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Asimetrías en los efectos de la política monetaria en España (1977-1996)

  • Ramón María-Dolores

    (Universidad Carlos III y Universidad de Murcia)

En este trabajo se obtiene evidencia empírica sobre la posible existencia de efectos asimétricos en las actuaciones de la política monetaria sobre la producción en España durante el período 1977-1996. El estudio de dichos efectos se centra en el modo en que perturbaciones monetarias aleatorias, obtenidas a partir de una ecuación de instrumentación de política monetaria del Banco de España, divididas en perturbaciones positivas y negativas (para el estudio de asimetrías de tipo keynesiano), grandes y pequeñas (para el estudio de asimetrías tipo menu cost) y posibles combinaciones de ellas afectan a la actividad real, mediante su introducción en una ecuación de demanda agregada. Empleando dos procedimientos distintos de estimación, se obtiene evidencia a favor de la asimetría de corte keynesiano, de lo cual se deriva que las perturbaciones monetarias negativas, producidas por una política monetaria contractiva, tienen efectos reales en la economía española.

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Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 25 (2001)
Issue (Month): 2 (May)
Pages: 391-415

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Handle: RePEc:iec:inveco:v:25:y:2001:i:2:p:391-415
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  1. Sims, Christopher A., 1992. "Interpreting the macroeconomic time series facts : The effects of monetary policy," European Economic Review, Elsevier, vol. 36(5), pages 975-1000, June.
  2. Caballero, Ricardo J. & Engel, Eduardo M. R. A., 1993. "Microeconomic rigidities and aggregate price dynamics," European Economic Review, Elsevier, vol. 37(4), pages 697-711, May.
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  9. Morten O. Ravn & Martín Solà, 1997. "Asymmetric effects of monetary policy in the US: Positive vs. negative or big vs. small?," Economics Working Papers 247, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 1997.
  10. Etsuro Shioji, 1997. "Spanish monetary policy: A structural VAR analysis," Economics Working Papers 215, Department of Economics and Business, Universitat Pompeu Fabra.
  11. Laurence Ball & David Romer, 1990. "Real Rigidities and the Non-Neutrality of Money," Review of Economic Studies, Oxford University Press, vol. 57(2), pages 183-203.
  12. Karras, Georgios, 1996. "Are the Output Effects of Monetary Policy Asymmetric? Evidence from a Sample of European Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(2), pages 267-78, May.
  13. Ben Bernanke, 1990. "The Federal Funds Rate and the Channels of Monetary Transnission," NBER Working Papers 3487, National Bureau of Economic Research, Inc.
  14. Gertler, Mark, 1990. "Financial Capacity And Output Fluctuations In An Economy With Multiperiod Financial Relationships," Working Papers 90-44, C.V. Starr Center for Applied Economics, New York University.
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