Data Source in SDW: http://sdw.ecb.europa.eu/browseTable.do?

dc=&oc=&node=SEARCHRESULTS&df=&pb=&q=deposit+
ILM.M.U2.C.L020200.U2.EUR
Euro area (changing composition), Eurosystem reporting sector - Deposit facility, Euro - Euro area (changing
Collection: End of period (E)
Period\Unit: [Millions of Euro]
1999Feb 608 variación interanual (%)
1999Mar 1409 131.74
1999Apr 254 -81.97
1999May 414 62.99
1999Jun 607 46.62 900000
1999Jul 550 -9.39 800000
1999Aug 961 74.73 700000
1999Sep 724 -24.66
600000
1999Oct 612 -15.47
500000
1999Nov 382 -37.58
1999Dec 983 157.33 400000
2000Jan 510 -48.12 300000
2000Feb 217 -57.45 200000
2000Mar 257 18.43 100000
2000Apr 856 233.07
0
2000May 2337 173.01
1999Feb
1999Sep
2000Apr
2000Nov
2001Jun
2002Jan
2002Aug
2003Mar
2003Oct
2004Jun
2005Jan
2005Aug
2006Mar
2006Oct
2007May
2007Dec
2008Jul
2009Feb
2009Sep
2010Apr
2010Nov
2011Jun
2012Jan
2012Aug
2013Mar
2013Oct
2014May
2014Dec
2000Jun 837 -64.18
2000Jul 546 -34.77
2000Aug 275 -49.63
2000Sep 184 -33.09
2000Oct 229 24.46
2000Nov 181 -20.96
2000Dec 186 2.76
2001Jan 600 222.58
2001Feb 419 -30.17
2001Mar 543 29.59
2001Apr 465 -14.36
2001May 583 25.38
2001Jun 375 -35.68
2001Jul 449 19.73
2001Aug 198 -55.90
2001Sep 421 112.63
2001Oct 125 -70.31
2001Nov 286 128.80
2001Dec 814 184.62
2002Jan 552 -32.19
2002Feb 73 -86.78
2002Mar 119 63.01
2002Apr 214 79.83
2002May 292 36.45
2002Jun 366 25.34
2002Jul 225 -38.52
2002Aug 105 -53.33
2002Sep 214 103.81
2002Oct 108 -49.53
2002Nov 101 -6.48
2002Dec 239 136.63
2003Jan 281 17.57
2003Feb 296 5.34
2003Mar 120 -59.46
2003Apr 234 95.00
2003May 175 -25.21
2003Jun 284 62.29
2003Jul 272 -4.23
2003Aug 113 -58.46
2003Sep 571 405.31
2003Oct 203 -64.45
2003Nov 276 35.96
2003Dec 71 -74.28
2004Jan 95 33.80
2004Mar 236 148.42
2004Apr 403 70.76
2004May 79 -80.40
2004Jun 484 512.66
2004Jul 121 -75.00
2004Aug 167 38.02
2004Sep 171 2.40
2004Oct 40 -76.61
2004Nov 279 597.50
2004Dec 105 -62.37
2005Jan 91 -13.33
2005Feb 77 -15.38
2005Mar 72 -6.49
2005Apr 110 52.78
2005May 132 20.00
2005Jun 175 32.58
2005Jul 164 -6.29
2005Aug 281 71.34
2005Sep 68 -75.80
2005Oct 87 27.94
2005Nov 109 25.29
2005Dec 118 8.26
2006Jan 74 -37.29
2006Feb 92 24.32
2006Mar 159 72.83
2006Apr 327 105.66
2006May 195 -40.37
2006Jun 106 -45.64
2006Jul 594 460.38
2006Aug 88 -85.19
2006Sep 55 -37.50
2006Oct 222 303.64
2006Nov 55 -75.23
2006Dec 52 -5.45
2007Jan 153 194.23
2007Feb 76 -50.33
2007Mar 452 494.74
2007Apr 289 -36.06
2007May 492 70.24
2007Jun 235 -52.24
2007Jul 327 39.15
2007Aug 364 11.31
2007Sep 445 22.25
2007Oct 1565 251.69
2007Nov 605 -61.34
2007Dec 411 -32.07
2008Jan 1124 173.48
2008Feb 445 -60.41
2008Mar 258 -42.02
2008Apr 646 150.39
2008May 310 -52.01
2008Jun 183 -40.97
2008Jul 437 138.80
2008Aug 338 -22.65
2008Sep 553 63.61
2008Oct 19934 3504.70
2008Nov 213716 972.12
2008Dec 200888 -6.00
2009Jan 238453 18.70
2009Feb 175441 -26.43
2009Mar 95472 -45.58
2009Apr 57770 -39.49
2009May 42679 -26.12
2009Jun 22338 -47.66
2009Jul 119696 435.84
2009Aug 185145 54.68
2009Sep 136675 -26.18
2009Oct 109590 -19.82
2009Nov 86451 -21.11
2009Dec 65677 -24.03
2010Jan 146963 123.77
2010Feb 168265 14.49
2010Mar 186430 10.80
2010Apr 200714 7.66
2010May 218246 8.73
2010Jun 288753 32.31
2010Jul 230384 -20.21
2010Aug 96723 -58.02
2010Sep 83714 -13.45
2010Oct 68823 -17.79
2010Nov 41920 -39.09
2010Dec 44655 6.52
2011Jan 66476 48.87
2011Feb 39248 -40.96
2011Mar 26942 -31.35
2011Apr 22977 -14.72
2011May 22750 -0.99
2011Jun 18398 -19.13
2011Jul 29534 60.53
2011Aug 56702 91.99
2011Sep 121824 114.85
2011Oct 168670 38.45
2011Nov 204551 21.27
2011Dec 253669 24.01
2012Jan 399290 57.41
2012Feb 489011 22.47
2012Mar 620952 26.98
2012Apr 771305 24.21
2012May 771437 0.02
2012Jun 770752 -0.09
2012Jul 770573 -0.02
2012Aug 343073 -55.48
2012Sep 328619 -4.21
2012Oct 305359 -7.08
2012Nov 256065 -16.14
2012Dec 231823 -9.47
2013Jan 238390 2.83
2013Feb 184326 -22.68
2013Mar 145306 -21.17
2013Apr 133822 -7.90
2013May 114471 -14.46
2013Jun 90482 -20.96
2013Jul 92118 1.81
2013Aug 82620 -10.31
2013Sep 79196 -4.14
2013Oct 58868 -25.67
2013Nov 52104 -11.49
2013Dec 48319 -7.26
2014Jan 60069 24.32
2014Feb 42083 -29.94
2014Mar 29538 -29.81
2014Apr 29231 -1.04
2014May 29694 1.58
2014Jun 28299 -4.70
2014Jul 23852 -15.71
2014Aug 24646 3.33
2014Sep 25244 2.43
2014Oct 24268 -3.87
2014Nov 30973 27.63
2014Dec 27254 -12.01
2015Jan 50235 84.32
2015Mar 42357 -15.68
2015Apr 68596 61.95
2015Jun 99725 45.38
2015Jul 103091 3.38
2015Sep 148043 43.60
2015Oct 152775 3.20
2015Dec 173072 13.29
2016Jan 196572 13.58
2016Mar 230505 17.26
2016Apr 261985 13.66
2016Jun 309034 17.96
2016Jul 323089 4.55
2016Sep 355095 9.91
2016Oct 387253 9.06
2016Dec 439361 13.46
2017Jan 434439 -1.12
2017Mar 479212 10.31
2017May 549962 14.76
2017Jun 593733 7.96
2017Jul 595327 0.27
2017Sep 611437 2.71
2017Oct 648085 5.99
2017Nov 609643 -5.93
2017Dec 682512 11.95
2018Jan 689154 0.97
2018Mar 686290 -0.42
2018May 668011 -2.66
2018Jun 659498 -1.27
2018Jul 651835 -1.16
2018Sep 671204 2.97
2018Oct 631798 -5.87
2018Dec 635948 0.66
2019Jan 639984 0.63
2019Mar 637634 -0.37
2019Apr 619604 -2.83
2019Jun 601947 -2.85
2019Jul 570838 -5.17
2019Sep 555742 -2.64
2019Oct 456607 -17.84
2019Dec 257906 -43.52
2020Jan 254648 -1.26
2020Mar 244621 -3.94
2020May 271780 11.10
2020Jun 299943 10.36
2020Jul 355979 18.68
2020Sep 413198 16.07
2020Nov 460677 11.49
2020Dec 535393 16.22
2021Jan 586912 9.62
2021Mar 598028 1.89
2021Apr 676381 13.10
2021Jun 706517 4.46
2021Jul 736589 4.26
2021Sep 766640 4.08
2021Nov 738486 -3.67
TS&df=&pb=&q=deposit+facility&cv=&type=series&SERIES_KEY=123.ILM.M.U2.C.L020200.U2.EUR&rc=&ec=&periodSortOrder=ASC

ro - Euro area (changing composition) counterpart

4000.00
3500.00 2008Oct
3000.00
2500.00
2000.00
1500.00
1000.00
500.00
0.00

2005Oct

2007Oct

2008Oct

2009Oct

2010Oct

2011Oct

2012Oct

2013Oct
2004Oct

2006Oct
1999Sep

2000Sep

2001Sep

2002Sep

2003Sep
1999Mar

2000Mar

2001Mar

2002Mar

2003Mar

2004Apr

2005Apr

2006Apr

2007Apr

2011Apr

2013Apr
2008Apr

2009Apr

2010Apr

2012Apr
2010Apr
2010Nov
2011Jun
2012Jan
2012Aug
2013Mar
2013Oct
2014May
2014Dec
2015Oct
2016Sep
2017Jul
2018May
2019Mar
2020Jan
2020Dec
2021Nov

-500.00
2009Apr
2009Oct

008Oct
2010Apr
2010Oct
2011Apr
2011Oct
2012Apr
2012Oct
2013Apr
&periodSortOrder=ASC

2013Oct
2014Apr
2014Oct
2015Jun
2016Mar
2016Dec
2017Sep
2018May
2019Jan
2019Oct
2020Jul
2021Apr
 BE_1_10.3 BE_1_10.12
NÚMERO SEC 662483 662492 NÚMERO SECUENCIAL

Agregados Contraparti
monetarios das de
de la M3.Crédito
UEM.M3(Sal total a OSR
DESCRIPCIÓNdos) en la UEM DESCRIPCIÓN DE LA SERIE
DESCRIPCIÓNMillones de Euros
Millones de Euros
Sep-97 4137278 4999348
Oct-97 4148404 5028441
Nov-97 4186690 5060351
Dec-97 4265545 5134609
Jan-98 4255362 5174262
Feb-98 4264270 5211406
Mar-98 4275571 5263245
Apr-98 4311419 5303468
May-98 4339308 5323731
Jun-98 4359628 5367593 16
Jul-98 4352855 5405596
Aug-98 4341651 5401499 % M3 % crédito a OSR 14
Sep-98 4336678 5496297 Sep-98 4.81959395 9.94027621
12
Oct-98 4368588 5535709 Oct-98 5.30767977 10.0879776
Nov-98 4398809 5592050 Nov-98 5.06650839 10.5071565 10
Dec-98 4471961 5656853 Dec-98 4.83914717 10.1710568
Jan-99 4463577 5706146 Jan-99 4.89300323 10.2794176 8

Feb-99 4447594 5708429 Feb-99 4.29907112 9.5372151 6

Mar-99 4459586 5765602 Mar-99 4.30386959 9.54462504
Apr-99 4496031 5807409 Apr-99 4.28193131 9.50210315 4
May-99 4529333 5863263 May-99 4.37915446 10.1344715
2
Jun-99 4555934 5955593 Jun-99 4.50281538 10.9546309
Jul-99 4563119 5992953 Jul-99 4.83048482 10.8657214 0
Aug-99 4540771 5994981 Aug-99 4.58627375 10.9873574

