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Inflation shocks and the nominal anchor
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associated with ERBS Banco de Mexico Band Dummy bivariate VAR models business cycle capital inflows Chart Choleski decomposition chronic-inflation consumer prices December DEFH degree of inflation degree of nominal disinflation economic activity ERBS episodes estimated exchange rate anchor exchange rate band exchange rate depreciation exchange rate factors exchange rate regime expansion F-statistic facts of ERBS fiscal and exchange growth impulse responses include a constant Indicadores Economicos inflation equation inflation inertia inflation rate inflationary inertia interactive dummies interest rates Kiguel and Liviatan lagged inflation later recession log differences main nominal anchor Mexican economy Mexican experience Mexican Pacto Mexican stabilization minimum wages money supply nominal exchange rate nominal instability orthogonal innovations output PECE pesos per dollar private consumption rate of devaluation rate of exchange rate of inflation real exchange rate reduction Reinhart and Vegh role seasonal dummies stabilization period stabilization program stylized facts subperiods Tablita Dummy tablita period U.S. dollar wealth effects