On the Real Effects of Monetary Policy

José Viñals and Javier Valles

Working Papers from Banco de España

Abstract: 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: E20 E52 (search for similar items in EconPapers)
Pages: 43 pages
Date: 1999
References: Add references at CitEc
Citations: View citations in EconPapers (4)

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:9917

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 ().