Resumen

LOPEZ MARMOLEJO, Arnoldo. Descifrando el lenguaje del Banco de México. El trimestre econ [online]. 2013, vol.80, n.318, pp.345-370. ISSN 2448-718X.

This article analyzes Banco de Mexico's communication. To do so, it identifies certain phrases and words in the monetary policy decision announcement and assigns to them a numerical value which results in a communication index. Incorporating this index in Taylor rules, it is found that Banco de Mexico's communication provides signs to the market that contribute to forecast the monetary policy interest rate. Other relevant conclusion is that both the market and the analysts understand the communication's tone, which has contributed to make the market expectations on interest rates more consistent with Banxico's view, and keep them closer and be more stable in relation to their finally observed levels.

Palabras llave : comunicación; Banco de México; política monetaria.