LAUSR

En agosto 1993 se otorgo autonomia al Banco de Mexico y se le confirio el objetivo de mantener una tasa de inflacion (π) baja y estable. En el presente articulo se muestra que: a ) la tasa de crecimiento ( g ) de la economia mexicana exhibe una relacion no lineal, en forma de U invertida, con π, y que lo mismo sucede con las tasas de crecimiento del sector manufacturero ( m ) y del sector de servicios financieros y de seguros ( sf ); b ) la π que optimiza g , m y sf es distinta para cada caso, siendo menor y cercana al objetivo de inflacion para el caso de sf ; c ) la tasa de crecimiento de las remuneraciones nominales ha servido como ancla de la inflacion y ha conllevado a una redistribucion regresiva del ingreso, y d ) la consecucion de una π baja y estable se ha acompanado de tasas de interes reales altas, lo cual ha deprimido la inversion y la tasa de crecimiento de la productividad laboral. BANCO DE MEXICO’S INDEPENDENCE, GROWTH AND INCOME DISTRIBUTION ABSTRACT On August 1993 the Banco de Mexico was granted autonomy and charged with the objective of maintaining a low and stable inflation rate (π). This paper shows that: a ) the growth rate ( g ) of the Mexican economy exhibits a non-linear relationship (an inverted U-shape) with π, and that the same is true of the growth rates of the manufacturing ( m ), the financial services and the insurance ( sf ) sectors; b ) the π that optimizes g , m and sf is different for each case, being lower and close to the inflation target for the case of sf ; c ) the growth rate of the nominal remuneration has worked as an inflation anchor and has led to a regressive redistribution of income; and d ) the achievement of a low and stable π has been accompanied by high real interest rates, which has depressed both investment and the growth rate of labor productivity.