Resumen

LEVY, Noemi  y  BUSTAMANTE, Jorge. Monetary Policy and Economic Growth: what can Central Banks do?. Economía UNAM [online]. 2019, vol.16, n.48, pp.146-167.  Epub 09-Dic-2020. ISSN 1665-952X.  https://doi.org/10.22201/fe.24488143e.2019.48.494.

The controversies around monetary policy and economic growth are related to the different interest rates definitions. In this paper we assume that the rate of interest is a monetary variable that mostly affects the distribution of income (between rentiers and entrepreneurs) and investment spending is lees affected by this variable. Thereby, the monetary policy objective is to reduce rentiers income and guarantee financial resources for economic growth, within a stable macroeconomic framework. In this context, we discuss the different heterodox rule of interest rate determination and analyse its effects in terms of the Mexican economy between 1950 and 2016. We found that in Mexico, during this period, the income distribution resulted from the interest rules applied were different than in developed economies. In the period of strong and stable economic growth, rentiers’ income increased, while during the globalization era, rentiers income did not increase as expected.

Palabras llave : E52; E58; O4; Monetary Policy; Central Banks; Economic Growth.

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