A Switching-Regime Model for the Spanish Inflation: 1962-1997

Juan Ayuso, Graciela Kaminsky () and David Lopez-Salido

Working Papers from Banco de España

Abstract: During the 1970s and early 1980s, Spain suffered high rates of inflation but inflation declined and by 1997 inflation had fallen to approximately 2 percent. To fight inflation, Spain implemented austere monetary programs, joined the EMS in 1989, enacted central bank autonomy in 1994, and introduced inflation targets in January 1995. Certainly, these and other policies are in part responsible for the decline in inflation. However, it is unclear the extent of the contribution of each policy.

Keywords: SPAIN; INFLATION; MONETARY POLICY (search for similar items in EconPapers)
JEL-codes: E31 E52 E58 (search for similar items in EconPapers)
Pages: 27 pages
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9814

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