May-07
Oct-07
Jan-04
Jun-04
Nov-04
Apr-05
Sep-05
Feb-06

Dec-06
Jul-06
Sep-99 4561347 6022252 Sep-99 5.18067055 9.5692609 -2
Oct-99 4578653 6069899 Oct-99 4.8085331 9.64989309
-4
Nov-99 4625175 6158525 Nov-99 5.14607477 10.130006
Dec-99 4708947 6218625 Dec-99 5.29937537 9.93082196 0.77743157
Jan-00 4723291 6264083 Jan-00 5.8185173 9.77782552
Feb-00 4738473 6321724 Feb-00 6.54014283 10.743674
Mar-00 4768884 6427664 Mar-00 6.93557653 11.482964
Apr-00 4826279 6509498 Apr-00 7.34532302 12.0895394
May-00 4820008 6560424 May-00 6.4176116 11.8903246
Jun-00 4805383 6596068 Jun-00 5.47525491 10.7541768
Jul-00 4802374 6637257 Jul-00 5.24323385 10.7510271
Aug-00 4798357 6661796 Aug-00 5.67273707 11.1228876
Sep-00 4794882 6752559 Sep-00 5.1198692 12.126809
Oct-00 4804690 6801064 Oct-00 4.9367576 12.0457523
Nov-00 4832421 6837089 Nov-00 4.48082505 11.0182877
Dec-00 4910328 6879055 Dec-00 4.27656119 10.6201934
 Jan-01 5026837 7000719 Jan-01 6.42657842 11.7596782
Feb-01 5047544 7037777 Feb-01 6.5225865 11.3268627
Mar-01 5090546 7129904 Mar-01 6.74501623 10.9252755
Apr-01 5135593 7194960 Apr-01 6.40895398 10.5301822
May-01 5174256 7222820 May-01 7.34953137 10.0968474
Jun-01 5216143 7247876 Jun-01 8.54791387 9.88176592
Jul-01 5209922 7261630 Jul-01 8.48638611 9.40709392
Aug-01 5211887 7238461 Aug-01 8.61815826 8.65629929
Sep-01 5263161 7284058 Sep-01 9.76622574 7.87107525
Oct-01 5289730 7325177 Oct-01 10.0951362 7.7063383
Nov-01 5343832 7379561 Nov-01 10.5829149 7.93425389
Dec-01 5446737 7424363 Dec-01 10.9240971 7.92707719
Jan-02 5430255 7444627 Jan-02 8.02528508 6.34089156
Feb-02 5431228 7465382 Feb-02 7.60139981 6.07585321
Mar-02 5468342 7513420 Mar-02 7.42152217 5.37897845
Apr-02 5506616 7550923 Apr-02 7.22454057 4.94739373
May-02 5549587 7573607 May-02 7.25381581 4.85664879
Jun-02 5569629 7597757 Jun-02 6.77676973 4.82735908
Jul-02 5562731 7586162 Jul-02 6.77186722 4.46913434
Aug-02 5576687 7591173 Aug-02 6.99938429 4.8727485
Sep-02 5622655 7625233 Sep-02 6.83038197 4.68385891
Oct-02 5643922 7657478 Oct-02 6.6958427 4.53642281
Nov-02 5714501 7678139 Nov-02 6.93638947 4.04601304
Dec-02 5807825 7721007 Dec-02 6.62943704 3.99554817
Jan-03 5805923 7750243 Jan-03 6.91805449 4.10518888
Feb-03 5845442 7779893 Feb-03 7.62652571 4.21292574
Mar-03 5889676 7816365 Mar-03 7.70496798 4.03205198
Apr-03 5977504 7888837 Apr-03 8.55131355 4.47513503
May-03 6021151 7920415 May-03 8.49728097 4.57916552
Jun-03 6020728 7950475 Jun-03 8.09926478 4.64239643
Jul-03 6028347 7991612 Jul-03 8.37027712 5.34459981
Aug-03 6027513 8009944 Aug-03 8.08411876 5.51655192
Sep-03 6017976 8031486 Sep-03 7.03085998 5.32774539
Oct-03 6069018 8065787 Oct-03 7.53192549 5.33216028
Nov-03 6119711 8126442 Nov-03 7.09090785 5.83869346
Dec-03 6180922 8161858 Dec-03 6.42403998 5.7097604
Jan-04 6172394 8184057 Jan-04 6.31201964 5.59742449
Feb-04 6197448 8211895 Feb-04 6.02188851 5.5528013
Mar-04 6225884 8261835 Mar-04 5.70842946 5.69919649
Apr-04 6279744 8347441 Apr-04 5.05629105 5.81332838
May-04 6303753 8388386 May-04 4.69348801 5.90841515
Jun-04 6334158 8437624 Jun-04 5.20584886 6.12729428
Jul-04 6362249 8464586 Jul-04 5.53886497 5.91838042
Aug-04 6345512 8445739 Aug-04 5.27579119 5.44067474
Sep-04 6376641 8498513 Sep-04 5.95989416 5.81495131
Oct-04 6436042 8553222 Oct-04 6.04750225 6.04324166
Nov-04 6469650 8634585 Nov-04 5.71822754 6.25295794
Dec-04 6568176 8693371 Dec-04 6.26531123 6.51215691
 Jan-05 6581635 8749909 Jan-05 6.63018271 6.91407697
Feb-05 6599810 8787564 Feb-05 6.49238203 7.01018462
Mar-05 6627776 8840051 Mar-05 6.4551797 6.99863892
Apr-05 6713297 8959141 Apr-05 6.90399163 7.32799429
May-05 6765830 9030024 May-05 7.33018886 7.64912344
Jun-05 6837023 9153799 Jun-05 7.93893995 8.48787526
Jul-05 6889246 9210497 Jul-05 8.28318728 8.81213801
Aug-05 6869183 9212544 Aug-05 8.25262012 9.07919366
Sep-05 6925241 9317994 Sep-05 8.60327561 9.64263984
Oct-05 6968588 9377946 Oct-05 8.27443326 9.64226113
Nov-05 7001166 9489474 Nov-05 8.21552943 9.90075377
Dec-05 7130670 9538767 Dec-05 8.56393008 9.7246051
Jan-06 7120287 9654053 Jan-06 8.184167 10.3331818
Feb-06 7152523 9767520 Feb-06 8.37468048 11.1516229
Mar-06 7212527 9894188 Mar-06 8.8227333 11.9245579
Apr-06 7340883 10051075 Apr-06 9.34840213 12.1879319
May-06 7371811 10115390 May-06 8.95649166 12.0195251
Jun-06 7407431 10161301 Jun-06 8.34292937 11.0063811
Jul-06 7417857 10253715 Jul-06 7.67298773 11.3264029
Aug-06 7440735 10276853 Aug-06 8.32052371 11.5528241
Sep-06 7545250 10404200 Sep-06 8.95288698 11.6570798
Oct-06 7568435 10492226 Oct-06 8.60787006 11.8819196
Nov-06 7629036 10582893 Nov-06 8.9680776 11.5224405
Dec-06 7801675 10612638 Dec-06 9.41012556 11.2579645
Jan-07 7824797 10740009 Jan-07 9.89440454 11.2487056
Feb-07 7856264 10803287 Feb-07 9.83905959 10.6041964
Mar-07 8014409 10956697 Mar-07 11.1179064 10.7387185
Apr-07 8076317 11119126 Apr-07 10.0183316 10.6262365
May-07 8166526 11220230 May-07 10.7804582 10.9223668
Jun-07 8242225 11327991 Jun-07 11.2696831 11.481699
Jul-07 8298009 11434419 Jul-07 11.8653137 11.51489
Aug-07 8303861 11466956 Aug-07 11.6000099 11.5804225
Sep-07 8395223 11593432 Sep-07 11.2650078 11.430307
Oct-07 8500092 11801185 Oct-07 12.3097708 12.4755128
Nov-07 8593524 11902944 Nov-07 12.6423312 12.4734418
Dec-07 8691439 12047701 Dec-07 11.4047817 13.5222081
Jan-08 8785716 12209997 Jan-08 12.2804336 13.6870276
Feb-08 8805948 12271584 Feb-08 12.0882394 13.5912061
Mar-08 8877089 12401290 Mar-08 10.7641125 13.1845665
Apr-08 8972245 12568987 Apr-08 11.0932743 13.0393432
May-08 9060572 12661053 May-08 10.9476906 12.8412965
Jun-08 9076946 12697721 Jun-08 10.1273746 12.0915527
Jul-08 9108827 12791753 Jul-08 9.77123549 11.8705988
Aug-08 9133022 12836996 Aug-08 9.98524662 11.9477218
Sep-08 9198869 12901714 Sep-08 9.57265817 11.2846826
Oct-08 9326351 12959199 Oct-08 9.72058891 9.81269254
Nov-08 9367448 13019290 Nov-08 9.00589793 9.37873857
Dec-08 9423780 12970482 Dec-08 8.42600403 7.65939493
 Jan-09 9400007 13065095 Jan-09 6.99192872 7.00326134
Feb-09 9414395 13049945 Feb-09 6.90950026 6.34279161
Mar-09 9406751 13037869 Mar-09 5.96661811 5.1331676
Apr-09 9490159 13087697 Apr-09 5.77240144 4.12690378
May-09 9462893 13090189 May-09 4.4403488 3.38941793
Jun-09 9457503 13122550 Jun-09 4.19256653 3.34571062
Jul-09 9420891 13081588 Jul-09 3.42595155 2.26579578
Aug-09 9379997 13020219 Aug-09 2.70419802 1.42730433
Sep-09 9378228 13069531 Sep-09 1.94979405 1.30073415
Oct-09 9362116 13022943 Oct-09 0.38348332 0.49188225
Nov-09 9341008 13065159 Nov-09 -0.28225404 0.35231568
Dec-09 9382249 13103231 Dec-09 -0.44070426 1.02347006
Jan-10 9326164 13092957 Jan-10 -0.78556324 0.21325524
Feb-10 9303401 13086538 Feb-10 -1.17898176 0.28040731
Mar-10 9313183 13087717 Mar-10 -0.99468988 0.38233242
Apr-10 9399886 13145772 Apr-10 -0.95122748 0.44373735
May-10 9427101 13145586 May-10 -0.37823528 0.42319481
Jun-10 9256526 13167487 Jun-10 -2.12505352 0.34244107
Jul-10 9242776 13185843 Jul-10 -1.89063858 0.79695982
Aug-10 9251623 13184600 Aug-10 -1.36859319 1.26250565
Sep-10 9248048 13188351 Sep-10 -1.38810871 0.90913744
Oct-10 9257331 13153983 Oct-10 -1.11924484 1.00622417
Nov-10 9270087 13270051 Nov-10 -0.75924354 1.56823197
Dec-10 9320772 13233217 Dec-10 -0.65524801 0.99201487
Jan-11 9309189 13274837 Jan-11 -0.18201481 1.3891438
Feb-11 9298648 13306765 Feb-11 -0.05108884 1.68285149
Mar-11 9328842 13269624 Mar-11 0.168138 1.38990628
Apr-11 9391507 13329176 Apr-11 -0.08913938 1.3951558
May-11 9391994 13348457 May-11 -0.37240505 1.54326327
Jun-11 9404391 13345676 Jun-11 1.59741354 1.35324986
Jul-11 9405853 13351037 Jul-11 1.76437252 1.25281334
Aug-11 9446140 13311815 Aug-11 2.10251758 0.96487569
Sep-11 9465969 13342527 Sep-11 2.35639997 1.16903167
Oct-11 9436921 13337663 Oct-11 1.939976 1.39638313
Nov-11 9448343 13354186 Nov-11 1.92291615 0.63402168
Dec-11 9535047 13275808 Dec-11 2.29889756 0.32184918
Jan-12 9495265 13298885 Jan-12 1.99884222 0.18115477
Feb-12 9505535 13267966 Feb-12 2.22491485 -0.2915735
Mar-12 9605843 13262125 Mar-12 2.96929673 -0.05651253
Apr-12 9608370 13269135 Apr-12 2.30913952 -0.45044795
May-12 9646448 13266258 May-12 2.70926493 -0.61579402
Jun-12 9683132 13208467 Jun-12 2.96394525 -1.02811577
Jul-12 9712259 13160535 Jul-12 3.25760992 -1.42687044
Aug-12 9687649 13104916 Aug-12 2.55669512 -1.55425087
Sep-12 9700182 13102805 Sep-12 2.47426333 -1.79667615
Oct-12 9754761 13074089 Oct-12 3.36804769 -1.97616329
Nov-12 9759439 13075711 Nov-12 3.2925985 -2.08530119
Dec-12 9807968 13043899 Dec-12 2.86229318 -1.74685413
 Jan-13 9747376 13014275 Jan-13 2.65512337 -2.14010423
Feb-13 9754428 12989323 Feb-13 2.61840075 -2.10011844
Mar-13 9803283 13022488 Mar-13 2.05541565 -1.80692762
Apr-13 9852611 13032953 Apr-13 2.54196081 -1.77993517
May-13 9854519 13004208 May-13 2.15697011 -1.9753121
Jun-13 9846649 12946413 Jun-13 1.68867883 -1.98398497
Jul-13 9838325 12887176 Jul-13 1.29800904 -2.07711161
Aug-13 9882187 12843810 Aug-13 2.00810331 -1.99242788
Sep-13 9843987 12854015 Sep-13 1.48249796 -1.89875374
Oct-13 9857474 12799822 Oct-13 1.0529525 -2.09779052
Nov-13 9885412 12783083 Nov-13 1.29078116 -2.23795096
Dec-13 9849473 12680004 Dec-13 0.42317634 -2.78977168
Jan-14 9852349 12700092 Jan-14 1.07693599 -2.41414139
Feb-14 9864753 12658764 Feb-14 1.1310248 -2.54485164
Mar-14 9878638 12655727 Mar-14 0.76867107 -2.81636658
Apr-14 9900284 12667754 Apr-14 0.48386159 -2.80212013
May-14 9970853 12640257 May-14 1.18051424 -2.79871715
Jun-14 9986860 12611054 Jun-14 1.42394636 -2.59036229
Jul-14 10017900 12579616 Jul-14 1.82525989 -2.38655854
Aug-14 10068184 12532782 Aug-14 1.8821441 -2.42161788
Sep-14 10077045 12560421 Sep-14 2.36751633 -2.28406455
Oct-14 10103037 12526020 Oct-14 2.49113515 -2.13910787
Nov-14 10196211 12545051 Nov-14 3.14401666 -1.86208601
Dec-14 10328136 12477199 Dec-14 4.85978285 -1.59940801
Jan-15 10395762 12532163 Jan-15 5.51556791 -1.32226601
Feb-15 10417314 12549488 Feb-15 5.60136681 -0.86324384
Mar-15 10460795 12584707 Mar-15 5.89308972 -0.56116887
Apr-15 10561864 12609127 Apr-15 6.68243456 -0.46280501
May-15 10598223 12620170 May-15 6.29203941 -0.15891291
Jun-15 10598578 12578796 Jun-15 6.12522855 -0.25579147
Jul-15 10673490 12640824 Jul-15 6.54418591 0.48656493
Aug-15 10671135 12601112 Aug-15 5.98867681 0.54521015
Sep-15 10666494 12570904 Sep-15 5.84942312 0.08346058
Oct-15 10773953 12587164 Oct-15 6.64073585 0.4881359
Nov-15 10838724 12657107 Nov-15 6.30148788 0.89322873
Dec-15 10837680 12567189 Dec-15 4.93355239 0.72123559
Jan-16 10904555 12588929 Jan-16 4.89423479 0.45296251
Feb-16 10939097 12628740 Feb-16 5.00880553 0.6315158
Mar-16 10965214 12624046 Mar-16 4.82199489 0.31259369
Apr-16 11066330 12675491 Apr-16 4.77629706 0.52631717
May-16 11105871 12703889 May-16 4.78993507 0.66337458
Jun-16 11128074 12685207 Jun-16 4.99591549 0.84595537
Jul-16 11220929 12724388 Jul-16 5.12895969 0.6610645
Aug-16 11210074 12731935 Aug-16 5.05043747 1.03818615
Sep-16 11213393 12763477 Sep-16 5.12726112 1.5318946
Oct-16 11244902 12789665 Oct-16 4.37118113 1.60878972
Nov-16 11340473 12862277 Nov-16 4.62922573 1.62098653
Dec-16 11392603 12842653 Dec-16 5.12031173 2.19193011
 Jan-17 11417625 12888295 Jan-17 4.70509801 2.37801008
Feb-17 11452748 12928594 Feb-17 4.69555211 2.37437781
Mar-17 11556326 13003939 Mar-17 5.3907931 3.00928086
Apr-17 11604768 13025879 Apr-17 4.86555163 2.76429528
May-17 11621792 13040979 May-17 4.64547985 2.65343943
Jun-17 11658468 13022884 Jun-17 4.76626953 2.66197469
Jul-17 11695142 13041952 Jul-17 4.22614741 2.49571139
Aug-17 11747744 13017464 Aug-17 4.79631089 2.24262062
Sep-17 11765267 13045472 Sep-17 4.92156121 2.20939012
Oct-17 11784629 13080074 Oct-17 4.79974837 2.27065369
Nov-17 11855120 13138901 Nov-17 4.53814404 2.15066119
Dec-17 11871540 13074385 Dec-17 4.20392951 1.80439353
Jan-18 11866923 13158630 Jan-18 3.93512661 2.09752337
Feb-18 11864059 13160020 Feb-18 3.59137388 1.79003223
Mar-18 11930305 13192852 Mar-18 3.23614097 1.45273674
Apr-18 11987331 13281012 Apr-18 3.29660188 1.95866244
May-18 12067591 13327535 May-18 3.83588865 2.19735037
Jun-18 12167957 13298746 Jun-18 4.37011964 2.11828655
Jul-18 12158982 13354846 Jul-18 3.96609122 2.39913473
Aug-18 12166681 13342162 Aug-18 3.56610597 2.49432608
Sep-18 12187805 13355726 Sep-18 3.59140171 2.37825048
Oct-18 12227308 13381217 Oct-18 3.75641015 2.30230349
Nov-18 12314551 13433897 Nov-18 3.87538043 2.24521062
Dec-18 12364941 13374098 Dec-18 4.15616677 2.29236786
Jan-19 12350660 13429363 Jan-19 4.07634734 2.05745583
Feb-19 12390447 13473929 Feb-19 4.43682891 2.38532312
Mar-19 12521620 13523548 Mar-19 4.95641142 2.50663011
Apr-19 12592840 13596835 Apr-19 5.05124118 2.37800403
May-19 12676482 13624802 May-19 5.0456715 2.23047248
Jun-19 12740967 13667415 Jun-19 4.7091718 2.77220875
Jul-19 12798147 13715808 Jul-19 5.2567312 2.70285408
Aug-19 12913738 13730154 Aug-19 6.14018729 2.90801446
Sep-19 12882657 13773521 Sep-19 5.70120707 3.12820883
Oct-19 12936145 13807300 Oct-19 5.7971632 3.18418721
Nov-19 13041082 13875145 Nov-19 5.89977661 3.28458674
Dec-19 12995035 13821620 Dec-19 5.09581081 3.34618454
Jan-20 13003066 13880786 Jan-20 5.28235738 3.36146249
Feb-20 13101029 13911661 Feb-20 5.7349182 3.24873316
Mar-20 13448788 14044948 Mar-20 7.40453711 3.85549709
Apr-20 13619384 14146985 Apr-20 8.1518069 4.04616221
May-20 13835987 14258720 May-20 9.14689896 4.65267679
Jun-20 13915404 14277571 Jun-20 9.21780113 4.46431165
Jul-20 14011981 14160006 Jul-20 9.48445115 3.23858427
Aug-20 14027931 14177449 Aug-20 8.62796659 3.25775661
Sep-20 14121969 14202221 Sep-20 9.62000308 3.11249389
Oct-20 14233061 14222298 Oct-20 10.0255215 3.00564194
Nov-20 14354186 14310594 Nov-20 10.0689805 3.13833837
Dec-20 14480213 14299076 Dec-20 11.4288111 3.45441417
 Jan-21 14551203 14319484 Jan-21 11.9059382 3.16046944
Feb-21 14604327 14354738 Feb-21 11.4746559 3.18493241
Mar-21 14699121 14446570 Mar-21 9.2969939 2.85954779
Apr-21 14780940 14435280 Apr-21 8.52869704 2.03785471
May-21 14887078 14481919 May-21 7.59679089 1.56535089
Jun-21 14971168 14518362 Jun-21 7.58701652 1.68649835
Jul-21 15117420 14575210 Jul-21 7.88924136 2.9322304
Aug-21 15148798 14556831 Aug-21 7.99025173 2.6759539
Sep-21 15186981 14612150 Sep-21 7.54152626 2.88637249
Oct-21 15325992 14665265 Oct-21 7.67881905 3.11459512
 Desde 2004 se observa
rompió desde mediado

