Monetary Policy and Exchange Rate Dynamics in the Spanish Economy

Javier Andrés (), Ricardo Mestre () and Javier Vallés

Banco de España Working Papers from Banco de España

Abstract: As the Spanish economy gets more integrated in international markets, competitiveness becomes a key determinant of the monetary transmission. In this paper we trace out the dynamic response of prices, output and the exchange rate following a monetary policy shock. We estimate a structural VAR model whose identification scheme is based on the long run properties common to a large class of models.

Keywords: MONETARY POLICY; EXCHANGE RATE (search for similar items in EconPapers)
JEL-codes: F31 E52 (search for similar items in EconPapers)
Date: Written
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Journal Article: Monetary policy and exchange rate dynamics in the Spanish economy (1999)
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Persistent link: http://EconPapers.repec.org/RePEc:bde:wpaper:9727

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