In this paper we assess the credibility of Bank of Spain’s monetary and interest rate announcements as perceived by the agents. Firstly, we analyze the convergence between the objectives of monetary policy and the evolution of the monetary aggregate and the market interest rates. Secondly, we...

This paper tries to precisely date the change of monetary policy regimeoccurred in Spain along the year 1984 moving away from controlling monetaryaggregates into interest rate targeting. The most likely date for the changeis estimated and, surprisingly, there is evidence that agents learn...

This paper provides evidence that the expected real term structure contains information about the future real economic growth. We follow Harvey who uses the consumption-based asset-pricing model to derive a forecasting equation that links the stage of the yield curve to expected economic growth....

This paper analyses the term premia in the Spanish public debt market over the period from January of 1991 to December of 1995. The purpose is to determine the hypothesis that explains the relationship between short-term and long-term interest rates in the Spanish public debt market. We obtain...