On the Real Effects of Monetary Policy
José Viñals and
Working Papers from Banco de España, Working Papers Homepage
This paper is an attempt to provide an updated assessment of what we know and what do not know about the impact of monetary policy on the economy and what implications follow for the conduct of monetary policy in today's world. Firstly, we discuss the conditions under which monetary policy can be expected to affect the economy, both over the medium term and the short term, and review the most policy-relevant empirical results, providing some new evidence. Secondly, we analyze the implications that the empirical regularities have for the practical conduct of monetary policy.
Keywords: MONETARY POLICY; MACROECONOMICS (search for similar items in EconPapers)
JEL-codes: E52 E20 (search for similar items in EconPapers)
Pages: 43 pages
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:9917
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