How Informative are Financial Asset Prices in Spain?

Francisco Alonso, Juan Ayuso and Jorge Martínez Pagés

Working Papers from Banco de España

Abstract: This paper analyses the informational content of financial prices in Spain, mainly from the viewpoint of a central bank. In particular, we examine the informational content of domestic yields and yield spreads, foreign-domestic spreads, credit quality spreads, stock prices and exchange rates on the inflation rate, the 3-month interest rate and output. Three alternative empirical approaches are considered.

Keywords: CENTRAL BANKS; STOCKS; INFORMATION (search for similar items in EconPapers)
JEL-codes: E58 G12 G14 (search for similar items in EconPapers)
Pages: 53 pages
Date: 1997
References: Add references at CitEc
Citations: View citations in EconPapers (3)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9726

Access Statistics for this paper

More papers in Working Papers from Banco de España Contact information at EDIRC.
Bibliographic data for series maintained by Ángel Rodríguez. Electronic Dissemination of Information Unit. Research Department. Banco de España ().