Spanish monetary policy: A structural VAR analysis

Etsuro Shioji

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: Some past studies analyzed Spanish monetary policy with the standard VAR. Their problem is that this method obliges researchers to impose a certain extreme form of the short run policy rule on their models. Hence, it does not allow researchers to study the possibility of structural changes in this rule, either. This paper overcomes these problems by using the structural VAR. I find that the rule has always been that of partial accommodation. Prior to 1984, it was quite close to money targeting. After 1984, it became closer to the interest rate targeting, with more emphasis on the exchange rate.

Keywords: Monetary policy; structural VAR; identification; exchange rate (search for similar items in EconPapers)
JEL-codes: C32 E52 E58 (search for similar items in EconPapers)
Date: 1997-05
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Citations: View citations in EconPapers (8)

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