Desde entonces, la corr

bastante superior al cre
divergencia se encuent
Programa de Compra d
que:

1. La aplicación del QE (
largo plazo (que, como
las carteras hacia activo
M3.

2. Como el BCE compra

entidades bancarias, y e

Etc.
May-07
Oct-07

May-12
Oct-12

May-17

Aug-18

Apr-20
Sep-20
Jan-04
Jun-04
Nov-04
Apr-05
Sep-05
Feb-06

Dec-06

Mar-08
Aug-08
Jan-09
Jun-09
Nov-09
Apr-10
Sep-10
Feb-11

Dec-11

Mar-13
Aug-13
Jan-14
Jun-14
Nov-14
Apr-15
Sep-15
Feb-16

Dec-16

Oct-17
Mar-18

Jan-19
Jun-19
Nov-19

Feb-21
Jul-21
Jul-06

Jul-11

Jul-16

%M3
%crédito

(coeficiente de correlación)
Desde 2004 se observa una correlación positiva bastante elevada entre ambas variables, que sólo se
rompió desde mediados de 2011 hasta finales de 2012.

Desde entonces, la correlación ha vuelto a ser positiva pero se observa que el crecimiento de M3 es
bastante superior al crecimiento del crédito al sector privado (crédito a Otros Sectores Residentes). Esta
divergencia se encuentra explicada en gran medida por las grandes inyecciones de liquidez y el
Programa de Compra de Activos (Quantitative Easing o expansión cuantitativa) aplicados por el BCE, ya
que:

1. La aplicación del QE (Quantitative Easing) ha contribuido a reducir los tipos de interés de los activos a
largo plazo (que, como sabemos, no forman parte de M3), lo que ha provocado una recomposición de
las carteras hacia activos a más corto plazo (que sí se incluyen en M3), provocando así un aumento de
M3.

2. Como el BCE compra también bonos de las empresas, han crecido los depósitos de las mismas en las
entidades bancarias, y esos depósitos forman parte de M3.

Etc.
 Objetivo de
Banco central inflación
Banco de Canadá 2+-1% http://www.bankofcanada.ca/core-functions/monetary-policy/
Banco Central de Chile 3+-1% https://www.bcentral.cl/web/banco-central/el-banco/gobierno-corpo
Banco de Noruega 2% https://www.norges-bank.no/en/topics/Monetary-policy/Mandate-m
Banco Central de Corea del 2% https://www.bok.or.kr/eng/main/contents.do?menuNo=400015
ons/monetary-policy/
al/el-banco/gobierno-corporativo/funciones-del-banco
onetary-policy/Mandate-monetary-policy/
s.do?menuNo=400015
 interés de
interés de los interés de
los depósitos los depósitos
tipo interés depósitos del mercado del mercado
operaciones del mercado monetario a monetario a
principales tipo interés tipo interés monetario a 3 meses 12 meses
de facilidad de facilidad de 1 día (EURIBOR 3 (EURIBOR 12
financiación crédito depósito (EONIA) meses) meses)
ENE 1999 3 4.5 2 3.14 3.13 3.06
FEB 1999 3 4.5 2 3.12 3.09 3.03 6
MAR 1999 3 4.5 2 2.93 3.05 3.05
ABR 1999 2.5 3.5 1.5 2.71 2.70 2.76
MAY 1999 2.5 3.5 1.5 2.55 2.58 2.68 5
JUN 1999 2.5 3.5 1.5 2.56 2.63 2.84
JUL 1999 2.5 3.5 1.5 2.52 2.68 3.03
AGO 1999 2.5 3.5 1.5 2.44 2.70 3.24 4
SEP 1999 2.5 3.5 1.5 2.43 2.73 3.30
OCT 1999 2.5 3.5 1.5 2.50 3.38 3.68
NOV 1999 3 4 2 2.94 3.47 3.69 3
DIC 1999 3 4 2 3.04 3.45 3.83
ENE 2000 3 4 2 3.04 3.34 3.95
FEB 2000 3.25 4.25 2.25 3.28 3.54 4.11 2
MAR 2000 3.5 4.5 2.5 3.51 3.75 4.27
ABR 2000 3.5 4.75 2.75 3.69 3.93 4.37
MAY 2000 3.75 4.75 2.75 3.92 4.36 4.85 1
JUN 2000 4.25 5.25 3.25 4.29 4.50 4.97
JUL 2000 4.25 5.25 3.25 4.31 4.58 5.11
AGO 2000 4.25 5.25 3.25 4.42 4.78 5.25 0
SEP 2000 4.5 5.5 3.5 4.59 4.85 5.22

