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Money dynamics with multiple banks of issue: evidence from Spain 1856-1874

Nuño, Galo; Tedde, Pedro; Moro, Alessio - Banco de España - 2011

output than the one predicted by the theory. …

Persistent link: https://www.econbiz.de/10009275287

On monetary policy rules for the euro area

Casares, Miguel - Banco de España - 2004

In this paper a New Keynesian model is described and partially estimated for the euro area. The model is then used to analyze the stabilizing properties of alternative monetary policy rules for the euro area: instrument (Taylor-type) rules and targeting rules. Our main finding is that if...

Persistent link: https://www.econbiz.de/10005022227

Asymmetric Shocks, Risk Sharing, and the Latter Mundell

Desmet, Klaus - Banco de España - 2002

This paper analyzes optimal monetary policy in a two-country model with asymmetric shocks. Agents insure against risk through the exchange of Arrow-Debreu securities. Although central banks commit to the policy that maximizes domestic welfare, this does not lead to price stability. In an attempt...

Persistent link: https://www.econbiz.de/10004981011

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's preferences are asymmetric around the targeted rate. In particular, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker's...

Persistent link: https://www.econbiz.de/10005155218

Monetary effects on nominal oil prices

Gillman, Max; Nakov, Anton - Banco de España - 2009

The paper presents a theory of nominal asset prices for competitively owned oil. Focusing on monetary effects, with … nominal oil price that are used to illustrate the theory of oil price jumps. The evidence also indicates strong Granger … causality of the oil price by US inflation as is consistent with the theory. …

Persistent link: https://www.econbiz.de/10008486939

Countries’ safety and competitiveness, and the estimation of current account misalignments

Sastre, Teresa; Viani, Francesca - Banco de España - 2014

Current account imbalances and their sustainability are among the most debated international policy issues. Through the recently designed External Balance Assessment methodology (EBA), the IMF estimates the impact of several countries’ fundamentals and policies on their current account...

Persistent link: https://www.econbiz.de/10010736705

Balance sheet effects and the country risk premium: an empirical investigation

Berganza, Juan Carlos; Chang, Roberto; Herrero, Alicia … - Banco de España - 2003

This paper investigates empirically whether there is a negative relationship between a country's risk premium and the balance sheet effect, as implied by recent theories emphasizing financial imperfections. We find evidence that balance sheet effects, stemming from the increase in the external...

Persistent link: https://www.econbiz.de/10004980991

Local debt expansion... vulnerability reduction? An assessment for six crises-prone countries

Acevedo, Paloma; Alberola, Enrique; Broto, Carmen - Banco de España - 2007

In recent years, for most emerging markets, public debt has decreased and its composition has evolved toward domestic currency. This progress is remarkable in terms of reduced financial vulnerability, which has been underpinned by favourable financing conditions and related deepening of local...

Persistent link: https://www.econbiz.de/10005022264

Exchange rate pass through to import prices in the euro area

Campa, José M.; Goldberg, Linda S.; … - Banco de España - 2005

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...

Persistent link: https://www.econbiz.de/10005022288

EU framework for safeguarding financial stability: Towards an analytical benchmark for assessing its effectiveness

Nieto, María J.; Schinasi, Garry J. - Banco de España - 2008

European finance is becoming increasingly cross-border, while the European architecture for safeguarding financial stability —including decision-making processes for providing financial-stability public goods— have remained decentralized with some explicit mechanisms for coordination across...

Persistent link: https://www.econbiz.de/10005022299