In this paper we provide empirical evidence on the determinants of the monetary policy stance by the Bank of Spain over the period 1984-1998, by means of modelling a marked point process explaining the probability of an intervention at each point in time (events) and the size of these...

This paper investigates the possible existence of asymmetric effects in the response of four central banks to inflation and output gaps as regards the 'sign' and 'size' of those gaps. The evidence obtained both through the estimation of a generalized Taylor rule and an ordered probit model...

This Paper derives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is non-linear. Analytical results show that these features lead to sign and size asymmetries, and...