EconPapers    
Economics at your fingertips  
 

EXPECTATIVAS, APRENDIZAJE Y CREDIBILIDAD DE LA POLÍTICA MONETARIA EN ESPAÑA

Jorge Pérez-Rodríguez (), Francisco Ledesma (), Manuel Navarro-Ibáñez () and Simon Sosvilla-Rivero ()

Hacienda Pública Española / Review of Public Economics, 2001, vol. 158, issue 3

Abstract: In this paper we assess the credibility of Bank of Spain’s monetary and interest rate announcements as perceived by the agents. Firstly, we analyze the convergence between the objectives of monetary policy and the evolution of the monetary aggregate and the market interest rates. Secondly, we estimate an index of credibility that recognizes the presence of regime changes from the 1979-1998 period. The results point out the convergence between announcements and market variables. Moreover the marginal credibility increased in the sample period for most of the interest rates studied. Classification-JEL : C22, D83, D84.

Keywords: Monetary policy; credibility; expectations; learning (search for similar items in EconPapers)
Date: 2001
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://www.ief.es/comun/Descarga.cshtml?ruta=~/do ... tas/hpe/158_Art4.pdf (application/pdf)

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:hpe:journl:y:2001:v:158:i:3:a:24

Access Statistics for this article

More articles in Hacienda Pública Española / Review of Public Economics from IEF Contact information at EDIRC.
Bibliographic data for series maintained by Miguel Gómez de Antonio ().

 
Page updated 2021-05-01
Handle: RePEc:hpe:journl:y:2001:v:158:i:3:a:24