Similar Search Results

Money and the natural rate of interest: structural estimates for the United States and the euro area

Andrés, Javier; López-Salido, David; Nelson, Edward - Banco de España - 2008

We examine the role of money in three environments: the New Keynesian model with separable utility and static money …. The last two variants imply forward-looking behavior of real money balances, with forecasts of future interest rates … estimates confirm the forward-looking character of money demand. A consequence is that real money balances are valuable in …

Persistent link: https://www.econbiz.de/10005022226

Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence.

Fuentes, Ignacio; Sastre, Teresa - Banco de España - 1999

Since the late eighties, the Spanish banking system has been undergoing major changes that have affected both its structure and the nature of strategic interaction among banking institutions. Various different strategies have been adopted to tackle the demands of this new operating environment,...

Persistent link: https://www.econbiz.de/10005022295

Devaluations and Depreciation Expectations in the E.M.S.

Ayuso, Juan; Jurado, María Pérez - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005590659

Are there Economies of Scale in the Demand for Money by Firms? some Panel Data Estimates

Bover, Olympia; Watson, Nadine - Banco de España - 2000

The purpose of this paper is to estimate elasticities of scale in the demand for money by firms using firm level panel …

Persistent link: https://www.econbiz.de/10005590720

Credit Institutions' Price Policies and Type of Customer: Impact on the Money Transmission Mechanism.

Frías, M. Cruz Manzano; Belmonte, Sofía Galmés - Banco de España - 1996

This paper forms part of the research on the transmission of monetary policy via the interest rates of Spanish banks and savings banks, analysed from a disaggregated perspective. In this respect, it considers structural factors that cannot be taken into account in more aggregated studies, as for...

Persistent link: https://www.econbiz.de/10005155225

Weighted Monetary Aggregates: An Empirical Approach.

Alonso, Francisco; Pagés, Jorge Martínez; Jurado, … - Banco de España - 1996

This paper falls under the literature on weighted monetary aggregates that seeks to relax the assumption of perfect substitutability of assets implicit in the use of traditional monetary aggregates. Specifically, using the methodology recently proposed by Feldstein and Stock, an estimation is...

Persistent link: https://www.econbiz.de/10005155287

Ñ-STING: España Short Term INdicator of Growth

Camacho, Maximo; Perez-Quiros, Gabriel - Banco de España - 2009

We develop a dynamic factor model to compute short term forecasts of the Spanish GDP growth in real time. With this model, we compute a business cycle index which works well as an indicator of the business cycle conditions in Spain. To examine its real time forecasting accuracy, we use real-time...

Persistent link: https://www.econbiz.de/10004969768

Inflation dynamics in a model with firm entry and (some) heterogeneity

Andrés, Javier; Burriel, Pablo - Banco de España - 2014

We analyse the incidence of endogenous entry and firm TFP-heterogeneity on the response of aggregate inflation to exogenous shocks. We build up an otherwise standard DSGE model in which the number of firms is endogenously determined and firms differ in their steady state level of productivity....

Persistent link: https://www.econbiz.de/10011105510

Monitoring the world business cycle

Camacho, Maximo; Martinez-Martin, Jaime - Banco de España - 2015

We propose a Markov-switching dynamic factor model to construct an index of global business cycle conditions, for performing short-term forecasts of quarterly world GDP growth in real time and computing real-time business cycle probabilities. To overcome the real-time forecasting challenges, the...

Persistent link: https://www.econbiz.de/10011212880

Finite sample performance of small versus large scale dynamic factor models

Alvarez, Rocio; Camacho, Maximo; Perez-Quiros, Gabriel - Banco de España - 2012

We examine the finite-sample performance of small versus large scale dynamic factor models. Our Monte Carlo analysis reveals that small scale factor models out-perform large scale models in factor estimation and forecasting for high levels of cross-correlation across the idiosyncratic errors of...

Persistent link: https://www.econbiz.de/10010862254