ENE 1999

ENE 2000
JUL 2000
JUL 1999
OCT 2000 4.75 5.75 3.75 4.76 5.04 5.22
NOV 2000 4.75 5.75 3.75 4.83 5.09 5.19 -1
DIC 2000 4.75 5.75 3.75 4.83 4.94 4.88
ENE 2001 4.75 5.75 3.75 4.76 4.77 4.57 El EONIA pasa de
FEB 2001 4.75 5.75 3.75 4.99 4.76 4.59 Se reduce la amp
Pasillo asimétric
MAR 2001 4.75 5.75 3.75 4.78 4.71 4.47 Tipo negativo de
ABR 2001 4.75 5.75 3.75 5.04 4.68 4.48 Interbancarios n
MAY 2001 4.5 5.5 3.5 4.65 4.64 4.52 El EURIBOR a 12
Etc.
JUN 2001 4.5 5.5 3.5 4.54 4.45 4.31
JUL 2001 4.5 5.5 3.5 4.51 4.47 4.31
AGO 2001 4.5 5.25 3.25 4.49 4.35 4.11
SEP 2001 3.75 4.75 2.75 3.99 3.98 3.77
OCT 2001 3.75 4.75 2.75 3.97 3.60 3.37
NOV 2001 3.25 4.25 2.25 3.51 3.39 3.20
DIC 2001 3.25 4.25 2.25 3.36 3.34 3.30
ENE 2002 3.25 4.25 2.25 3.29 3.34 3.48
FEB 2002 3.25 4.25 2.25 3.28 3.36 3.59
MAR 2002 3.25 4.25 2.25 3.26 3.39 3.82
ABR 2002 3.25 4.25 2.25 3.32 3.41 3.86
MAY 2002 3.25 4.25 2.25 3.31 3.47 3.96
JUN 2002 3.25 4.25 2.25 3.35 3.46 3.87
JUL 2002 3.25 4.25 2.25 3.30 3.41 3.65
AGO 2002 3.25 4.25 2.25 3.29 3.35 3.44
SEP 2002 3.25 4.25 2.25 3.32 3.31 3.24
OCT 2002 3.25 4.25 2.25 3.30 3.26 3.13
NOV 2002 3.25 4.25 2.25 3.30 3.12 3.02
DIC 2002 2.75 3.75 1.75 3.09 2.94 2.87
ENE 2003 2.75 3.75 1.75 2.79 2.83 2.71
FEB 2003 2.75 3.75 1.75 2.76 2.69 2.50
MAR 2003 2.5 3.5 1.5 2.75 2.53 2.41
ABR 2003 2.5 3.5 1.5 2.56 2.53 2.45
MAY 2003 2.5 3.5 1.5 2.56 2.40 2.25
JUN 2003 2 3 1 2.21 2.15 2.01
JUL 2003 2 3 1 2.08 2.13 2.08
AGO 2003 2 3 1 2.10 2.14 2.28
SEP 2003 2 3 1 2.02 2.15 2.26
OCT 2003 2 3 1 2.01 2.14 2.30
NOV 2003 2 3 1 1.97 2.16 2.41
DIC 2003 2 3 1 2.06 2.15 2.38
ENE 2004 2 3 1 2.02 2.09 2.22
FEB 2004 2 3 1 2.03 2.07 2.16
MAR 2004 2 3 1 2.01 2.03 2.06
ABR 2004 2 3 1 2.08 2.05 2.16
MAY 2004 2 3 1 2.02 2.09 2.30
JUN 2004 2 3 1 2.03 2.11 2.40
JUL 2004 2 3 1 2.07 2.12 2.36
AGO 2004 2 3 1 2.04 2.11 2.30
SEP 2004 2 3 1 2.05 2.12 2.38
OCT 2004 2 3 1 2.11 2.15 2.32
NOV 2004 2 3 1 2.08 2.17 2.33
DIC 2004 2 3 1 2.05 2.17 2.30
ENE 2005 2 3 1 2.08 2.15 2.31
FEB 2005 2 3 1 2.06 2.14 2.31
MAR 2005 2 3 1 2.06 2.14 2.34
ABR 2005 2 3 1 2.08 2.14 2.27
MAY 2005 2 3 1 2.07 2.13 2.19
JUN 2005 2 3 1 2.06 2.11 2.10
JUL 2005 2 3 1 2.07 2.12 2.17
AGO 2005 2 3 1 2.06 2.13 2.22
SEP 2005 2 3 1 2.09 2.14 2.22
OCT 2005 2 3 1 2.07 2.20 2.41
NOV 2005 2 3 1 2.09 2.36 2.68
DIC 2005 2.25 3.25 1.25 2.28 2.47 2.78
ENE 2006 2.25 3.25 1.25 2.33 2.51 2.83
FEB 2006 2.25 3.25 1.25 2.35 2.60 2.91
MAR 2006 2.5 3.5 1.5 2.52 2.72 3.11
ABR 2006 2.5 3.5 1.5 2.63 2.79 3.22
MAY 2006 2.5 3.5 1.5 2.58 2.89 3.31
JUN 2006 2.75 3.75 1.75 2.70 2.99 3.40
JUL 2006 2.75 3.75 1.75 2.81 3.10 3.54
AGO 2006 3 4 2 2.97 3.23 3.62
SEP 2006 3 4 2 3.04 3.34 3.72
OCT 2006 3.25 4.25 2.25 3.28 3.50 3.80
NOV 2006 3.25 4.25 2.25 3.33 3.60 3.86
DIC 2006 3.5 4.5 2.5 3.50 3.68 3.92
ENE 2007 3.5 4.5 2.5 3.56 3.75 4.06
FEB 2007 3.5 4.5 2.5 3.57 3.82 4.09
MAR 2007 3.75 4.75 2.75 3.69 3.89 4.11
ABR 2007 3.75 4.75 2.75 3.82 3.98 4.25
MAY 2007 3.75 4.75 2.75 3.79 4.07 4.37
JUN 2007 4 5 3 3.96 4.15 4.51
JUL 2007 4 5 3 4.06 4.22 4.56
AGO 2007 4 5 3 4.05 4.54 4.67
SEP 2007 4 5 3 4.03 4.74 4.72
OCT 2007 4 5 3 3.94 4.69 4.65
NOV 2007 4 5 3 4.02 4.64 4.61
DIC 2007 4 5 3 3.88 4.85 4.79
ENE 2008 4 5 3 4.02 4.48 4.50
FEB 2008 4 5 3 4.03 4.36 4.35
MAR 2008 4 5 3 4.09 4.60 4.59
ABR 2008 4 5 3 3.99 4.78 4.82
MAY 2008 4 5 3 4.01 4.86 4.99
JUN 2008 4 5 3 4.01 4.94 5.36
JUL 2008 4.25 5.25 3.25 4.19 4.96 5.39
AGO 2008 4.25 5.25 3.25 4.30 4.97 5.32
SEP 2008 4.25 5.25 3.25 4.27 5.02 5.38
OCT 2008 3.75 4.25 3.25 3.82 5.11 5.25
NOV 2008 3.25 3.75 2.75 3.15 4.24 4.35
DIC 2008 2.5 3 2 2.49 3.29 3.45
ENE 2009 2 3 1 1.81 2.46 2.62
FEB 2009 2 3 1 1.26 1.94 2.14
MAR 2009 1.5 2.5 0.5 1.06 1.64 1.91
ABR 2009 1.25 2.25 0.25 0.84 1.42 1.77
MAY 2009 1 1.75 0.25 0.78 1.28 1.64
JUN 2009 1 1.75 0.25 0.70 1.23 1.61
JUL 2009 1 1.75 0.25 0.36 0.97 1.41
AGO 2009 1 1.75 0.25 0.35 0.86 1.33
SEP 2009 1 1.75 0.25 0.36 0.77 1.26
OCT 2009 1 1.75 0.25 0.36 0.74 1.24
NOV 2009 1 1.75 0.25 0.36 0.72 1.23
DIC 2009 1 1.75 0.25 0.35 0.71 1.24
ENE 2010 1 1.75 0.25 0.34 0.68 1.23
FEB 2010 1 1.75 0.25 0.34 0.66 1.23
MAR 2010 1 1.75 0.25 0.35 0.64 1.22
ABR 2010 1 1.75 0.25 0.35 0.64 1.23
MAY 2010 1 1.75 0.25 0.34 0.69 1.25
JUN 2010 1 1.75 0.25 0.35 0.73 1.28
JUL 2010 1 1.75 0.25 0.48 0.85 1.37
AGO 2010 1 1.75 0.25 0.43 0.90 1.42
SEP 2010 1 1.75 0.25 0.45 0.88 1.42
OCT 2010 1 1.75 0.25 0.70 1.00 1.50
NOV 2010 1 1.75 0.25 0.59 1.04 1.54
DIC 2010 1 1.75 0.25 0.50 1.02 1.53
ENE 2011 1 1.75 0.25 0.66 1.02 1.55
FEB 2011 1 1.75 0.25 0.71 1.09 1.71
MAR 2011 1 1.75 0.25 0.66 1.18 1.92
ABR 2011 1.25 2 0.5 0.97 1.32 2.09
MAY 2011 1.25 2 0.5 1.03 1.43 2.15
JUN 2011 1.25 2 0.5 1.12 1.49 2.14
JUL 2011 1.5 2.25 0.75 1.01 1.60 2.18
AGO 2011 1.5 2.25 0.75 0.91 1.55 2.10
SEP 2011 1.5 2.25 0.75 1.01 1.54 2.07
OCT 2011 1.5 2.25 0.75 0.96 1.58 2.11
NOV 2011 1.25 2 0.5 0.79 1.48 2.04
DIC 2011 1 1.75 0.25 0.63 1.43 2.00
ENE 2012 1 1.75 0.25 0.38 1.22 1.84
FEB 2012 1 1.75 0.25 0.37 1.05 1.68
MAR 2012 1 1.75 0.25 0.36 0.86 1.50
ABR 2012 1 1.75 0.25 0.35 0.74 1.37
MAY 2012 1 1.75 0.25 0.34 0.68 1.27
JUN 2012 1 1.75 0.25 0.33 0.66 1.22
JUL 2012 0.75 1.5 0 0.18 0.50 1.06
AGO 2012 0.75 1.5 0 0.11 0.33 0.88
SEP 2012 0.75 1.5 0 0.10 0.25 0.74
OCT 2012 0.75 1.5 0 0.09 0.21 0.65
NOV 2012 0.75 1.5 0 0.08 0.19 0.59
DIC 2012 0.75 1.5 0 0.07 0.19 0.55
ENE 2013 0.75 1.5 0 0.07 0.20 0.58
FEB 2013 0.75 1.5 0 0.07 0.22 0.59
MAR 2013 0.75 1.5 0 0.07 0.21 0.55
ABR 2013 0.75 1.5 0 0.08 0.21 0.53
MAY 2013 0.5 1 0 0.08 0.20 0.48
JUN 2013 0.5 1 0 0.09 0.21 0.51
JUL 2013 0.5 1 0 0.09 0.22 0.53
AGO 2013 0.5 1 0 0.08 0.23 0.54
SEP 2013 0.5 1 0 0.08 0.22 0.54
OCT 2013 0.5 1 0 0.09 0.23 0.54
NOV 2013 0.25 0.75 0 0.10 0.22 0.51
DIC 2013 0.25 0.75 0 0.17 0.27 0.54
ENE 2014 0.25 0.75 0 0.20 0.29 0.56
FEB 2014 0.25 0.75 0 0.16 0.29 0.55
MAR 2014 0.25 0.75 0 0.19 0.31 0.58
ABR 2014 0.25 0.75 0 0.25 0.33 0.60
MAY 2014 0.25 0.75 0 0.25 0.32 0.59
JUN 2014 0.15 0.4 -0.1 0.08 0.24 0.51
JUL 2014 0.15 0.4 -0.1 0.04 0.21 0.49
AGO 2014 0.15 0.4 -0.1 0.02 0.19 0.47
SEP 2014 0.05 0.3 -0.2 0.01 0.10 0.36
OCT 2014 0.05 0.3 -0.2 0.00 0.08 0.34
NOV 2014 0.05 0.3 -0.2 -0.01 0.08 0.34
DIC 2014 0.05 0.3 -0.2 -0.03 0.08 0.33
ENE 2015 0.05 0.3 -0.2 -0.05 0.06 0.30
FEB 2015 0.05 0.3 -0.2 -0.04 0.05 0.26
MAR 2015 0.05 0.3 -0.2 -0.05 0.03 0.21
ABR 2015 0.05 0.3 -0.2 -0.07 0.00 0.18
MAY 2015 0.05 0.3 -0.2 -0.11 -0.01 0.17
JUN 2015 0.05 0.3 -0.2 -0.12 -0.01 0.16
JUL 2015 0.05 0.3 -0.2 -0.12 -0.02 0.17
AGO 2015 0.05 0.3 -0.2 -0.12 -0.03 0.16
SEP 2015 0.05 0.3 -0.2 -0.14 -0.04 0.15
OCT 2015 0.05 0.3 -0.2 -0.14 -0.05 0.13
NOV 2015 0.05 0.3 -0.2 -0.13 -0.09 0.08
DIC 2015 0.05 0.3 -0.3 -0.20 -0.13 0.06
ENE 2016 0.05 0.3 -0.3 -0.24 -0.15 0.04
FEB 2016 0.05 0.3 -0.3 -0.24 -0.18 -0.01
MAR 2016 0 0.25 -0.4 -0.29 -0.23 -0.01
ABR 2016 0 0.25 -0.4 -0.34 -0.25 -0.01
MAY 2016 0 0.25 -0.4 -0.34 -0.26 -0.01
JUN 2016 0 0.25 -0.4 -0.33 -0.27 -0.03
JUL 2016 0 0.25 -0.4 -0.33 -0.29 -0.06
AGO 2016 0 0.25 -0.4 -0.34 -0.30 -0.05
SEP 2016 0 0.25 -0.4 -0.34 -0.30 -0.06
OCT 2016 0 0.25 -0.4 -0.35 -0.31 -0.07
NOV 2016 0 0.25 -0.4 -0.35 -0.31 -0.07
DIC 2016 0 0.25 -0.4 -0.35 -0.32 -0.08
ENE 2017 0 0.25 -0.4 -0.35 -0.33 -0.10
FEB 2017 0 0.25 -0.4 -0.35 -0.33 -0.11
MAR 2017 0 0.25 -0.4 -0.35 -0.33 -0.11
ABR 2017 0 0.25 -0.4 -0.36 -0.33 -0.12
MAY 2017 0 0.25 -0.4 -0.36 -0.33 -0.13
JUN 2017 0 0.25 -0.4 -0.36 -0.33 -0.15
JUL 2017 0 0.25 -0.4 -0.36 -0.33 -0.15
AGO 2017 0 0.25 -0.4 -0.36 -0.33 -0.16
SEP 2017 0 0.25 -0.4 -0.36 -0.33 -0.17
OCT 2017 0 0.25 -0.4 -0.36 -0.33 -0.18
NOV 2017 0 0.25 -0.4 -0.35 -0.33 -0.19
DIC 2017 0 0.25 -0.4 -0.34 -0.33 -0.19
ENE 2018 0 0.25 -0.4 -0.36 -0.33 -0.19
FEB 2018 0 0.25 -0.4 -0.36 -0.33 -0.19
MAR 2018 0 0.25 -0.4 -0.36 -0.33 -0.19
ABR 2018 0 0.25 -0.4 -0.37 -0.33 -0.19
MAY 2018 0 0.25 -0.4 -0.36 -0.33 -0.19
JUN 2018 0 0.25 -0.4 -0.36 -0.32 -0.18
JUL 2018 0 0.25 -0.4 -0.36 -0.32 -0.18
AGO 2018 0 0.25 -0.4 -0.36 -0.32 -0.17
SEP 2018 0 0.25 -0.4 -0.36 -0.32 -0.17
OCT 2018 0 0.25 -0.4 -0.37 -0.32 -0.15
NOV 2018 0 0.25 -0.4 -0.36 -0.32 -0.15
DIC 2018 0 0.25 -0.4 -0.36 -0.31 -0.13
ENE 2019 0 0.25 -0.4 -0.37 -0.31 -0.12
FEB 2019 0 0.25 -0.4 -0.37 -0.31 -0.11
MAR 2019 0 0.25 -0.4 -0.37 -0.31 -0.11
ABR 2019 0 0.25 -0.4 -0.37 -0.31 -0.11
MAY 2019 0 0.25 -0.4 -0.37 -0.31 -0.13
JUN 2019 0 0.25 -0.4 -0.36 -0.33 -0.19
JUL 2019 0 0.25 -0.4 -0.37 -0.36 -0.28
AGO 2019 0 0.25 -0.4 -0.36 -0.41 -0.36
SEP 2019 0 0.25 -0.5 -0.40 -0.42 -0.34
OCT 2019 0 0.25 -0.5 -0.46 -0.41 -0.30
NOV 2019 0 0.25 -0.5 -0.45 -0.40 -0.27
DIC 2019 0 0.25 -0.5 -0.46 -0.39 -0.26
ENE 2020 0 0.25 -0.5 -0.45 -0.39 -0.25
FEB 2020 0 0.25 -0.5 -0.45 -0.41 -0.29
MAR 2020 0 0.25 -0.5 -0.45 -0.42 -0.27
ABR 2020 0 0.25 -0.5 -0.45 -0.25 -0.11
MAY 2020 0 0.25 -0.5 -0.46 -0.27 -0.08
JUN 2020 0 0.25 -0.5 -0.46 -0.38 -0.15
JUL 2020 0 0.25 -0.5 -0.46 -0.44 -0.28
AGO 2020 0 0.25 -0.5 -0.47 -0.48 -0.36
SEP 2020 0 0.25 -0.5 -0.47 -0.49 -0.42
OCT 2020 0 0.25 -0.5 -0.47 -0.51 -0.47
NOV 2020 0 0.25 -0.5 -0.47 -0.52 -0.48
DIC 2020 0 0.25 -0.5 -0.47 -0.54 -0.50
ENE 2021 0 0.25 -0.5 -0.48 -0.55 -0.51
FEB 2021 0 0.25 -0.5 -0.48 -0.54 -0.50
MAR 2021 0 0.25 -0.5 -0.48 -0.54 -0.49
ABR 2021 0 0.25 -0.5 -0.48 -0.54 -0.48
MAY 2021 0 0.25 -0.5 -0.48 -0.54 -0.48
JUN 2021 0 0.25 -0.5 -0.48 -0.54 -0.48
JUL 2021 0 0.25 -0.5 -0.48 -0.55 -0.49
AGO 2021 0 0.25 -0.5 -0.48 -0.55 -0.50
SEP 2021 0 0.25 -0.5 -0.49 -0.55 -0.49
OCT 2021 0 0.25 -0.5 -0.49 -0.55 -0.48
NOV 2021 0 0.25 -0.5 -0.49 -0.57 -0.49
Etc.
-1
0
1
2
3
4
5
6
ENE 1999
JUL 1999
ENE 2000
JUL 2000
ENE 2001

Pasillo asimétrico.
JUL 2001
ENE 2002
JUL 2002

Interbancarios negativos.
ENE 2003
JUL 2003
ENE 2004

Se reduce la amplitud del pasillo.

