Working Papers

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9713: The Balance-Sheet Transmission Channel of Monetary Policy: The Cases of Germany and Spain

José M. González Mínguez

9712: Spanish Unemployment and Inflation Persistence: Are There Phillips Trade-Offs?

Juan Dolado, J. David López-Salido and Juan Vega

9710: Are Ex-Post Real Interest Rates a Good Proxy for Ex-Ante Real Rates? An International Comparison with a CCAPM Framework

Juan Ayuso and J. David López-Salido

9701: Missing observations in ARIMA models: Skipping strategy versus outlier approach

Victor Gómez, Agustin Maravall and Daniel Peña

9633: What Does Consumption Tell Us about Inflation Expectations and Real Interest Rates?

Juan Ayuso and David Lopez-Salido

9628: Programs TRAMO and SEATS, Instruction for User (Beta Version: september 1996)

Victor Gómez and Agustin Maravall

9626: Do Exchange Rate Move to Address International Macroeconomic Imbalances?

Matthew Canzoneri, Javier Valles and José Viñals

9622: Computing Value Correspondences for Repeated Games with State Variables

Conklin James

9621: Short-term inflation indicators

María Matea Rosa and Ana Regil

9620: Adjustment Costs, Uncertainty and Employment Inertia

Una-Louise Bell

9617: Efficient Estimation of Cointegrating Relationships Among Higher Order and Fractionally Integrated Processes

Juan Dolado and Francesc Marmol

9616: Wage Bargaining in Industries with Market Power

A. Jorge Padilla, Samuel Bentolila and Juan Dolado

9615: Optimal Exchange Rate Targets and Macroeconomic Stabilization

Enrique Alberola

9613: An Empirical Analysis of the Peseta's Exchange Rate Dynamics

Juan Ayuso and Juan Vega

9612: Missing Observations and Additive Outliers in Time Series Models

Agustin Maravall and Daniel Peña

9611: Weighted Monetary Aggregates: An Empirical Approach

Francisco Alonso, Jorge Martínez Pagés and María Pérez Jurado

9610: Trends in European Productivity and Real Exchange Rates

Matthew Canzoneri, Behzad Diba and Gwen Eudey

9609: Unobserved Components in Economic Time Series

Agustin Maravall

9608: Estimation Error and the Specification of Unobserved Component Models

Agustin Maravall and Cristophe Planas

9607: Short-Term Analysis of Macroeconomic Time Series

Agustin Maravall

9606: Speculation, Hedging and Intermediation in the Foreign Exchange Market

Malte Krüger

9605: Credit Institutions' Price Policies and Type of Customer: Impact on the Money Transmission Mechanism

M. Cruz Manzano Frías and Sofía Galmés Belmonte

9603: On the Fate of Newcomers in the European Union: Lessons from the Spanish Experience

Barbara Dluhosch

9601: Volatility in Spanish Financial Markets: The Recent Experience

Juan Ayuso, Soledad Núñez and María Pérez-Jurado

9532: An Empirical Examination of a Multilateral Target Zone

Paul Schulstad and Ángel Serrat

9531: Devaluations and Depreciation Expectations in the E.M.S

Juan Ayuso and María Pérez Jurado

9529: Is there a Trade-Off Between Exchange Rate Risk and Interest Rate Risk?

Juan Ayuso Huertas

9524: Un modelo macroeconométrico trimestral para la economía española

Luis Alvarez, Fernando Ballabriga and Javier Jareño

9523: Does Public Spending Crowd Out Private Investment? Evidence from a Panel of 14 OECD Countries

Isabel Argimon, José M. González-Páramo and José M. Roldán Alegre

9521: La inflación latente en España: una perspectiva macroeconómica

Luis Alvarez and Miguel Sebastian

9517: What Affects the Employment Rate Intensity of Growth?

Ana L. Revenga and Samuel Bentolila

9515: Approximate Equilibrium Asset Prices

Fernando Restoy and Philippe Weil

9506: Investment and Financial Costs: Spanish Evidence with Panel Data

Angel Estrada and Javier Valles

9505: Optimal Exchange Rate Flexibility in an Economy with Intersectoral Rigidities and Nontraded Goods

Fernando Restoy and Ana Revenga

9504: A Macroeconomic Evaluation of the Spanish Monetary Policy Transmission Machanism

Ricardo Mestre

9428: The Spanish Catching-Up Process: General Determinants and Contribution of the Manufacturing Industry

Juan M. Peñalosa

9427: Female Labour Force Participation in the 1980's: The Case of Spain

Olympia Bover and Manuel Arellano

9425: Strategy and Tactics of Monetary Policy: Examples from Europe and the Antipodes

Charles Goodhart and José Viñals

9422: Is the ALP Long-Run Demand Function Stable?

Juan Vega

9420: Spanish Pay Setting Institutions and Performance Outcomes

Simon Milner and David Metcalf

9419: Is Exchange Rate Risk Higher in the E.R.M. after the Widening of Fluctuation Bands?

Juan Ayuso, M.P. Jurado and Fernando Restoy

9415: Métodos para la extracción de señales y para la trimestralización

María Matea Rosa and Ana Regil

9405: BVAR models in the context of cointegration: A Monte Carlo experiment

Luis Alvarez and Fernando Ballabriga

9330: Functions of the Banco de España: An Historical Perspective

Miguel Pellicer

9327: Is Profitability related to market Share? An Intra-Industry Study in Spanish Manufacturing

Cristina Mazón

9325: Efficiency and Risk Premia in Foreign Exchange Markets

Juan Ayuso and Fernando Restoy

9324: Cyclical Patterns of the Spanish Economy

Juan Dolado, Miguel Sebastián and Javier Valles

9322: Purchasing Power Parity: An Empirical Analysis

María Pérez Jurado and Juan Vega

9321: Credibility and Inflation Persistence in the European Monetary System

Ana Revenga

9320: Salarios públicos, salarios privados e inflación dual

Luis Alvarez, Javier Jareño and Miguel Sebastian

9314: Interdependence of EC Economies: A Var Approach

Fernando Ballabriga, Miguel Sebastián and Javier Valles

9313: Productivity and Infrastructure in the Spanish Economy

Isabel Argimon, José M. González-Páramo, María J. Martín and José M. Roldán

9311: On Stock Market Returns and Returns on Investments

Fernando Restoy and Michael Rockinger

9307: Credibility Indicators of an Exchange Rate Regime: The Case of the Peseta in the EMS

Juan Ayuso, María Pérez Jurado and Fernando Restoy

9226: Aproximación lineal por tramos a comportamientos no lineales: estimación de señales de nivel y crecimiento

Luis Alvarez, Juan Delrieu and Antoni Espasa

9219: Treatment of conflictive forecasts: efficient use of non-sample information

Luis Alvarez, Juan Delrieu and Javier Jareño

9214: Contrastes de raíces unitarias, para series mensuales. Una aplicación al IPC

María Matea Rosa

8901: Funciones de transferencia simultáneas del índice de precios al consumo de bienes elaborados no energéticos

María Matea Rosa