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Expectations, Learning and Credibility: Monetary Policy in Spain

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Author Info
Jorge V. Pérez-Rodríguez
Francisco J. Ledesma-Rodríguez
Manuel Navarro-Ibáñez
Simón Sosvilla-Rivero

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Abstract

In this paper we assess the credibility of Bank of Spain's monetary and interest rate announcements as perceived by the agents. Firstly, we analyze the convergence between the objectives of monetary policy and the evolution of the monetary aggregate and the market interest rates. Secondly, we estimate an index of credibility that recognizes the presence of regime changes from the 1979-1998 period. The results point out the convergence between announcements and market variables. Moreover the marginal credibility increased in the sample period for most of the interest rates studied.

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Paper provided by FEDEA in its series Working Papers with number 2000-22.

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Handle: RePEc:fda:fdaddt:2000-22

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This page was last updated on 2009-11-29.

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