• Introduction
  • The effects of monetary policy on the economy (PDF)
  • Inflation targeting regime (PDF)
  • Monetary policy implementation through an operational interest rate target (PDF)
• Operational targets
  • January 2008 - Present. Interest rate operational target
  • September 1995 - January 2008. Target level for the bank's balances at Banco de México 
    • April 2003 - January 2008. Operational target for daily balances (known as the "corto")
    • September 1995 - April 2003. Operational target on cumulative balances ("corto")
      • Historical information about the changes in the target level for the banks' balances at Banco de México during the balances target mechanism "corto" (no longer in use)

Operations related to monetary policy

• Liquidity auctions (Open market operations)
  • Banco de Mexico's programmed intervention in the money market (historical information)
  • Banco de Mexico's intervention in the money market (historical information)
• August 1998 - Present. Mandatory long-term deposits (PDF)

Other operations

• Banco de México's operations as financial agent for the Federal Government and IPAB 
  • Debt issuance 
    • Debt securities issued by the Federal Government, IPAB and Banco de México (PDF)
    • Operations with market makers 
      • Securities lending to market makers
      • Market makers' buy option of securities (Green Shoe)
• Extraordinary operations in the securities market 
  • By Banco de México
    • November 2008 - December 2008. Measures implemented by the Federal Government and Banco de Mexico to preserve the financial stability (PDF)
      • Interest rates SWAP auctions
        • Historical information
      • IPAB repurchase auctions
    • August 2006. US dollar sales to the Federal Government, Brems auction repurchase and Bondes D exchange (PDF)
  • By Secretaría de Hacienda y Crédito Público (Ministry of finance) 
    • November 2008 - December 2008. Measures implemented by the Federal Government and Banco de Mexico to preserve the financial stability (PDF) 
      • Government securities buyback (PDF)

Glossary

• Glossary

Publications related to the implementation of monetary policy and operations in the securities market (PDF)

• 2009. A note on the volatilities of the interest rate and the exchange rate under different monetary policy instruments: México 1998-2008
• 2008. The monetary transmission mechanism in Mexico: Recent developments
• 2005. Reducing inflation through inflation targeting: The Mexican experience
• 1999. Mexico’s monetary policy framework under a floating exchange rate regime
• 1998. Monetary policy and its transmission channels in Mexico
• 1998. The implementation of monetary policy through the zero-average reserve requirement system: The Mexican case
• 1995. The monetary transmission mechanism in Mexico
• Publications available only in Spanish 
  • 2007. ¿Afecta el esquema de objetivos de inflación la dispersión de las expectativas de inflación?
  • 2003. Los determinantes de la decisión de aumentar la restricción monetaria en México
  • 2001. Consideraciones sobre la conducción de la política monetaria y el mecanismo de transmisión en México
  • 2000. De metas monetarias a metas de inflación: Lecciones de los países industrializados
  • 2000. Uso de reglas de política monetaria en economías de mercado emergentes
  • 2000. Expectativas de inflación, riesgo país y política monetaria en México