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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
After almost six years with official interest rates at close to zero and with numerous unconventional measures still in place, 2014 is witnessing the beginning of the process of monetary normalisation in those economies, such as the United States and the United Kingdom, in which the recovery...
Persistent link: https://www.econbiz.de/10010930565
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Fixed and variable-rate mortgages, business cycles and monetary policy
Rubio, Margarita - Banco de España - 2009
, differences are muted by wealth effects on labor supply and by the presence of savers. More persistent shocks, such as inflation … of collateral constraints, the optimal Taylor rule is less aggressive against inflation than in the standard sticky …
Persistent link: https://www.econbiz.de/10004969770
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Inflation-linked bonds from a central bank perspective
Garcia, Juan Angel; Rixtel, Adrian van - Banco de España - 2007
Inflation-linked bond markets have experienced significant growth in recent years. This growth is somewhat surprising …, for inflation-linked bonds cannot be considered a financial innovation and their development has taken place in a period … of historically low global inflation and inflation expectations. In this context, the purpose of this paper is twofold …
Persistent link: https://www.econbiz.de/10005163316
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The stabilizing role of government size
Andrés, Javier; Doménech, Rafael; Fatás, Antonio - Banco de España - 2007
This paper presents an analysis of how alternative models of the business cycle can replicate the stylized fact that large governments are associated with less volatile economies. Our analysis shows that adding nominal rigidities and costs of capital adjustment to an otherwise standard RBC model...
Persistent link: https://www.econbiz.de/10005155216
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Automatic stabilizers, fiscal rules and macroeconomic stability
Andrés, Javier; Doménech, Rafael - Banco de España - 2003
This paper analyzes the effect of the fiscal structure upon the trade-off between inflation and output stabilization in …
Persistent link: https://www.econbiz.de/10004965262
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Is There a Bank Lending Channel of Monetary Policy in Spain?
Hernando, Ignacio; Pagés, Jorge Martínez - Banco de España - 2001
This paper uses panel data on banks, for the period 1991-98, to test the existence of a banklending channel in the Spanish economy. In order to distinguish between loan demand and supply movements, several exercises are performed. First, we analyse the differential responses, to monetary policy...
Persistent link: https://www.econbiz.de/10008520560
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Expectations-driven cycles in the housing market
Lambertini, Luisa; Mendicino, Caterina; Punzi, Maria Teresa - Banco de España - 2010
This paper analyzes housing market boom-bust cycles driven by changes in households’ expectations. We explore the role of expectations not only on productivity but on several other shocks that originate in the housing market, the credit market and the conduct of monetary policy. We f nd that,...
Persistent link: https://www.econbiz.de/10008520566
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Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area
Ehrmann, Michael; Gambacorta, Leonardo; … - Banco de España - 2001
This paper offers a comprehensive comparison of the structure of banking and financial markets in the euro area. Based on this, several hypotheses about the role of banks in monetary policy transmission are developed. Many of the predictions that have been proposed for the U.S. are deemed...
Persistent link: https://www.econbiz.de/10008520568
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Financial stability and the design of monetary policy
Herrero, Alicia García; Río, Pedro del - Banco de España - 2003
This paper builds upon the existing empirical literature on the factors behind financial stability, focusing on the role of monetary policy design. In particular, it analyzes a sample of 79 countries in the period 1970 to 1999 to evaluate the effect of the choice of the central bank objectives...
Persistent link: https://www.econbiz.de/10004980995
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Liquidity, term spreads and monetary policy
Aksoy, Yunus; Basso, Henrique S. - Banco de España - 2012
need to be decreased as much and inflation turns out to be much higher than if no QE interventions were implemented …
Persistent link: https://www.econbiz.de/10010678674