Tasas de interés de los intermediarios financieros e instrumentos de política monetaria

Abstract

The purpose of this paper is to analyze, using keynesian models, the effects of open market operations and variation of reserve requirements on loan and deposit interest rates. The conclusions, apparently obvious, are that increases in reserve requirements, compared with decreases in monetary base, tend to widen the gap between the loan rate and the deposit rate. Consequently, it seems preferable to use changes in the monetary base as instrument of monetary policy, unless the monetary authority pays interests on bank reserves.