Los Determinantes del Ni?vel de Precios en Me?xico: Un Enfoque Heterodoxo

Vol. 20 No. 4 (2000)

Oct-Dec / 2000
Published October 1, 2000
PDF-Spanish
PDF-Spanish

How to Cite

Galindo, Luis Miguel, and Carlos Guerrero. 2000. “Los Determinantes Del Ni?vel De Precios En Me?Xico: Un Enfoque Heterodoxo”. Brazilian Journal of Political Economy 20 (4):446-65. https://doi.org/10.1590/0101-31572000-1335.

Los Determinantes del Ni?vel de Precios en Me?xico: Un Enfoque Heterodoxo

Luis Miguel Galindo
Profesor de la Facultad de Economía, UNAM, México.
Carlos Guerrero
Profesor de la Facultad de Economía, UNAM, México.
Brazilian Journal of Political Economy, Vol. 20 No. 4 (2000), Oct-Dec / 2000, Pages 446-465

Abstract

The objective of this essay is to analyze the effects of the minimal nominal wage,
a monetary aggregate and the exchange rate on the price level using the Johansen procedure
for co-integration. The empirical evidence indicates the existence of a long-term relationship
among these variables and the price level that can be interpreted as a price equation. The
econometric model allows establishing the specific weights of each of these variables on the
price level. Furthermore, the empirical evidence rejects the weak exogeneity hypothesis that
confirms the existence of a feedback between these variables. This information was used
to build an econometric model in order to simulate and forecast the dynamic of prices in
Mexico with satisfactory statistical properties and structural stability.

JEL Classification: E31; F31.


Keywords: Inflation minimum wage exchange rate regime