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A Switching-Regime Model for the Spanish Inflation: 1962-1997


  • Juan Ayuso
  • Graciela L. Kaminsky
  • David López-Salido


During the 1970s and early 1980s, Spain suffered high rates of inflation but inflation declined and by 1997 inflation had fallen to approximately 2 percent. To fight inflation, Spain implemented austere monetary programs, joined the EMS in 1989, enacted central bank autonomy in 1994, and introduced inflation targets in January 1995. Certainly, these and other policies are in part responsible for the decline in inflation. However, it is unclear the extent of the contribution of each policy.

Suggested Citation

  • Juan Ayuso & Graciela L. Kaminsky & David López-Salido, 1998. "A Switching-Regime Model for the Spanish Inflation: 1962-1997," Working Papers 9814, Banco de España.
  • Handle: RePEc:bde:wpaper:9814

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    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation


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