This paper analyses the monetary policy channels in Spain using a cointegrated structural VAR approach which explicitly accounts for endogenous policy reactions in a small open economy. Evidence is found of one cointegrating relation which is identified as a long-run money demand function. In...

This paper examines price and inflation convergence between three European countries (Italy, Spain and the UK) and a European idiosyncratic average and, alternatively, between them and Germany since the beginning of the 80's.

This paper investigates the link among Spanish effective real exchange rate relative to the EU, the terms of trade and real interest differentials over the period 1980-1994.

In this paper we have applied two approaches to the study of the dollar real exchange rate in relation with the Euro-area currencies. First, using dynamic panel techniques, we estimate an error correction model for the dollar real exchange rate versus seven developed countries, four of them...