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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
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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
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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
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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
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The Long-Run Effect of Permanent Disinflations.
Andrés, Javier; Hernando, Ignacio; López-Salido, David - Banco de España - 1998
This paper looks at the long term output effect of those monetary policies aimed at reducing inflation from its peak by …. Alternatively to the cross-country regression analysis we estimate a structural VAR model in output, inflation and unemployment. …
Persistent link: https://www.econbiz.de/10005590708
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Development, growth and volatility
Moro, Alessio - Banco de España - 2010
Does GDP composition affect GDP growth and volatility? Typically, economies at advanced stages of development grow slower, are less volatile and have a larger share of services in GDP with respect to economies at middle stages. I propose a theory of development consistent with these three facts....
Persistent link: https://www.econbiz.de/10008486491
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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
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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
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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
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The short-term impact of government budgets on prices: evidence from macroeconometrics models
Henry, Jérôme; Cos, Pablo Hernández de; Momigliano, … - Banco de España - 2004
This paper reviews the existing empirical evidence on the short term impact on prices of fiscal variables and assesses it against new results from harmonised simulations, conducted with six well established econometric models used by the ECB and five national central banks (NCBs) of the...
Persistent link: https://www.econbiz.de/10005022249