EL RETARDO EXTERNO DE LA POLÍTICA MONETARÍA EN EL CRECIMIENTO Y LA INFLACIÓN: UNA REVISIÓN TEÓRICA Y METODOLÓGICA

Abstract

In this work it is reviewed the external retard of monetary policy within the framework of theoretical and methodological resources present in this analysis. Within the scope of the economic theory, it is confirmed that model IS-LM-MC is useful and allows to analyze deeply the monetary policy for a small and open economy with a flexible exchange rate (Mexico case). It is also fundamental to discuss the transmission mechanisms (from a Neokeynesian perspective) , the basic concepts to understand the policy retards, and to bring to end the theoretical review, it is studied Poole ‘s analysis about the decision of taking monetary attachés or the interest rate as instruments of monetary policy. Within the methodological scope, the technique of Granger’s causation, different methods to apply the “ econometrics of retards” (Kyock, PDL and VAR) and Chow’s test of structural change are reviewed. Finally, in the conclusions, the author propounds the necessary variables for a further approach of the empiric analysis (statistical and econometric) of the problem which takes up our attention as well as the techniques that could be used and the length of their study.Monetary Policy. Growth. Inflation.