La política monetaria y el crecimiento económico: la tasa de interés de referencia del Banco de México

Abstract

Since central banks explicitly consider the rate of interest as their main monetary policy instrument and inflationary targets have been adopted as the most important target we argue that central bank reference rates reduction doesn't expand effective demand and it's unrelated to economic growth.In the Mexican banking system a reduction of the central “main” interest rates does not reduce credit costs nor amplify the credit volumes. In relation to Banco de Mexico last announcement of decreasing its “reference” rate we assume that it was aimed to lower government debt costs so as central bank credits costs issued to commercial banks.