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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 IT", which imply a fully flexible exchange rate, or applying a "flexible IT", which entails a de facto managed floating exchange rate with FX interventions to moderate exchange...
Persistent link: https://www.econbiz.de/10008914185
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Central banks and macroprudential policy. Some reflections from the Spanish experience
Alberola, Enrique; Trucharte, Carlos; Vega, Juan Luis - Banco de España - 2011
The view that central banks must play a greater role in preserving financial stability has gained considerable ground in the aftermath of the crisis and macroprudential policy has become a central pillar to deal with financial stability. The policy frame of macroprudential policy, its toolbox...
Persistent link: https://www.econbiz.de/10009189029
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The bank lending channel of unconventional monetary policy: the impact of the VLTROs on credit supply in Spain
García-Posada, Miguel; Marchetti, Marcos - Banco de España - 2015
(VLTROs) conducted by the Eurosystem in December 2011 and February 2012 for the case of Spain. To do so we use bank-firm level …-sheet strength and by including bank fixed effects. Our findings suggest that the VLTROs had a positive moderately-sized effect on … the supply of bank credit to firms, providing evidence of a bank lending channel in the context of unconventional monetary …
Persistent link: https://www.econbiz.de/10011261909
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The effects of national discretions on banks
Argimón, Isabel; Ruiz, Jenifer - Banco de España - 2010
their effect on banks' risk, capital, efficiency and cost. We show that more stringency and more risk sensitivity in … regulation not always result in a trade off between efficiency and solvency: the impact depends on the area of national …
Persistent link: https://www.econbiz.de/10008643700
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Fiscal Discipline and Exchange Rate Regimes: a Case for Currency Boards?
Alberola, Enrique; Molina, Luis - Banco de España - 2000
misguiding and that fiscal seignoriage, defined as the actual revenues accruing to government form the Central Bank, is a key …
Persistent link: https://www.econbiz.de/10005155239
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Capacity utilization and Monetary Policy
Lois, Pedro Pablo Álvarez - Banco de España - 2003
This paper presents a model featuring variable utilization rates across firms due to production inflexibilities and idiosyncratic demand uncertainty. Within a New Keynesian framework, we show how the corresponding bottlenecks and stock-outs generate asymmetries in the transmission mechanism of...
Persistent link: https://www.econbiz.de/10004965261
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Los desafíos para la política monetaria en las economías avanzadas tras la Gran Recesión
Berganza, Juan Carlos; Hernando, Ignacio; Vallés, Javier - Banco de España - 2014
States and the United Kingdom, in which the recovery seems to have taken hold. However, the Bank of Japan is still …
Persistent link: https://www.econbiz.de/10010930565
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The Retreat of Inflation and the Making of Monetary Policy: Where Do We Stand?
Viñals, José - Banco de España - 1998
This document contains the text of the 1998 Central Banking Lecture delivered at the London School of Economics and Political Science on June 4th. It starts by asking what factors have been behind the remarkable retreat of inflation that has taken place internationally since the mid-eighties,...
Persistent link: https://www.econbiz.de/10005022254
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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
1989, enacted central bank autonomy in 1994, and introduced inflation targets in January 1995. Certainly, these and other …
Persistent link: https://www.econbiz.de/10005155248