Expectations, Learning and Credibility: Monetary Policy in Spain
In this paper we assess the credibility of Bank of Spain's monetary and interest rate announcements as perceived by the agents. Firstly, we analyze the convergence between the objectives of monetary policy and the evolution of the monetary aggregate and the market interest rates. Secondly, we estimate an index of credibility that recognizes the presence of regime changes from the 1979-1998 period. The results point out the convergence between announcements and market variables. Moreover the marginal credibility increased in the sample period for most of the interest rates studied.
Authors: | Pérez-Rodríguez, Jorge V. ; Ledesma-Rodríguez, Francisco J. ; Navarro-Ibáñez, Manuel ; Sosvilla-Rivero, Simón |
---|---|
Institutions: | FEDEA |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Regímenes cambiarios de iure y de facto. El caso de la Peseta/Dólar, 1965-1998
Ledesma-Rodríguez, Francisco J.,
-
Regímenes cambiarios de facto y de iure : una aplicación al tipo de cambio yen/dólar
Ledesma-Rodríguez, Francisco José, (2004)
-
Implicit bands in the Yen-Dollar exchange rate
Ledesma-Rodríguez, Francisco José, (2006)
- More ...