This paper focuses on the effects of fiscal policy in Spain analysed in a VAR context. Fiscal shocks are found to have small, though significant, effects on GDP, private consumption, private investment, interest rates and prices. The pattern of responses and the multipliers obtained seem to...

This paper focuses on the pass-through of exchange rate changes into the prices of imports made by euro area countries originating outside the area. Using data on import unit values for thirteen different product categories for each country, we estimate industry-specific rates of pass-through...

Exchange rate targets in a stabilization game are considered. The targeting strategy consists on the choice of a desired level for the exchange and the weight assigned to such target in the loss function. The exchange rate target appears then as an intermediate objective and acts as a surrogate...

This paper presents an empirical analysis of transmission rates from exchange rate movements to import prices, across countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of exchange rate changes to import prices in the short run...

Monetary union in Europe raises the problem of converting into euros nominal historical series calculated in the respective national currencies. The aim of this paper is to evaluate alternative conversion procedures, including use of the rates fixed at the start of Stage Three between the...

In this study it is attempted to estimate the amount of speculation in foreign exchange market.

One and three-month forward exchange rates for the deustche mark, french franc, sterling pound, yen and peseta, relative to the US dollar, seem to be cointegrated with future spot rates, but not with current exchange rates. We confirm the unbiasedness hypothesis for this data set, as a robust...