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Monetary Policy and Exchange Rate Dynamics in the Spanish Economy

Author

Listed:
  • Javier Andrés
  • Ricardo Mestre
  • Javier Vallés

Abstract

As the Spanish economy gets more integrated in international markets, competitiveness becomes a key determinant of the monetary transmission. In this paper we trace out the dynamic response of prices, output and the exchange rate following a monetary policy shock. We estimate a structural VAR model whose identification scheme is based on the long run properties common to a large class of models.

Suggested Citation

  • Javier Andrés & Ricardo Mestre & Javier Vallés, 1997. "Monetary Policy and Exchange Rate Dynamics in the Spanish Economy," Working Papers 9727, Banco de España.
    • Handle: RePEc:bde:wpaper:9727
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    Cited by:

    1. Pedro José Pérez Vázquez, 2003. "Fuentes de variabilidad en las principales economías occidentales," Investigaciones Economicas, Fundación SEPI, vol. 27(3), pages 565-591, September.
    2. Monticello, Carlo & Tristani, Oreste, 1999. "What does the single monetary policy do? A SVAR benchmark for the European Central Bank," Working Paper Series 0002, European Central Bank.
    3. Javier Andrés & Ignacio Hernando & J. David López-Salido, 1999. "Assessing the benefits of price stability: The international experience," Estudios Económicos, Banco de España, number 69.

    More about this item

    Keywords

    MONETARY POLICY ; EXCHANGE RATE;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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