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On the Real Effects of Monetary Policy

Author

Listed:
  • José Viñals
  • Javier Vallés

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.

Suggested Citation

  • José Viñals & Javier Vallés, 1999. "On the Real Effects of Monetary Policy," Working Papers 9917, Banco de España.
    • Handle: RePEc:bde:wpaper:9917
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    Cited by:

    1. Laurent Bouscharain, 2001. "Quelle convergence des règles de politique monétaire en Europe avant l’euro ?," Économie et Prévision, Programme National Persée, vol. 147(1), pages 159-169.

    More about this item

    Keywords

    MONETARY POLICY ; MACROECONOMICS;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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