JUL 2004
ENE 2005
JUL 2005

Tipo negativo de la facilidad de depósito.

ENE 2006
JUL 2006
ENE 2007
JUL 2007

El EURIBOR a 12 meses puede salirse del "pasillo".

ENE 2008

El EONIA pasa de ir por el centro del "pasillo" al suelo.

JUL 2008
ENE 2009
JUL 2009
ENE 2010
JUL 2010
ENE 2011
JUL 2011
ENE 2012
JUL 2012
ENE 2013
JUL 2013
ENE 2014
JUL 2014
ENE 2015
JUL 2015
ENE 2016
JUL 2016
ENE 2017
JUL 2017
ENE 2018
JUL 2018
ENE 2019
JUL 2019
ENE 2020
JUL 2020
ENE 2021
JUL 2021
 tipo interés operaciones principales de financiación

tipo interés facilidad de crédito

tipo interés facilidad de depósito

interés de los depósitos del mercado monetario a 1 día

(EONIA)

interés de los depósitos del mercado monetario a 3 meses

(EURIBOR 3 meses)

interés de los depósitos del mercado monetario a 12 meses

(EURIBOR 12 meses)
ENE 2017

JUL 2018
ENE 2019

ENE 2020
JUL 2020
ENE 2021
JUL 2021
JUL 2017
ENE 2018

JUL 2019
 interés 10
años -
interés a 2 interés a 10 interés 2
años años años recesión
1976-06 7.06 7.86 0.8 0
1976-07 6.85 7.83 0.98 0 16
1976-08 6.63 7.77 1.14 0
1976-09 6.42 7.59 1.17 0
14
1976-10 5.98 7.41 1.43 0
1976-11 5.81 7.29 1.48 0
1976-12 5.38 6.87 1.49 0 12
1977-01 5.9 7.21 1.31 0
1977-02 6.09 7.39 1.3 0
10
1977-03 6.09 7.46 1.37 0
1977-04 5.96 7.37 1.41 0
1977-05 6.25 7.46 1.21 0 8
1977-06 6.13 7.28 1.15 0
1977-07 6.27 7.33 1.06 0
6
1977-08 6.61 7.4 0.79 0
1977-09 6.71 7.34 0.63 0
1977-10 7.11 7.52 0.41 0 4
1977-11 7.14 7.58 0.44 0
1977-12 7.18 7.69 0.51 0 2
1978-01 7.49 7.96 0.47 0
1978-02 7.57 8.03 0.46 0
1978-03 7.58 8.04 0.46 0 0

1976-07

1978-07

1980-07

1982-07

1984-07

1986-07

1988-07

1990-07
1977-07

1979-07

1981-07

1983-07

1985-07

1987-07

1989-07
1978-04 7.74 8.15 0.41 0
1978-05 8.01 8.35 0.34 0 -2
1978-06 8.24 8.46 0.22 0 interés a 2 años int
1978-07 8.49 8.64 0.15 0
1978-08 8.37 8.41 0.04 0
1978-09 8.57 8.42 -0.15 0 Apartado b)
1978-10 8.85 8.64 -0.21 0
De acuerdo con la teoría de la estructura t
1978-11 9.42 8.81 -0.61 0 tanto los tipos a corto estaban por encima
1978-12 9.72 9.01 -0.71 0 que lo que postula esta teoría es que los ti
1979-01 9.86 9.1 -0.76 0 interés a corto plazo actuales y los tipos d
se esperaba una caída en la inflación y/o u
1979-02 9.72 9.1 -0.62 0 interés oficiales para estimular la demand
1979-03 9.79 9.12 -0.67 0 En cuanto a si se verificaron esas expectati
1979-04 9.78 9.18 -0.6 0 Apartado c)
1979-05 9.78 9.25 -0.53 0
1979-06 9.22 8.91 -0.31 0 La respuesta es que, en general, se observ
económica en EEUU, según las fechas indi
1979-07 9.14 8.95 -0.19 0 que los mercados esperaban bajadas de ti
1979-08 9.46 9.03 -0.43 0 razón, los momentos en los que se han pro
1979-09 10.06 9.33 -0.73 0 adelantados de una recesión económica.
1979-10 11.49 10.3 -1.19 0 Apartado d)

Observe que en el tercer trimestre de 201

entre el tipo a 10 años y a 2 años fue apro
 que los mercados esperaban bajadas de ti
razón, los momentos en los que se han pro
adelantados de una recesión económica.

