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Expectativas, Aprendizaje Y Credibilidad De La Política Monetaria En España

Author

Listed:
  • Jorge V. Pérez Rodríguez

    () (Universidad de Las Palmas de Gran Canaria)

  • Francisco J. Ledesma Rodríguez

    () (Universidad de La Laguna)

  • Manuel Navarro Ibáñez

    () (Universidad de La Laguna)

  • Simón Sosvilla-Rivero

    () (FEDEA - Universidad Complutense de Madrid)

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. Classification-JEL : C22, D83, D84.

Suggested Citation

  • Jorge V. Pérez Rodríguez & Francisco J. Ledesma Rodríguez & Manuel Navarro Ibáñez & Simón Sosvilla-Rivero, 2001. "Expectativas, Aprendizaje Y Credibilidad De La Política Monetaria En España," Hacienda Pública Española / Review of Public Economics, IEF, vol. 158(3), September.
  • Handle: RePEc:hpe:journl:y:2001:v:158:i:3:a:24
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    More about this item

    Keywords

    Monetary policy; credibility; expectations; learning;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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