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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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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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Money and the natural rate of interest: structural estimates for the United States and the euro area
Andrés, Javier; López-Salido, David; Nelson, Edward - Banco de España - 2008
We examine the role of money in three environments: the New Keynesian model with separable utility and static money …. The last two variants imply forward-looking behavior of real money balances, with forecasts of future interest rates … estimates confirm the forward-looking character of money demand. A consequence is that real money balances are valuable in …
Persistent link: https://www.econbiz.de/10005022226
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Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence.
Fuentes, Ignacio; Sastre, Teresa - Banco de España - 1999
Since the late eighties, the Spanish banking system has been undergoing major changes that have affected both its structure and the nature of strategic interaction among banking institutions. Various different strategies have been adopted to tackle the demands of this new operating environment,...
Persistent link: https://www.econbiz.de/10005022295
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Are there Economies of Scale in the Demand for Money by Firms? some Panel Data Estimates
Bover, Olympia; Watson, Nadine - Banco de España - 2000
The purpose of this paper is to estimate elasticities of scale in the demand for money by firms using firm level panel …
Persistent link: https://www.econbiz.de/10005590720
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The Balance-Sheet Transmission Channel of Monetary Policy: The Cases of Germany and Spain
Mínguez, José M. González - Banco de España - 1997
In this paper, the role of the financial position of private agents in the transmission of monetary policy (the balance-sheet channel) is explored. To the extent that official interest rates are able to affect the market value and the income flows of certain categories of financial instruments...
Persistent link: https://www.econbiz.de/10005155269
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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
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Monetary Policy Issues in a Low Inflation Environment
Viñals, José - Banco de España - 2001
One of the most striking macroeconomic phenomena in recent decades has been the achievement of rather low and more 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...
Persistent link: https://www.econbiz.de/10005155235
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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...
Persistent link: https://www.econbiz.de/10005155248
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A Model of the Open Market Operations of the European Central Bank
Ayuso, Juan; Repullo, Rafael - Banco de España - 2000
We construct a model to analyse the two types of tender procedures used by the European Central Bank in its open market operations. We assume that the ECB minimizes the expected value of a loss function that depends on the quadratic difference between the interbank rate and a target interest...
Persistent link: https://www.econbiz.de/10005155252