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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

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

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

The relationship between public and private saving in Spain: does Ricardian equivalence hold?

Castro, Francisco de; Fernández, José Luis - Banco de España - 2009

approaches: a) by testing its theoretical implications on the stability of national saving and the relationship between fiscal … and current account balances, b) by carrying a number of tests on different structural consumption equations and, c) by … testing this hypothesis in consumption functions stemming from the Euler equations derived from a consumer’s maximization …

Persistent link: https://www.econbiz.de/10008506783

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

On the Real Effects of Monetary Policy.

Viñals, José; Vallés, Javier - Banco de España - 1999

This paper is an attempt to provide an updated assessment of what we know and what do not know about the impact of monetary policy on the economy and what implications follow for the conduct of monetary policy in today's world. Firstly, we discuss the conditions under which monetary policy can...

Persistent link: https://www.econbiz.de/10005590713

Micro-based estimates of heterogeneous pricing rules: the united states vs. The euro area

Álvarez, Luis J.; Burriel, Pablo - Banco de España - 2010

This paper presents US and euro area estimates for a fully heterogeneous model, in which there is a continuum of f rms setting prices with a constant probability of adjustment, which may differ from f rm to f rm. The estimated model accurately matches the empirical distribution function of...

Persistent link: https://www.econbiz.de/10008495180

Sticky prices in the euro area: a summary of new micro evidence

Álvarez, Luis J.; Dhyne, Emmanuel; Hoeberichts, Marco M.; … - Banco de España - 2005

This paper presents original evidence on price setting in the euro area at the individual level. We use micro data on consumer (CPI) and producer (PPI) prices, as well as survey information. Our main findings are: (i) prices in the euro area are sticky and more so than in the US; (ii) there is...

Persistent link: https://www.econbiz.de/10005155258

The pricing behaviour of firms in the Euro area: new survey evidence

Fabiani, Silvia; Druant, Martine; Hernando, Ignacio; … - Banco de España - 2005

This study investigates the pricing behaviour of firms in the euro area on the basis of surveys conducted by nine Eurosystem national central banks. Overall, more than 11,000 firms participated in the survey. The results are very robust across countries. Firms operate in monopolistically...

Persistent link: https://www.econbiz.de/10005155284

The price setting behaviour of Spanish firms: evidence from survey data

Álvarez, Luis J.; Hernando, Ignacio - Banco de España - 2005

This paper reports the results of a survey carried out by the Banco de España on a sample of around 2000 Spanish firms to deepen the understanding of firms' price setting behaviour. The main findings may be summarised as follows. Most Spanish firms are price setters that use predominantly state...

Persistent link: https://www.econbiz.de/10005155298

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