Sintonía fina de la política monetaria mexicana entre objetivos e instrumentos durante la crisis 2007-2009[Fine tuning of the Mexican monetary policy between objectives and instruments during the crisis 2007-2009]

This paper carries out an exploration of how the Mexican Bank Central conducted its monetary policy during the crisis 2007-2009 based on the analytical framework of the neoclassical macroeconomics. It is shown that in that period it was followed a countercyclical policy to reduce the crisis adverse effect on economic activity. To accomplish the above, Central Bank used a fine-tuning strategy between objectives and instruments. We estimate a Structural Vector Autoregressions model (SVAR), which allows us to show empirical evidence that Mexican monetary authority reacted in the short term with a countercyclical policy to stimulate economic activity through of a monetary expansion accompanied by a slow reaction of the general price level; while in the long term the dynamics of the general price level increased the interest rate due to an augment in agents’ inflation expectations, thereby the economic activity was negatively affected.