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Los retos para la política económica en un entorno de tipos de interés próximos a cero

Hernando, Ignacio; Llopis, Jimena; Vallés, Javier - Banco de España - 2012

Casi cuatro años después de la quiebra de Lehman Brothers, el tono de la política monetaria en gran parte de las economías avanzadas continúa siendo extraordinariamente laxo, con tipos de intervención próximos a cero y con numerosos estímulos no convencionales todavía en vigor. Este...

Persistent link: https://www.econbiz.de/10010678698

Credit Institutions' Price Policies and Type of Customer: Impact on the Money Transmission Mechanism.

Frías, M. Cruz Manzano; Belmonte, Sofía Galmés - Banco de España - 1996

This paper forms part of the research on the transmission of monetary policy via the interest rates of Spanish banks and savings banks, analysed from a disaggregated perspective. In this respect, it considers structural factors that cannot be taken into account in more aggregated studies, as for...

Persistent link: https://www.econbiz.de/10005155225

Weighted Monetary Aggregates: An Empirical Approach.

Alonso, Francisco; Pagés, Jorge Martínez; Jurado, … - Banco de España - 1996

This paper falls under the literature on weighted monetary aggregates that seeks to relax the assumption of perfect substitutability of assets implicit in the use of traditional monetary aggregates. Specifically, using the methodology recently proposed by Feldstein and Stock, an estimation is...

Persistent link: https://www.econbiz.de/10005155287

An Empirical Analysis of the Peseta's Exchange Rate Dynamics.

Ayuso, Juan; Vega, Juan L. - Banco de España - 1996

The paper addresses the issue of the role of exchange rate jumps. The short-run dynamics of the peseta's effective exchange rate vis-a- vis OECD countries over the period 1974:1 - 1995:9 is estimated using a PPP-based error-correction model enlarged with additional terms allowing for the...

Persistent link: https://www.econbiz.de/10005155238

Devaluations and Depreciation Expectations in the E.M.S.

Ayuso, Juan; Jurado, María Pérez - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005590659

Unemployment Persistence, Central Bank Independence and Inflation Performance in the OECD Countries

Alberola, Enrique; Marqués, José M.; Sanchis, Alicia - Banco de España - 1997

bank independence and measures of persistence, and then we compare them with inflation performance in OECD countries. Our … of inflation. …

Persistent link: https://www.econbiz.de/10005022245

The Retreat of Inflation and the Making of Monetary Policy: Where Do We Stand?

Viñals, José - Banco de España - 1998

Political Science on June 4th. It starts by asking what factors have been behind the remarkable retreat of inflation that has …

Persistent link: https://www.econbiz.de/10005022254

Inflation Targeting Under Asymmetric Preferences

Ruge-Murcia, Francisco J. - Banco de España - 2001

This paper develops and estimates a game-theoretical model of inflation targeting where the central banker …

Persistent link: https://www.econbiz.de/10005155218

Monetary Policy Issues in a Low Inflation Environment

Viñals, José - Banco de España - 2001

stable rates inflation in many countries in the nineties. Consequently, the main goal of this paper is to offer an overview … of the main policy issues arising in a low inflation environment and their practical relevance so as to identify the main …

Persistent link: https://www.econbiz.de/10005155235

A Switching-Regime Model for the Spanish Inflation: 1962-1997

Ayuso, Juan; Kaminsky, Graciela L.; López-Salido, David - Banco de España - 1998

During the 1970s and early 1980s, Spain suffered high rates of inflation but inflation declined and by 1997 inflation … had fallen to approximately 2 percent. To fight inflation, Spain implemented austere monetary programs, joined the EMS in … 1989, enacted central bank autonomy in 1994, and introduced inflation targets in January 1995. Certainly, these and other …

Persistent link: https://www.econbiz.de/10005155248