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When May Peseta Depreciations Fuel Inflation?
Alberola, Enrique; Ayuso, Juan; López-Salido, J. David - Banco de España - 1997
In this paper we consider that the relationship between nominal exchange rate and prices depends on the nature of the shocks impacting the economy. In order to identify the sources of nominal exchange rate and relative price fluctuations in Spain we impose long-run restrictions on the dynamics...
Persistent link: https://www.econbiz.de/10005155304
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Trends in European Productivity and Real Exchange Rates.
Canzoneri, Matthew B.; Diba, Behzad; Eudey, Gwen - Banco de España - 1996
Inflation has fallen dramatically in countries like Spain and Italy over the last decade, but the rate of increase in … productivity trends for the consistency of the Maastricht convergence criteria an for the differences in nation inflation rates …
Persistent link: https://www.econbiz.de/10005590705
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Exchange rate dynamics in economies with portfolio rigidities
de-Blas-Pérez, Beatriz - Banco de España - 2005
This paper analyzes the international monetary transmission mechanism in economies with portfolio rigidities. In a general equilibrium monetary model with distribution costs in trade, I analyze the reaction of the economy to technology, money supply and government spending shocks, and the...
Persistent link: https://www.econbiz.de/10005022272
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What makes balance sheet effects detrimental for the country risk premium?
Berganza, Juan Carlos; García-Herrero, Alicia - Banco de España - 2004
This paper builds upon the empirical literature on the macroeconomic impact of real exchange rate depreciations for a sample of 27 emerging economies. We find that real exchange rate depreciations tend to increase a country's risk premium. This effect is neither linear nor symmetric: large real...
Persistent link: https://www.econbiz.de/10005155273
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Tango with the gringo: the hard peg and real misalign ment in Argentina
Alberola, Enrique; López, Humberto; Servén, Luis - Banco de España - 2004
Between 1990 and 2001 the Argentine peso appreciated by 80 percent in real terms, and its overvaluation has been singled out as one of the main suspects in the debate on the causes of the Argentina collapse of late 2001. This paper assesses the degree of real misalignment in Argentina over the...
Persistent link: https://www.econbiz.de/10005088320
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Internal and External Exchange Rate Equilibrium in a Cointegration Framework. An Application to the Spanish Peseta.
Alberola, Enrique; López, Humberto - Banco de España - 1999
A simple method to estimate multilateral equilibrium real exchange rates in a cointegration framework is used to compute the equilibrium real exchange rate for the peseta. The stock of foreign assets and the evolution of sectoral prices have been considered to be the fundamentals for the real...
Persistent link: https://www.econbiz.de/10005590662
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Misalignment, liabilities dollarization and exchange rate adjustment in Latin America
Alberola, Enrique - Banco de España - 2003
Exchange rates in Latin America display a large volatility, constitute a central element of the policy strategies and their evolution have an important impact on financial stability due to the dollarization of liabilities which most countries exhibit. However, assessments on equilibrium exchange...
Persistent link: https://www.econbiz.de/10004965256
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Market structure and inflation differentials in the European Monetary Union
Andrés, Javier; Ortega, Eva; Vallés, Javier - Banco de España - 2003
In a monetary union, inflation rate differentials may be substantial over the business cycle. This paper parameterizes … a two-country monetary union in which different economic structures in the two countries generate temporary inflation …. The model is calibrated to reproduce two average big EMU countries and it is able to generate sizeable inflation …
Persistent link: https://www.econbiz.de/10004965264
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Flexible inflation targets, forex interventions and exchange rate volatility in emerging countries
Berganza, Juan Carlos; Broto, Carmen - Banco de España - 2011
Emerging economies with inflation targets (IT) face a dilemma between fulfilling the theoretical conditions of "strict …
Persistent link: https://www.econbiz.de/10008914185
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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