Monetary policy rules, credibility and inflation: The Spanish experience

Carmen Diaz-Roldan and Alberto Montero Soler

No 209, Studies on the Spanish Economy from FEDEA

Abstract: Starting from inflation rates above the European average, Spain was able to conduct her monetary policy and control inflation in order to join the EMU from its start. In this paper we explore whether the credibility of the monetary policy performed by the Bank of Spain would have contributed to these developments.

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