Apartado d)
1979-11 11.81 10.65 -1.16 0
1979-12 11.39 10.39 -1 0 Observe que en el tercer trimestre de 201
entre el tipo a 10 años y a 2 años fue apro
1980-01 11.5 10.8 -0.7 0
1980-02 13.42 12.41 -1.01 1
1980-03 14.88 12.75 -2.13 1
1980-04 12.5 11.47 -1.03 1
1980-05 9.45 10.18 0.73 1
1980-06 8.73 9.78 1.05 1
1980-07 9.03 10.25 1.22 1
1980-08 10.53 11.1 0.57 0
1980-09 11.57 11.51 -0.06 0
1980-10 12.09 11.75 -0.34 0
1980-11 13.51 12.68 -0.83 0
1980-12 14.08 12.84 -1.24 0
1981-01 13.26 12.57 -0.69 0
1981-02 13.92 13.19 -0.73 0
1981-03 13.57 13.12 -0.45 0
1981-04 14.15 13.68 -0.47 0
1981-05 15.46 14.1 -1.36 0
1981-06 14.51 13.47 -1.04 0
1981-07 15.35 14.28 -1.07 0
1981-08 16.28 14.94 -1.34 1
1981-09 16.46 15.32 -1.14 1
1981-10 15.54 15.15 -0.39 1
1981-11 12.88 13.39 0.51 1
1981-12 13.29 13.72 0.43 1
1982-01 14.57 14.59 0.02 1
1982-02 14.82 14.43 -0.39 1
1982-03 14.19 13.86 -0.33 1
1982-04 14.2 13.87 -0.33 1
1982-05 13.78 13.62 -0.16 1
1982-06 14.47 14.3 -0.17 1
1982-07 13.8 13.95 0.15 1
1982-08 12.32 13.06 0.74 1
1982-09 11.78 12.34 0.56 1
1982-10 10.19 10.91 0.72 1
1982-11 9.8 10.55 0.75 1
1982-12 9.66 10.54 0.88 0
1983-01 9.33 10.46 1.13 0
1983-02 9.64 10.72 1.08 0
1983-03 9.66 10.51 0.85 0
1983-04 9.57 10.4 0.83 0
1983-05 9.49 10.38 0.89 0
1983-06 10.18 10.85 0.67 0
1983-07 10.69 11.38 0.69 0
1983-08 11.07 11.85 0.78 0
1983-09 10.79 11.65 0.86 0
1983-10 10.57 11.54 0.97 0
1983-11 10.66 11.69 1.03 0
1983-12 10.84 11.83 0.99 0
1984-01 10.64 11.67 1.03 0
1984-02 10.79 11.84 1.05 0
1984-03 11.31 12.32 1.01 0
1984-04 11.69 12.63 0.94 0
1984-05 12.47 13.41 0.94 0
1984-06 12.91 13.56 0.65 0
1984-07 12.88 13.36 0.48 0
1984-08 12.43 12.72 0.29 0
1984-09 12.2 12.52 0.32 0
1984-10 11.6 12.16 0.56 0
1984-11 10.65 11.57 0.92 0
1984-12 10.18 11.5 1.32 0
1985-01 9.93 11.38 1.45 0
1985-02 10.17 11.51 1.34 0
1985-03 10.71 11.86 1.15 0
1985-04 10.09 11.43 1.34 0
1985-05 9.39 10.85 1.46 0
1985-06 8.69 10.16 1.47 0
1985-07 8.77 10.31 1.54 0
1985-08 8.94 10.33 1.39 0
1985-09 8.98 10.37 1.39 0
1985-10 8.86 10.24 1.38 0
1985-11 8.58 9.78 1.2 0
1985-12 8.15 9.26 1.11 0
1986-01 8.14 9.19 1.05 0
1986-02 7.97 8.7 0.73 0
1986-03 7.21 7.78 0.57 0
1986-04 6.7 7.3 0.6 0
1986-05 7.07 7.71 0.64 0
1986-06 7.18 7.8 0.62 0
1986-07 6.67 7.3 0.63 0
1986-08 6.33 7.17 0.84 0
1986-09 6.35 7.45 1.1 0
1986-10 6.28 7.43 1.15 0
1986-11 6.28 7.25 0.97 0
1986-12 6.27 7.11 0.84 0
1987-01 6.23 7.08 0.85 0
1987-02 6.4 7.25 0.85 0
1987-03 6.42 7.25 0.83 0
1987-04 7.02 8.02 1 0
1987-05 7.76 8.61 0.85 0
1987-06 7.57 8.4 0.83 0
1987-07 7.44 8.45 1.01 0
1987-08 7.75 8.76 1.01 0
1987-09 8.34 9.42 1.08 0
1987-10 8.4 9.52 1.12 0
1987-11 7.69 8.86 1.17 0
1987-12 7.86 8.99 1.13 0
1988-01 7.63 8.67 1.04 0
1988-02 7.18 8.21 1.03 0
1988-03 7.27 8.37 1.1 0
1988-04 7.59 8.72 1.13 0
1988-05 8 9.09 1.09 0
1988-06 8.03 8.92 0.89 0
1988-07 8.28 9.06 0.78 0
1988-08 8.63 9.26 0.63 0
1988-09 8.46 8.98 0.52 0
1988-10 8.35 8.8 0.45 0
1988-11 8.67 8.96 0.29 0
1988-12 9.09 9.11 0.02 0
1989-01 9.18 9.09 -0.09 0
1989-02 9.37 9.17 -0.2 0
1989-03 9.68 9.36 -0.32 0
1989-04 9.45 9.18 -0.27 0
1989-05 9.02 8.86 -0.16 0
1989-06 8.41 8.28 -0.13 0
1989-07 7.82 8.02 0.2 0
1989-08 8.14 8.11 -0.03 0
1989-09 8.28 8.19 -0.09 0
1989-10 7.98 8.01 0.03 0
1989-11 7.8 7.87 0.07 0
1989-12 7.78 7.84 0.06 0
1990-01 8.09 8.21 0.12 0
1990-02 8.37 8.47 0.1 0
1990-03 8.63 8.59 -0.04 0
1990-04 8.72 8.79 0.07 0
1990-05 8.64 8.76 0.12 0
1990-06 8.35 8.48 0.13 0
1990-07 8.16 8.47 0.31 0
1990-08 8.06 8.75 0.69 1
1990-09 8.08 8.89 0.81 1
1990-10 7.88 8.72 0.84 1
1990-11 7.6 8.39 0.79 1
1990-12 7.31 8.08 0.77 1
1991-01 7.13 8.09 0.96 1
1991-02 6.87 7.85 0.98 1
1991-03 7.1 8.11 1.01 1
1991-04 6.95 8.04 1.09 0
1991-05 6.78 8.07 1.29 0
1991-06 6.96 8.28 1.32 0
1991-07 6.92 8.27 1.35 0
1991-08 6.43 7.9 1.47 0
1991-09 6.18 7.65 1.47 0
1991-10 5.91 7.53 1.62 0
1991-11 5.56 7.42 1.86 0
1991-12 5.03 7.09 2.06 0
1992-01 4.96 7.03 2.07 0
1992-02 5.21 7.34 2.13 0
1992-03 5.69 7.54 1.85 0
1992-04 5.34 7.48 2.14 0
1992-05 5.23 7.39 2.16 0
1992-06 5.05 7.26 2.21 0
1992-07 4.36 6.84 2.48 0
1992-08 4.19 6.59 2.4 0
1992-09 3.89 6.42 2.53 0
1992-10 4.08 6.59 2.51 0
1992-11 4.58 6.87 2.29 0
1992-12 4.67 6.77 2.1 0
1993-01 4.39 6.6 2.21 0
1993-02 4.1 6.26 2.16 0
1993-03 3.95 5.98 2.03 0
1993-04 3.84 5.97 2.13 0
1993-05 3.98 6.04 2.06 0
1993-06 4.16 5.96 1.8 0
1993-07 4.07 5.81 1.74 0
1993-08 4 5.68 1.68 0
1993-09 3.85 5.36 1.51 0
1993-10 3.87 5.33 1.46 0
1993-11 4.16 5.72 1.56 0
1993-12 4.21 5.77 1.56 0
1994-01 4.14 5.75 1.61 0
1994-02 4.47 5.97 1.5 0
1994-03 5 6.48 1.48 0
1994-04 5.55 6.97 1.42 0
1994-05 5.97 7.18 1.21 0
1994-06 5.93 7.1 1.17 0
1994-07 6.13 7.3 1.17 0
1994-08 6.18 7.24 1.06 0
1994-09 6.39 7.46 1.07 0
1994-10 6.73 7.74 1.01 0
1994-11 7.15 7.96 0.81 0
1994-12 7.59 7.81 0.22 0
1995-01 7.51 7.78 0.27 0
1995-02 7.11 7.47 0.36 0
1995-03 6.78 7.2 0.42 0
1995-04 6.57 7.06 0.49 0
1995-05 6.17 6.63 0.46 0
1995-06 5.72 6.17 0.45 0
1995-07 5.78 6.28 0.5 0
1995-08 5.98 6.49 0.51 0
1995-09 5.81 6.2 0.39 0
1995-10 5.7 6.04 0.34 0
1995-11 5.48 5.93 0.45 0
1995-12 5.32 5.71 0.39 0
1996-01 5.11 5.65 0.54 0
1996-02 5.03 5.81 0.78 0
1996-03 5.66 6.27 0.61 0
1996-04 5.96 6.51 0.55 0
1996-05 6.1 6.74 0.64 0
1996-06 6.3 6.91 0.61 0
1996-07 6.27 6.87 0.6 0
1996-08 6.03 6.64 0.61 0
1996-09 6.23 6.83 0.6 0
1996-10 5.91 6.53 0.62 0
1996-11 5.7 6.2 0.5 0
1996-12 5.78 6.3 0.52 0
1997-01 6.01 6.58 0.57 0
1997-02 5.9 6.42 0.52 0
1997-03 6.22 6.69 0.47 0
1997-04 6.45 6.89 0.44 0
1997-05 6.28 6.71 0.43 0
1997-06 6.09 6.49 0.4 0
1997-07 5.89 6.22 0.33 0
1997-08 5.94 6.3 0.36 0
1997-09 5.88 6.21 0.33 0
1997-10 5.77 6.03 0.26 0
1997-11 5.71 5.88 0.17 0
1997-12 5.72 5.81 0.09 0
1998-01 5.36 5.54 0.18 0
1998-02 5.42 5.57 0.15 0
1998-03 5.56 5.65 0.09 0
1998-04 5.56 5.64 0.08 0
1998-05 5.59 5.65 0.06 0
1998-06 5.52 5.5 -0.02 0
1998-07 5.46 5.46 0 0
1998-08 5.27 5.34 0.07 0
1998-09 4.67 4.81 0.14 0
1998-10 4.09 4.53 0.44 0
1998-11 4.54 4.83 0.29 0
1998-12 4.51 4.65 0.14 0
1999-01 4.62 4.72 0.1 0
1999-02 4.88 5 0.12 0
1999-03 5.05 5.23 0.18 0
1999-04 4.98 5.18 0.2 0
1999-05 5.25 5.54 0.29 0
1999-06 5.62 5.9 0.28 0
1999-07 5.55 5.79 0.24 0
1999-08 5.68 5.94 0.26 0
1999-09 5.66 5.92 0.26 0
1999-10 5.86 6.11 0.25 0
1999-11 5.86 6.03 0.17 0
1999-12 6.1 6.28 0.18 0
2000-01 6.44 6.66 0.22 0
2000-02 6.61 6.52 -0.09 0
2000-03 6.53 6.26 -0.27 0
2000-04 6.4 5.99 -0.41 0
2000-05 6.81 6.44 -0.37 0
2000-06 6.48 6.1 -0.38 0
2000-07 6.34 6.05 -0.29 0
2000-08 6.23 5.83 -0.4 0
2000-09 6.08 5.8 -0.28 0
2000-10 5.91 5.74 -0.17 0
2000-11 5.88 5.72 -0.16 0
2000-12 5.35 5.24 -0.11 0
2001-01 4.76 5.16 0.4 0
2001-02 4.66 5.1 0.44 0
2001-03 4.34 4.89 0.55 0
2001-04 4.23 5.14 0.91 1
2001-05 4.26 5.39 1.13 1
2001-06 4.08 5.28 1.2 1
2001-07 4.04 5.24 1.2 1
2001-08 3.76 4.97 1.21 1
2001-09 3.12 4.73 1.61 1
2001-10 2.73 4.57 1.84 1
2001-11 2.78 4.65 1.87 1
2001-12 3.11 5.09 1.98 0
2002-01 3.03 5.04 2.01 0
2002-02 3.02 4.91 1.89 0
2002-03 3.56 5.28 1.72 0
2002-04 3.42 5.21 1.79 0
2002-05 3.26 5.16 1.9 0
2002-06 2.99 4.93 1.94 0
2002-07 2.56 4.65 2.09 0
2002-08 2.13 4.26 2.13 0
2002-09 2 3.87 1.87 0
2002-10 1.91 3.94 2.03 0
2002-11 1.92 4.05 2.13 0
2002-12 1.84 4.03 2.19 0
2003-01 1.74 4.05 2.31 0
2003-02 1.63 3.9 2.27 0
2003-03 1.57 3.81 2.24 0
2003-04 1.62 3.96 2.34 0
2003-05 1.42 3.57 2.15 0
2003-06 1.23 3.33 2.1 0
2003-07 1.47 3.98 2.51 0
2003-08 1.86 4.45 2.59 0
2003-09 1.71 4.27 2.56 0
2003-10 1.75 4.29 2.54 0
2003-11 1.93 4.3 2.37 0
2003-12 1.91 4.27 2.36 0
2004-01 1.76 4.15 2.39 0
2004-02 1.74 4.08 2.34 0
2004-03 1.58 3.83 2.25 0
2004-04 2.07 4.35 2.28 0
2004-05 2.53 4.72 2.19 0
2004-06 2.76 4.73 1.97 0
2004-07 2.64 4.5 1.86 0
2004-08 2.51 4.28 1.77 0
2004-09 2.53 4.13 1.6 0
2004-10 2.58 4.1 1.52 0
2004-11 2.85 4.19 1.34 0
2004-12 3.01 4.23 1.22 0
2005-01 3.22 4.22 1 0
2005-02 3.38 4.17 0.79 0
2005-03 3.73 4.5 0.77 0
2005-04 3.65 4.34 0.69 0
2005-05 3.64 4.14 0.5 0
2005-06 3.64 4 0.36 0
2005-07 3.87 4.18 0.31 0
2005-08 4.04 4.26 0.22 0
2005-09 3.95 4.2 0.25 0
2005-10 4.27 4.46 0.19 0
2005-11 4.42 4.54 0.12 0
2005-12 4.4 4.47 0.07 0
2006-01 4.4 4.42 0.02 0
2006-02 4.67 4.57 -0.1 0
2006-03 4.73 4.72 -0.01 0
2006-04 4.89 4.99 0.1 0
2006-05 4.97 5.11 0.14 0
2006-06 5.12 5.11 -0.01 0
2006-07 5.12 5.09 -0.03 0
2006-08 4.9 4.88 -0.02 0
2006-09 4.77 4.72 -0.05 0
2006-10 4.8 4.73 -0.07 0
2006-11 4.74 4.6 -0.14 0
2006-12 4.67 4.56 -0.11 0
2007-01 4.88 4.76 -0.12 0
2007-02 4.85 4.72 -0.13 0
2007-03 4.57 4.56 -0.01 0
2007-04 4.67 4.69 0.02 0
2007-05 4.77 4.75 -0.02 0
2007-06 4.98 5.1 0.12 0
2007-07 4.82 5 0.18 0
2007-08 4.31 4.67 0.36 0
2007-09 4.01 4.52 0.51 0
2007-10 3.97 4.53 0.56 0
2007-11 3.34 4.15 0.81 0
2007-12 3.12 4.1 0.98 0
2008-01 2.48 3.74 1.26 1
2008-02 1.97 3.74 1.77 1
2008-03 1.62 3.51 1.89 1
2008-04 2.05 3.68 1.63 1
2008-05 2.45 3.88 1.43 1
2008-06 2.77 4.1 1.33 1
2008-07 2.57 4.01 1.44 1
2008-08 2.42 3.89 1.47 1
2008-09 2.08 3.69 1.61 1
2008-10 1.61 3.81 2.2 1
2008-11 1.21 3.53 2.32 1
2008-12 0.82 2.42 1.6 1
2009-01 0.81 2.52 1.71 1
2009-02 0.98 2.87 1.89 1
2009-03 0.93 2.82 1.89 1
2009-04 0.93 2.93 2 1
2009-05 0.93 3.29 2.36 1
2009-06 1.18 3.72 2.54 1
2009-07 1.02 3.56 2.54 0
2009-08 1.12 3.59 2.47 0
2009-09 0.96 3.4 2.44 0
2009-10 0.95 3.39 2.44 0
2009-11 0.8 3.4 2.6 0
2009-12 0.87 3.59 2.72 0
2010-01 0.93 3.73 2.8 0
2010-02 0.86 3.69 2.83 0
2010-03 0.96 3.73 2.77 0
2010-04 1.06 3.85 2.79 0
2010-05 0.83 3.42 2.59 0
2010-06 0.72 3.2 2.48 0
2010-07 0.62 3.01 2.39 0
2010-08 0.52 2.7 2.18 0
2010-09 0.48 2.65 2.17 0
2010-10 0.38 2.54 2.16 0
2010-11 0.45 2.76 2.31 0
2010-12 0.62 3.29 2.67 0
2011-01 0.61 3.39 2.78 0
2011-02 0.77 3.58 2.81 0
2011-03 0.7 3.41 2.71 0
2011-04 0.73 3.46 2.73 0
2011-05 0.56 3.17 2.61 0
2011-06 0.41 3 2.59 0
2011-07 0.41 3 2.59 0
2011-08 0.23 2.3 2.07 0
2011-09 0.21 1.98 1.77 0
2011-10 0.28 2.15 1.87 0
2011-11 0.25 2.01 1.76 0
2011-12 0.26 1.98 1.72 0
2012-01 0.24 1.97 1.73 0
2012-02 0.28 1.97 1.69 0
2012-03 0.34 2.17 1.83 0
2012-04 0.29 2.05 1.76 0
2012-05 0.29 1.8 1.51 0
2012-06 0.29 1.62 1.33 0
2012-07 0.25 1.53 1.28 0
2012-08 0.27 1.68 1.41 0
2012-09 0.26 1.72 1.46 0
2012-10 0.28 1.75 1.47 0
2012-11 0.27 1.65 1.38 0
2012-12 0.26 1.72 1.46 0
2013-01 0.27 1.91 1.64 0
2013-02 0.27 1.98 1.71 0
2013-03 0.26 1.96 1.7 0
2013-04 0.23 1.76 1.53 0
2013-05 0.25 1.93 1.68 0
2013-06 0.33 2.3 1.97 0
2013-07 0.34 2.58 2.24 0
2013-08 0.36 2.74 2.38 0
2013-09 0.4 2.81 2.41 0
2013-10 0.34 2.62 2.28 0
2013-11 0.3 2.72 2.42 0
2013-12 0.34 2.9 2.56 0
2014-01 0.39 2.86 2.47 0
2014-02 0.33 2.71 2.38 0
2014-03 0.4 2.72 2.32 0
2014-04 0.42 2.71 2.29 0
2014-05 0.39 2.56 2.17 0
2014-06 0.45 2.6 2.15 0
2014-07 0.51 2.54 2.03 0
2014-08 0.47 2.42 1.95 0
2014-09 0.57 2.53 1.96 0
2014-10 0.45 2.3 1.85 0
2014-11 0.53 2.33 1.8 0
2014-12 0.64 2.21 1.57 0
2015-01 0.55 1.88 1.33 0
2015-02 0.62 1.98 1.36 0
2015-03 0.64 2.04 1.4 0
2015-04 0.54 1.94 1.4 0
2015-05 0.61 2.2 1.59 0
2015-06 0.69 2.36 1.67 0
2015-07 0.67 2.32 1.65 0
2015-08 0.7 2.17 1.47 0
2015-09 0.71 2.17 1.46 0
2015-10 0.64 2.07 1.43 0
2015-11 0.88 2.26 1.38 0
2015-12 0.98 2.24 1.26 0
2016-01 0.9 2.09 1.19 0
2016-02 0.73 1.78 1.05 0
2016-03 0.88 1.89 1.01 0
2016-04 0.77 1.81 1.04 0
2016-05 0.82 1.81 0.99 0
2016-06 0.73 1.64 0.91 0
2016-07 0.67 1.5 0.83 0
2016-08 0.74 1.56 0.82 0
2016-09 0.77 1.63 0.86 0
2016-10 0.84 1.76 0.92 0
2016-11 0.98 2.14 1.16 0
2016-12 1.2 2.49 1.29 0
2017-01 1.21 2.43 1.22 0
2017-02 1.2 2.42 1.22 0
2017-03 1.31 2.48 1.17 0
2017-04 1.24 2.3 1.06 0
2017-05 1.3 2.3 1 0
2017-06 1.34 2.19 0.85 0
2017-07 1.37 2.32 0.95 0
2017-08 1.34 2.21 0.87 0
2017-09 1.38 2.2 0.82 0
2017-10 1.55 2.36 0.81 0
2017-11 1.7 2.35 0.65 0
2017-12 1.84 2.4 0.56 0
2018-01 2.03 2.58 0.55 0
2018-02 2.18 2.86 0.68 0
2018-03 2.28 2.84 0.56 0
2018-04 2.38 2.87 0.49 0
2018-05 2.51 2.98 0.47 0
2018-06 2.53 2.91 0.38 0
2018-07 2.61 2.89 0.28 0
2018-08 2.64 2.89 0.25 0
2018-09 2.77 3 0.23 0
2018-10 2.86 3.15 0.29 0
2018-11 2.86 3.12 0.26 0
2018-12 2.68 2.83 0.15 0
2019-01 2.54 2.71 0.17 0
2019-02 2.5 2.68 0.18 0
2019-03 2.41 2.57 0.16 0
2019-04 2.34 2.53 0.19 0
2019-05 2.21 2.4 0.19 0
2019-06 1.81 2.07 0.26 0
2019-07 1.84 2.06 0.22 0
2019-08 1.57 1.63 0.06 0
2019-09 1.65 1.7 0.05 0
2019-10 1.55 1.71 0.16 0
2019-11 1.61 1.81 0.2 0
2019-12 1.61 1.86 0.25 0
2020-01 1.52 1.76 0.24 0
2020-02 1.33 1.5 0.17 1
2020-03 0.45 0.87 0.42 1
2020-04 0.22 0.66 0.44 0
2020-05 0.17 0.67 0.5 0
2020-06 0.19 0.73 0.54 0
2020-07 0.15 0.62 0.47 0
2020-08 0.14 0.65 0.51 0
2020-09 0.13 0.68 0.55 0
2020-10 0.15 0.79 0.64 0
2020-11 0.17 0.87 0.7 0
2020-12 0.14 0.93 0.79 0
2021-01 0.13 1.08 0.95 0
2021-02 0.12 1.26 1.14 0
2021-03 0.15 1.61 1.46 0
2021-04 0.16 1.64 1.48 0
2021-05 0.16 1.62 1.46 0
2021-06 0.2 1.52 1.32 0
2021-07 0.22 1.32 1.1 0
2021-08 0.22 1.28 1.06 0
2021-09 0.24 1.37 1.13 0
2021-10 0.39 1.58 1.19 0
2021-11 0.51 1.56 1.05 0
1980-07

