Monetary Policy and Exchange Rate Dynamics in the Spanish Economy
AbstractAs 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.
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Bibliographic InfoPaper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9727.
Length: 36 pages
Date of creation: 1997
Date of revision:
MONETARY POLICY ; EXCHANGE RATE;
Other versions of this item:
- Javier Andrés & Ricardo Mestre & Javier Vallés, 1999. "Monetary policy and exchange rate dynamics in the Spanish economy," Spanish Economic Review, Springer, vol. 1(1), pages 55-77.
- 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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- Pedro José Pérez Vázquez, 2003. "Fuentes de variabilidad en las principales economías occidentales," Investigaciones Economicas, Fundación SEPI, vol. 27(3), pages 565-591, September.
- 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.
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