Resumo

GUERRERO DE LIZARDI, Carlos. Regarding the use of the CPI as the monetary policy’s target. Anál. econ. [online]. 2021, vol.36, n.91, pp.135-154.  Epub 21-Abr-2021. ISSN 2448-6655.

Using the first fundamental equation of National Accounts −which is based on a quantities index a la Laspeyres and one of prices a la Paasche− and the methodological document of the Consumer Price Index published by the INEGI, we will argue, based on an economic analysis and on the theory of index numbers and its measurement -including some biases-, that the observed variable that corresponds to the definition of the price level is the implicit price index of GDP. Thus, our objective will be to show the incompatibility between a theoretical notion −that referred to the price level of an economy− and the use of the CPI growth rate −linked to the measurement of the purchasing power of families− as the monetary policy’s target. We will submit some specific proposals addressed to Banco de México and INEGI.

Palavras-chave : consumer price index; fundamental equation of the National Account System; Paasche and Laspeyres index numbers; inflation target; Mexican Central Bank; E31; E52; D11.

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