<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1657-4206</journal-id>
<journal-title><![CDATA[Ecos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[ecos.econ.]]></abbrev-journal-title>
<issn>1657-4206</issn>
<publisher>
<publisher-name><![CDATA[Universidad EAFIT]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1657-42062021000100004</article-id>
<article-id pub-id-type="doi">10.17230/ecos.2021.52.1</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[PRICING PROCESS IN MEXICO: NEW EVIDENCE ON THE INFLATION DYNAMICS]]></article-title>
<article-title xml:lang="es"><![CDATA[Formación de Precios en México: Nueva Evidencia en Torno a la Dinámica Inflacionaria]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Loría-Díaz-de-Guzmán]]></surname>
<given-names><![CDATA[Eduardo Gilberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Valdez-Bonecchi]]></surname>
<given-names><![CDATA[Gustavo Javier]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Robles-Juárez]]></surname>
<given-names><![CDATA[Mario Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,eduardol@unam.mx  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,National Autonomous University of Mexico  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,National Autonomous University of Mexico  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2021</year>
</pub-date>
<volume>25</volume>
<numero>52</numero>
<fpage>4</fpage>
<lpage>25</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S1657-42062021000100004&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S1657-42062021000100004&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S1657-42062021000100004&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We analyze the inflation dynamics in Mexico during inflation targeting period by a GMM estimate of the hybrid New Keynesian Phillips Curve in its open and closed economy versions. We update and discuss previous results and expand the capacity of this tool to analyze inflationary dynamics by incorporating the exchange rate on labor costs. We found: a) robust evidence of adaptive and rational expectations; b) incorporating the exchange rate improves the inflation fit; c) this version of the Phillips Curve has strengthened since the Great Recession; and d) expectations formation process changes during inflationary episodes according to the origin of shocks.  JEL Classification: C26, E31, E52, F41.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Analizamos la dinámica inflacionaria en México a partir de la adopción formal del Esquema de Objetivos de Inflación mediante la estimación de la Curva de Phillips Híbrida Neokeynesiana en sus versiones de economía abierta y cerrada utilizando el Método Generalizado de Momentos (GMM). Actualizamos y discutimos los resultados previos y expandimos la capacidad de esta herramienta para aproximar la dinámica de la inflación incorporando el tipo de cambio en los costos laborales. Nuestros principales hallazgos son: a) evidencia robusta de expectativas racionales y adaptativas; b) la incorporación del tipo de cambio mejora el ajuste de la inflación; c) esta versión de la Curva de Phillips se ha fortalecido desde la Gran Recesión; d) el proceso de formación de expectativas cambia durante episodios inflacionarios dependiendo del origen de los choques.  JEL Classification: C26, E31, E52, F41.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Inflation Dynamics]]></kwd>
<kwd lng="en"><![CDATA[Hybrid New Keynesian Phillips Curve]]></kwd>
<kwd lng="en"><![CDATA[Generalized Method of Moments]]></kwd>
<kwd lng="en"><![CDATA[Structural Change]]></kwd>
<kwd lng="en"><![CDATA[Open Economy.]]></kwd>
<kwd lng="es"><![CDATA[Dinámica de la Inflación]]></kwd>
<kwd lng="es"><![CDATA[Curva de Phillips Neokeynesiana Híbrida]]></kwd>
<kwd lng="es"><![CDATA[Método Generalizado de Momentos]]></kwd>
<kwd lng="es"><![CDATA[Cambio Estructural]]></kwd>
<kwd lng="es"><![CDATA[Economía Abierta.]]></kwd>
</kwd-group>
</article-meta>
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