1982-07

1984-07

1986-07

1988-07

1990-07

1992-07

1994-07
1995-07
1996-07

1999-07

2001-07

2003-07

2005-07

2007-07

2009-07

2011-07

2013-07

2017-07
2018-07

2021-07
1981-07

1983-07

1985-07

1987-07

1989-07

1991-07

1993-07

1997-07
1998-07

2000-07

2002-07

2004-07

2006-07

2008-07

2010-07

2012-07

2014-07
2015-07
2016-07

2019-07
2020-07

interés a 2 años interés a 10 años interés 10 años - interés 2 años recesión

la teoría de la estructura temporal de los tipos de interés, en los momentos en los que el diferencial era negativo (y por
a corto estaban por encima de los tipos a largo) era porque se esperaba que los tipos a corto iban a bajar en el futuro (ya
ula esta teoría es que los tipos de interés a largo plazo son aproximadamente iguales a la media entre los tipos de
plazo actuales y los tipos de interés a corto plazo esperados hasta que venza la inversión de largo plazo), y eso es porque
a caída en la inflación y/o una reducción en la actividad económica, lo que llevaría al banco central a reducir los tipos de
para estimular la demanda agregada.
e verificaron esas expectativas sobre los tipos de interés a corto plazo en el futuro, la respuesta es que, en general, sí.

que, en general, se observa que hubo un diferencial negativo de tipos de interés antes de que empezara una recesión
EEUU, según las fechas indicadas por el National Bureau of Economic Research (NBER). Este diferencial negativo significa
os esperaban bajadas de tipos en el futuro porque consideraban que se avecinaba un enfriamiento económico. Por esta
entos en los que se han producido esos diferenciales negativos han servido habitualmente como indicadores
una recesión económica.

n el tercer trimestre de 2019 la diferencia entre el tipo a 10 años y a 3 meses fue negativa, mientras que la diferencia
10 años y a 2 años fue aproximadamente cero.
os esperaban bajadas de tipos en el futuro porque consideraban que se avecinaba un enfriamiento económico. Por esta
entos en los que se han producido esos diferenciales negativos han servido habitualmente como indicadores
una recesión económica.

n el tercer trimestre de 2019 la diferencia entre el tipo a 10 años y a 3 meses fue negativa, mientras que la diferencia
10 años y a 2 años fue aproximadamente cero.
 tivo (y por
futuro (ya
s de
es porque
os tipos de

neral, sí.

recesión
o significa
o. Por esta

erencia
o. Por esta

erencia
 interés 10
años -
interés a 3 interés a 10 interés 3
meses años meses recesión
1981-09 15.61 15.32 -0.29 1 16
1981-10 14.23 15.15 0.92 1
1981-11 11.35 13.39 2.04 1
1981-12 11.32 13.72 2.4 1 14
1982-01 12.92 14.59 1.67 1
1982-02 14.28 14.43 0.15 1 12
1982-03 13.31 13.86 0.55 1
1982-04 13.34 13.87 0.53 1
1982-05 12.71 13.62 0.91 1 10
1982-06 13.08 14.3 1.22 1
1982-07 11.86 13.95 2.09 1
8
1982-08 9 13.06 4.06 1
1982-09 8.19 12.34 4.15 1
1982-10 7.97 10.91 2.94 1 6
1982-11 8.35 10.55 2.2 1
1982-12 8.2 10.54 2.34 0
4
1983-01 8.12 10.46 2.34 0
1983-02 8.39 10.72 2.33 0
1983-03 8.66 10.51 1.85 0 2
1983-04 8.51 10.4 1.89 0
1983-05 8.5 10.38 1.88 0
0
1983-06 9.14 10.85 1.71 0
1981-09
1982-07
1983-05

