Se realiza una primera aproximacion al analisis de los determinantes de la estructura de los tipos de interes españoles en el periodo 1991-95. Evalua la magnitud de las primas de riesgo de tipos de interes y, por tanto, la medida en que los tipos forward y los tipos de interes a largo plazo en...

In this paper we use a relatively general intertemporal asset pricing model where housing services and consumption are non-separable to obtain a measure of the potential overvaluation of housing in relation to rents in Spain, the United Kingdom and the United States. The results show that part...

We estimate alternative price-to-rent ratios in the Spanish housing market by considering different stochastic discount factors in present value models similar to those used in the financial literature but where the higher rigidity that characterises this market is taken into account. We...

This paper analyses the behaviour of real interest rates in the Spanish economy over the last 15 years. Since inflation-indexed-bonds are not available, changes in implicit real interest rates are estimated using several approaches suggested by macroeconomic and financial theory. In particular,...

We analyse the likely effects of changes in the monetary and financial regimes of EMU countries on the dynamics of output and inflation. In particular, we evaluate the impact of the regime shift on the forecasting performance of reduced-form models. Data for both the pre-EMU and the EMU regimes...

En 1999 ha entrado en funcionamiento un nuevo marco operativo para la instrumentacion de la politica monetaria unica en el area del euro. Este nuevo marco comporta una serie de cambios en relacion con la situacion previa en nuestro pais, algunos de los cuales pueden tener implicaciones...

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