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Monetary Policy Rules and Business Cycles

Kim, Soyoung - Banco de España - 1998

Business cycle properties under different monetary policy rules are examined in a variety of dynamic stochastic general equilibrium models (the real business cycle models, the nominal wage contract models with different length of contracts, and the monopolistic competition models with different...

Persistent link: https://www.econbiz.de/10005155288

Fixed and variable-rate mortgages, business cycles and monetary policy

Rubio, Margarita - Banco de España - 2009

The aim of this paper is twofold. First, I study how the proportion of fixed and variable-rate mortgages in an economy can affect the way shocks are propagated. Second, I analyze optimal implementable simple monetary policy rules and the welfare implications of this proportion. I develop and...

Persistent link: https://www.econbiz.de/10004969770

Banking competition, collateral constraints and optimal monetary policy

Andrés, Javier; Arce, Óscar; Thomas, Carlos - Banco de España - 2010

We analyze optimal monetary policy in a model with two distinct financial frictions. First, borrowing is subject to collateral constraints. Second, credit flows are intermediated by monopolistically competitive banks, thus giving rise to endogenous lending spreads. We show that, up to a second...

Persistent link: https://www.econbiz.de/10008521844

Optimal and Simple Monetary Policy Rules with Zero Floor on the Nominal Interest Rate

Nakov, Anton - Banco de España - 2006

Recent treatments of the issue of a zero floor on nominal interest rates have been subject to some important methodological limitations. These include the assumption of perfect foresight or the introduction of the zero lower bound as an initial condition or a constraint on the variance of the...

Persistent link: https://www.econbiz.de/10005590731

China’s economic growth and rebalancing

Dorrucci, Ettore; Pula, Gabor; Santabárbara, Daniel - Banco de España - 2013

In this paper we provide an overview of the growth model in China and its prospects, taking a medium-run to long-run perspective. Our main conclusions are as follows. First, the still prevailing producer-biased model of managed capitalism in China tends to engender, as an inherent byproduct,...

Persistent link: https://www.econbiz.de/10010687528

Asymmetric collateral requirements and output composition

Arce, Óscar; Campa, José Manuel; Gavilán, Ángel - Banco de España - 2009

This paper studies how investment and production in an economy is allocated across sectors when they face asymmetric … translate into a similar hump-shaped relationship between interest rates and the ratio of aggregate investment across sectors …. We claim that this paper provides helpful insights to understand the pattern of sectoral reallocation of investment and …

Persistent link: https://www.econbiz.de/10005088299

Financial pressure, monetary policy effects and inventory adjustment by UK and Spanish firms

Benito, Andrew - Banco de España - 2002

This paper examines the adjustment of inventories by firms in the UK and Spain. A widely-held view—but one which has not found much support in previous studies of inventories— is that a key channel for monetary policy is through influencing inventory accumulation. Using a large company-level...

Persistent link: https://www.econbiz.de/10004980999

Smoothing shocks and balancing budgets in a currency union

Costain, James; Blas, Beatriz de - Banco de España - 2012

We study simple fiscal rules for stabilizing the government debt level in response to asymmetric demand shocks in a country that belongs to a currency union. We compare debt stabilization through tax rate adjustments with debt stabilization through expenditure changes. While rapid and flexible...

Persistent link: https://www.econbiz.de/10010862268

Do trade and financial linkages foster business cycle synchronization in a small economy?

García-Herrero, Alicia; Ruiz, Juan M. - Banco de España - 2008

We estimate a system of equations to analyze whether bilateral trade and financial linkages influence business cycle synchronization directly and/or indirectly. Our paper builds upon the existing literature by using bilateral trade and financial flows for a small, open economy (Spain) as...

Persistent link: https://www.econbiz.de/10005155209

BEMOD: a DSGE model for the Spanish economy and the rest of the Euro area

Andrés, Javier; Burriel, Pablo; Estrada, Ángel - Banco de España - 2006

In this paper we present the theoretical foundations and the simulation results obtained with a new dynamic general equilibrium model developed at the Banco de España for the Spanish economy and the rest of Euro area. The model is designed to help in simulating the effect of alternative shocks...

Persistent link: https://www.econbiz.de/10005088313

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