1985-01

1987-07

1989-03
1990-01
1990-11
1991-09
1984-03

1985-11
1986-09

1988-05

1992-07
1993-05
1994-03
1983-07 9.45 11.38 1.93 0
1983-08 9.74 11.85 2.11 0 -2
1983-09 9.36 11.65 2.29 0 interés a 3 meses int
1983-10 8.99 11.54 2.55 0
1983-11 9.11 11.69 2.58 0
1983-12 9.36 11.83 2.47 0
1984-01 9.26 11.67 2.41 0
1984-02 9.46 11.84 2.38 0
1984-03 9.89 12.32 2.43 0
1984-04 10.07 12.63 2.56 0
1984-05 10.22 13.41 3.19 0
1984-06 10.26 13.56 3.3 0
1984-07 10.53 13.36 2.83 0
1984-08 10.9 12.72 1.82 0
1984-09 10.8 12.52 1.72 0
1984-10 10.12 12.16 2.04 0
1984-11 8.92 11.57 2.65 0
1984-12 8.34 11.5 3.16 0
1985-01 8.02 11.38 3.36 0
1985-02 8.56 11.51 2.95 0
1985-03 8.83 11.86 3.03 0
1985-04 8.22 11.43 3.21 0
1985-05 7.73 10.85 3.12 0
1985-06 7.18 10.16 2.98 0
1985-07 7.32 10.31 2.99 0
1985-08 7.37 10.33 2.96 0
1985-09 7.33 10.37 3.04 0
1985-10 7.4 10.24 2.84 0
1985-11 7.48 9.78 2.3 0
1985-12 7.33 9.26 1.93 0
1986-01 7.3 9.19 1.89 0
1986-02 7.29 8.7 1.41 0
1986-03 6.76 7.78 1.02 0
1986-04 6.24 7.3 1.06 0
1986-05 6.33 7.71 1.38 0
1986-06 6.4 7.8 1.4 0
1986-07 6 7.3 1.3 0
1986-08 5.69 7.17 1.48 0
1986-09 5.35 7.45 2.1 0
1986-10 5.32 7.43 2.11 0
1986-11 5.5 7.25 1.75 0
1986-12 5.68 7.11 1.43 0
1987-01 5.58 7.08 1.5 0
1987-02 5.75 7.25 1.5 0
1987-03 5.77 7.25 1.48 0
1987-04 5.82 8.02 2.2 0
1987-05 5.85 8.61 2.76 0
1987-06 5.85 8.4 2.55 0
1987-07 5.88 8.45 2.57 0
1987-08 6.23 8.76 2.53 0
1987-09 6.62 9.42 2.8 0
1987-10 6.35 9.52 3.17 0
1987-11 5.89 8.86 2.97 0
1987-12 5.96 8.99 3.03 0
1988-01 6 8.67 2.67 0
1988-02 5.84 8.21 2.37 0
1988-03 5.87 8.37 2.5 0
1988-04 6.08 8.72 2.64 0
1988-05 6.45 9.09 2.64 0
1988-06 6.66 8.92 2.26 0
1988-07 6.95 9.06 2.11 0
1988-08 7.3 9.26 1.96 0
1988-09 7.48 8.98 1.5 0
1988-10 7.6 8.8 1.2 0
1988-11 8.03 8.96 0.93 0
1988-12 8.35 9.11 0.76 0
1989-01 8.56 9.09 0.53 0
1989-02 8.84 9.17 0.33 0
1989-03 9.14 9.36 0.22 0
1989-04 8.96 9.18 0.22 0
1989-05 8.74 8.86 0.12 0
1989-06 8.43 8.28 -0.15 0
1989-07 8.15 8.02 -0.13 0
1989-08 8.17 8.11 -0.06 0
1989-09 8.01 8.19 0.18 0
1989-10 7.9 8.01 0.11 0
1989-11 7.94 7.87 -0.07 0
1989-12 7.88 7.84 -0.04 0
1990-01 7.9 8.21 0.31 0
1990-02 8 8.47 0.47 0
1990-03 8.17 8.59 0.42 0
1990-04 8.04 8.79 0.75 0
1990-05 8.01 8.76 0.75 0
1990-06 7.99 8.48 0.49 0
1990-07 7.87 8.47 0.6 0
1990-08 7.69 8.75 1.06 1
1990-09 7.6 8.89 1.29 1
1990-10 7.4 8.72 1.32 1
1990-11 7.29 8.39 1.1 1
1990-12 6.95 8.08 1.13 1
1991-01 6.41 8.09 1.68 1
1991-02 6.12 7.85 1.73 1
1991-03 6.09 8.11 2.02 1
1991-04 5.83 8.04 2.21 0
1991-05 5.63 8.07 2.44 0
1991-06 5.75 8.28 2.53 0
1991-07 5.75 8.27 2.52 0
1991-08 5.5 7.9 2.4 0
1991-09 5.37 7.65 2.28 0
1991-10 5.14 7.53 2.39 0
1991-11 4.69 7.42 2.73 0
1991-12 4.18 7.09 2.91 0
1992-01 3.91 7.03 3.12 0
1992-02 3.95 7.34 3.39 0
1992-03 4.14 7.54 3.4 0
1992-04 3.84 7.48 3.64 0
1992-05 3.72 7.39 3.67 0
1992-06 3.75 7.26 3.51 0
1992-07 3.28 6.84 3.56 0
1992-08 3.2 6.59 3.39 0
1992-09 2.97 6.42 3.45 0
1992-10 2.93 6.59 3.66 0
1992-11 3.21 6.87 3.66 0
1992-12 3.29 6.77 3.48 0
1993-01 3.07 6.6 3.53 0
1993-02 2.99 6.26 3.27 0
1993-03 3.01 5.98 2.97 0
1993-04 2.93 5.97 3.04 0
1993-05 3.03 6.04 3.01 0
1993-06 3.14 5.96 2.82 0
1993-07 3.11 5.81 2.7 0
1993-08 3.09 5.68 2.59 0
1993-09 3.01 5.36 2.35 0
1993-10 3.09 5.33 2.24 0
1993-11 3.18 5.72 2.54 0
1993-12 3.13 5.77 2.64 0
1994-01 3.04 5.75 2.71 0
1994-02 3.33 5.97 2.64 0
1994-03 3.59 6.48 2.89 0
1994-04 3.78 6.97 3.19 0
1994-05 4.27 7.18 2.91 0
1994-06 4.25 7.1 2.85 0
1994-07 4.46 7.3 2.84 0
1994-08 4.61 7.24 2.63 0
1994-09 4.75 7.46 2.71 0
1994-10 5.1 7.74 2.64 0
1994-11 5.45 7.96 2.51 0
1994-12 5.76 7.81 2.05 0
1995-01 5.9 7.78 1.88 0
1995-02 5.94 7.47 1.53 0
1995-03 5.91 7.2 1.29 0
1995-04 5.84 7.06 1.22 0
1995-05 5.85 6.63 0.78 0
1995-06 5.64 6.17 0.53 0
1995-07 5.59 6.28 0.69 0
1995-08 5.57 6.49 0.92 0
1995-09 5.43 6.2 0.77 0
1995-10 5.44 6.04 0.6 0
1995-11 5.52 5.93 0.41 0
1995-12 5.29 5.71 0.42 0
1996-01 5.15 5.65 0.5 0
1996-02 4.96 5.81 0.85 0
1996-03 5.1 6.27 1.17 0
1996-04 5.09 6.51 1.42 0
1996-05 5.15 6.74 1.59 0
1996-06 5.23 6.91 1.68 0
1996-07 5.3 6.87 1.57 0
1996-08 5.19 6.64 1.45 0
1996-09 5.24 6.83 1.59 0
1996-10 5.12 6.53 1.41 0
1996-11 5.17 6.2 1.03 0
1996-12 5.04 6.3 1.26 0
1997-01 5.17 6.58 1.41 0
1997-02 5.14 6.42 1.28 0
1997-03 5.28 6.69 1.41 0
1997-04 5.3 6.89 1.59 0
1997-05 5.2 6.71 1.51 0
1997-06 5.07 6.49 1.42 0
1997-07 5.19 6.22 1.03 0
1997-08 5.28 6.3 1.02 0
1997-09 5.08 6.21 1.13 0
1997-10 5.11 6.03 0.92 0
1997-11 5.28 5.88 0.6 0
1997-12 5.3 5.81 0.51 0
1998-01 5.18 5.54 0.36 0
1998-02 5.23 5.57 0.34 0
1998-03 5.16 5.65 0.49 0
1998-04 5.08 5.64 0.56 0
1998-05 5.14 5.65 0.51 0
1998-06 5.12 5.5 0.38 0
1998-07 5.09 5.46 0.37 0
1998-08 5.04 5.34 0.3 0
1998-09 4.74 4.81 0.07 0
1998-10 4.07 4.53 0.46 0
1998-11 4.53 4.83 0.3 0
1998-12 4.5 4.65 0.15 0
1999-01 4.45 4.72 0.27 0
1999-02 4.56 5 0.44 0
1999-03 4.57 5.23 0.66 0
1999-04 4.41 5.18 0.77 0
1999-05 4.63 5.54 0.91 0
1999-06 4.72 5.9 1.18 0
1999-07 4.69 5.79 1.1 0
1999-08 4.87 5.94 1.07 0
1999-09 4.82 5.92 1.1 0
1999-10 5.02 6.11 1.09 0
1999-11 5.23 6.03 0.8 0
1999-12 5.36 6.28 0.92 0
2000-01 5.5 6.66 1.16 0
2000-02 5.73 6.52 0.79 0
2000-03 5.86 6.26 0.4 0
2000-04 5.82 5.99 0.17 0
2000-05 5.99 6.44 0.45 0
2000-06 5.86 6.1 0.24 0
2000-07 6.14 6.05 -0.09 0
2000-08 6.28 5.83 -0.45 0
2000-09 6.18 5.8 -0.38 0
2000-10 6.29 5.74 -0.55 0
2000-11 6.36 5.72 -0.64 0
2000-12 5.94 5.24 -0.7 0
2001-01 5.29 5.16 -0.13 0
2001-02 5.01 5.1 0.09 0
2001-03 4.54 4.89 0.35 0
2001-04 3.97 5.14 1.17 1
2001-05 3.7 5.39 1.69 1
2001-06 3.57 5.28 1.71 1
2001-07 3.59 5.24 1.65 1
2001-08 3.44 4.97 1.53 1
2001-09 2.69 4.73 2.04 1
2001-10 2.2 4.57 2.37 1
2001-11 1.91 4.65 2.74 1
2001-12 1.72 5.09 3.37 0
2002-01 1.68 5.04 3.36 0
2002-02 1.76 4.91 3.15 0
2002-03 1.83 5.28 3.45 0
2002-04 1.75 5.21 3.46 0
2002-05 1.76 5.16 3.4 0
2002-06 1.73 4.93 3.2 0
2002-07 1.71 4.65 2.94 0
2002-08 1.65 4.26 2.61 0
2002-09 1.66 3.87 2.21 0
2002-10 1.61 3.94 2.33 0
2002-11 1.25 4.05 2.8 0
2002-12 1.21 4.03 2.82 0
2003-01 1.19 4.05 2.86 0
2003-02 1.19 3.9 2.71 0
2003-03 1.15 3.81 2.66 0
2003-04 1.15 3.96 2.81 0
2003-05 1.09 3.57 2.48 0
2003-06 0.94 3.33 2.39 0
2003-07 0.92 3.98 3.06 0
2003-08 0.97 4.45 3.48 0
2003-09 0.96 4.27 3.31 0
2003-10 0.94 4.29 3.35 0
2003-11 0.95 4.3 3.35 0
2003-12 0.91 4.27 3.36 0
2004-01 0.9 4.15 3.25 0
2004-02 0.94 4.08 3.14 0
2004-03 0.95 3.83 2.88 0
2004-04 0.96 4.35 3.39 0
2004-05 1.04 4.72 3.68 0
2004-06 1.29 4.73 3.44 0
2004-07 1.36 4.5 3.14 0
2004-08 1.5 4.28 2.78 0
2004-09 1.68 4.13 2.45 0
2004-10 1.79 4.1 2.31 0
2004-11 2.11 4.19 2.08 0
2004-12 2.22 4.23 2.01 0
2005-01 2.37 4.22 1.85 0
2005-02 2.58 4.17 1.59 0
2005-03 2.8 4.5 1.7 0
2005-04 2.84 4.34 1.5 0
2005-05 2.9 4.14 1.24 0
2005-06 3.04 4 0.96 0
2005-07 3.29 4.18 0.89 0
2005-08 3.52 4.26 0.74 0
2005-09 3.49 4.2 0.71 0
2005-10 3.79 4.46 0.67 0
2005-11 3.97 4.54 0.57 0
2005-12 3.97 4.47 0.5 0
2006-01 4.34 4.42 0.08 0
2006-02 4.54 4.57 0.03 0
2006-03 4.63 4.72 0.09 0
2006-04 4.72 4.99 0.27 0
2006-05 4.84 5.11 0.27 0
2006-06 4.92 5.11 0.19 0
2006-07 5.08 5.09 0.01 0
2006-08 5.09 4.88 -0.21 0
2006-09 4.93 4.72 -0.21 0
2006-10 5.05 4.73 -0.32 0
2006-11 5.07 4.6 -0.47 0
2006-12 4.97 4.56 -0.41 0
2007-01 5.11 4.76 -0.35 0
2007-02 5.16 4.72 -0.44 0
2007-03 5.08 4.56 -0.52 0
2007-04 5.01 4.69 -0.32 0
2007-05 4.87 4.75 -0.12 0
2007-06 4.74 5.1 0.36 0
2007-07 4.96 5 0.04 0
2007-08 4.32 4.67 0.35 0
2007-09 3.99 4.52 0.53 0
2007-10 4 4.53 0.53 0
2007-11 3.35 4.15 0.8 0
2007-12 3.07 4.1 1.03 0
2008-01 2.82 3.74 0.92 1
2008-02 2.17 3.74 1.57 1
2008-03 1.28 3.51 2.23 1
2008-04 1.31 3.68 2.37 1
2008-05 1.76 3.88 2.12 1
2008-06 1.89 4.1 2.21 1
2008-07 1.66 4.01 2.35 1
2008-08 1.75 3.89 2.14 1
2008-09 1.15 3.69 2.54 1
2008-10 0.69 3.81 3.12 1
2008-11 0.19 3.53 3.34 1
2008-12 0.03 2.42 2.39 1
2009-01 0.13 2.52 2.39 1
2009-02 0.3 2.87 2.57 1
2009-03 0.22 2.82 2.6 1
2009-04 0.16 2.93 2.77 1
2009-05 0.18 3.29 3.11 1
2009-06 0.18 3.72 3.54 1
2009-07 0.18 3.56 3.38 0
2009-08 0.17 3.59 3.42 0
2009-09 0.12 3.4 3.28 0
2009-10 0.07 3.39 3.32 0
2009-11 0.05 3.4 3.35 0
2009-12 0.05 3.59 3.54 0
2010-01 0.06 3.73 3.67 0
2010-02 0.11 3.69 3.58 0
2010-03 0.15 3.73 3.58 0
2010-04 0.16 3.85 3.69 0
2010-05 0.16 3.42 3.26 0
2010-06 0.12 3.2 3.08 0
2010-07 0.16 3.01 2.85 0
2010-08 0.16 2.7 2.54 0
2010-09 0.15 2.65 2.5 0
2010-10 0.13 2.54 2.41 0
2010-11 0.14 2.76 2.62 0
2010-12 0.14 3.29 3.15 0
2011-01 0.15 3.39 3.24 0
2011-02 0.13 3.58 3.45 0
2011-03 0.1 3.41 3.31 0
2011-04 0.06 3.46 3.4 0
2011-05 0.04 3.17 3.13 0
2011-06 0.04 3 2.96 0
2011-07 0.04 3 2.96 0
2011-08 0.02 2.3 2.28 0
2011-09 0.01 1.98 1.97 0
2011-10 0.02 2.15 2.13 0
2011-11 0.01 2.01 2 0
2011-12 0.01 1.98 1.97 0
2012-01 0.03 1.97 1.94 0
2012-02 0.09 1.97 1.88 0
2012-03 0.08 2.17 2.09 0
2012-04 0.08 2.05 1.97 0
2012-05 0.09 1.8 1.71 0
2012-06 0.09 1.62 1.53 0
2012-07 0.1 1.53 1.43 0
2012-08 0.1 1.68 1.58 0
2012-09 0.11 1.72 1.61 0
2012-10 0.1 1.75 1.65 0
2012-11 0.09 1.65 1.56 0
2012-12 0.07 1.72 1.65 0
2013-01 0.07 1.91 1.84 0
2013-02 0.1 1.98 1.88 0
2013-03 0.09 1.96 1.87 0
2013-04 0.06 1.76 1.7 0
2013-05 0.04 1.93 1.89 0
2013-06 0.05 2.3 2.25 0
2013-07 0.04 2.58 2.54 0
2013-08 0.04 2.74 2.7 0
2013-09 0.02 2.81 2.79 0
2013-10 0.05 2.62 2.57 0
2013-11 0.07 2.72 2.65 0
2013-12 0.07 2.9 2.83 0
2014-01 0.04 2.86 2.82 0
2014-02 0.05 2.71 2.66 0
2014-03 0.05 2.72 2.67 0
2014-04 0.03 2.71 2.68 0
2014-05 0.03 2.56 2.53 0
2014-06 0.04 2.6 2.56 0
2014-07 0.03 2.54 2.51 0
2014-08 0.03 2.42 2.39 0
2014-09 0.02 2.53 2.51 0
2014-10 0.02 2.3 2.28 0
2014-11 0.02 2.33 2.31 0
2014-12 0.03 2.21 2.18 0
2015-01 0.03 1.88 1.85 0
2015-02 0.02 1.98 1.96 0
2015-03 0.03 2.04 2.01 0
2015-04 0.02 1.94 1.92 0
2015-05 0.02 2.2 2.18 0
2015-06 0.02 2.36 2.34 0
2015-07 0.03 2.32 2.29 0
2015-08 0.07 2.17 2.1 0
2015-09 0.02 2.17 2.15 0
2015-10 0.02 2.07 2.05 0
2015-11 0.13 2.26 2.13 0
2015-12 0.23 2.24 2.01 0
2016-01 0.26 2.09 1.83 0
2016-02 0.31 1.78 1.47 0
2016-03 0.3 1.89 1.59 0
2016-04 0.23 1.81 1.58 0
2016-05 0.28 1.81 1.53 0
2016-06 0.27 1.64 1.37 0
2016-07 0.3 1.5 1.2 0
2016-08 0.3 1.56 1.26 0
2016-09 0.29 1.63 1.34 0
2016-10 0.33 1.76 1.43 0
2016-11 0.45 2.14 1.69 0
2016-12 0.51 2.49 1.98 0
2017-01 0.52 2.43 1.91 0
2017-02 0.53 2.42 1.89 0
2017-03 0.75 2.48 1.73 0
2017-04 0.81 2.3 1.49 0
2017-05 0.9 2.3 1.4 0
2017-06 1 2.19 1.19 0
2017-07 1.09 2.32 1.23 0
2017-08 1.03 2.21 1.18 0
2017-09 1.05 2.2 1.15 0
2017-10 1.09 2.36 1.27 0
2017-11 1.25 2.35 1.1 0
2017-12 1.34 2.4 1.06 0
2018-01 1.43 2.58 1.15 0
2018-02 1.59 2.86 1.27 0
2018-03 1.73 2.84 1.11 0
2018-04 1.79 2.87 1.08 0
2018-05 1.9 2.98 1.08 0
2018-06 1.94 2.91 0.97 0
2018-07 1.99 2.89 0.9 0
2018-08 2.07 2.89 0.82 0
2018-09 2.17 3 0.83 0
2018-10 2.29 3.15 0.86 0
2018-11 2.37 3.12 0.75 0
2018-12 2.41 2.83 0.42 0
2019-01 2.42 2.71 0.29 0
2019-02 2.44 2.68 0.24 0
2019-03 2.45 2.57 0.12 0
2019-04 2.43 2.53 0.1 0
2019-05 2.4 2.4 0 0
2019-06 2.22 2.07 -0.15 0
2019-07 2.15 2.06 -0.09 0
2019-08 1.99 1.63 -0.36 0
2019-09 1.93 1.7 -0.23 0
2019-10 1.68 1.71 0.03 0
2019-11 1.57 1.81 0.24 0
2019-12 1.57 1.86 0.29 0
2020-01 1.55 1.76 0.21 0
2020-02 1.54 1.5 -0.04 1
2020-03 0.3 0.87 0.57 1
2020-04 0.14 0.66 0.52 0
2020-05 0.13 0.67 0.54 0
2020-06 0.16 0.73 0.57 0
2020-07 0.13 0.62 0.49 0
2020-08 0.1 0.65 0.55 0
2020-09 0.11 0.68 0.57 0
2020-10 0.1 0.79 0.69 0
2020-11 0.09 0.87 0.78 0
2020-12 0.09 0.93 0.84 0
2021-01 0.08 1.08 1 0
2021-02 0.04 1.26 1.22 0
2021-03 0.03 1.61 1.58 0
2021-04 0.02 1.64 1.62 0
2021-05 0.02 1.62 1.6 0
2021-06 0.04 1.52 1.48 0
2021-07 0.05 1.32 1.27 0
2021-08 0.05 1.28 1.23 0
2021-09 0.04 1.37 1.33 0
2021-10 0.05 1.58 1.53 0
2021-11 0.05 1.56 1.51 0
 1985-11
1986-09
1987-07
1988-05
1989-03
1990-01

nterés a 3 meses
1990-11
1991-09
1992-07
1993-05
1994-03
1995-01
1995-11
1996-09
1997-07
1998-05

interés a 10 años
1999-03
2000-01
2000-11
2001-09
2002-07
2003-05
2004-03
2005-01
2005-11
2006-09
2007-07
2008-05
2009-03
2010-01
2010-11
2011-09
2012-07

interés 10 años - interés 3 meses

2013-05
2014-03
2015-01
2015-11
2016-09
2017-07
2018-05

recesión
2019-03
2020-01
2020-11
2021-09