Evolución de la política monetaria en México: un análisis VAR estructural, 2000-2011

This paper uses the Structural Vector Autoregression (SVAR) to examine monetary policy of the Mexican Central Bank in the framework of standard assumption of neoclassical orthodoxy for the years 2000-2011. This research presents empirical evidence that Mexican monetary authorities reacted, in the short term, to face the crisis in countercyclical manner, thereby stimulating economic activity through monetary expansion accompanied by a slow reaction of the prices level, while in the long term the dynamics of the price level raised the interest rate, thereby diminishing the pace of economic activity.