna |
| author_facet | Christopher Cernichiaro Reyna |
| contents | Interest rate, demand, GDP, inflation, and expectations in a New Keynesian economy for Mexico Christopher Cernichiaro Reyna Economía y Finanzas nominal rigidities New Keynesian Model static expectations structural Vector Autoregressive Model (SVAR) Using Mexican data from January 2002 to August 2017, this paper estimates a SVAR recursively identified through a model that satisfies New Keynesian core assumptions. Two key contributions are 1) evince that expected inflation is formed according to static expectations hypothesis; 2) suggest nominal rigidities presence, which reinforces the reasons to assess the Mexican economy through the New Keynesian Model; moreover, impulse response functions indicate: expected inflation influencing observed inflation; interest rate endogenously reacting to output and inflation, as to expected inflation decreases; higher interest rate entailing lower inflation and output. 2023 artículo científico 0185-3937 https://www.redalyc.org/articulo.oa?id=41376280002 https://www.redalyc.org/journal/413/41376280002/ https://www.redalyc.org/journal/413/41376280002/html/ https://www.redalyc.org/journal/413/41376280002/41376280002.epub https://www.redalyc.org/journal/413/41376280002/movil 10.24275/uam/azc/dcsh/ae/2023v38n99/Cernichiaro en http://www.redalyc.org/revista.oa?id=413 Análisis Económico application/pdf Universidad Autónoma Metropolitana Análisis Económico (México) Num.99 Vol.XXXVIII |
| format | Artículo científico |
| id | redalyc_41376280002 |
| institution | Redalyc |
| language | en |
| publishDate | 2023 |
| publisher | Universidad Autónoma Metropolitana |
| spellingShingle | Interest rate, demand, GDP, inflation, and expectations in a New Keynesian economy for Mexico Christopher Cernichiaro Reyna Economía y Finanzas nominal rigidities New Keynesian Model static expectations structural Vector Autoregressive Model (SVAR) Interest rate, demand, GDP, inflation, and expectations in a New Keynesian economy for Mexico Christopher Cernichiaro Reyna Economía y Finanzas nominal rigidities New Keynesian Model static expectations structural Vector Autoregressive Model (SVAR) Using Mexican data from January 2002 to August 2017, this paper estimates a SVAR recursively identified through a model that satisfies New Keynesian core assumptions. Two key contributions are 1) evince that expected inflation is formed according to static expectations hypothesis; 2) suggest nominal rigidities presence, which reinforces the reasons to assess the Mexican economy through the New Keynesian Model; moreover, impulse response functions indicate: expected inflation influencing observed inflation; interest rate endogenously reacting to output and inflation, as to expected inflation decreases; higher interest rate entailing lower inflation and output. 2023 artículo científico 0185-3937 https://www.redalyc.org/articulo.oa?id=41376280002 https://www.redalyc.org/journal/413/41376280002/ https://www.redalyc.org/journal/413/41376280002/html/ https://www.redalyc.org/journal/413/41376280002/41376280002.epub https://www.redalyc.org/journal/413/41376280002/movil 10.24275/uam/azc/dcsh/ae/2023v38n99/Cernichiaro en http://www.redalyc.org/revista.oa?id=413 Análisis Económico application/pdf Universidad Autónoma Metropolitana Análisis Económico (México) Num.99 Vol.XXXVIII |
| title | Interest rate, demand, GDP, inflation, and expectations in a New Keynesian economy for Mexico |
| topic | Economía y Finanzas nominal rigidities New Keynesian Model static expectations structural Vector Autoregressive Model (SVAR) |
| url | https://www.redalyc.org/articulo.oa?id=41376280002 https://www.redalyc.org/journal/413/41376280002/ https://www.redalyc.org/journal/413/41376280002/html/ https://www.redalyc.org/journal/413/41376280002/41376280002.epub https://www.redalyc.org/journal/413/41376280002/movil |