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How useful are monetary policy rules to deal with inflation: The Spanish case

The role of monetary policy rules to explain the behaviour of central banks has received an increasing attention during the last few years. The Spanish case could be of interest given that, with an inflation above the European average, was able to conduct its monetary policy and to control the inflation in order to join the European monetary union. But after the adoption of the European Central Bank’s monetary policy in January 1999, a higher inflation can be observed. In this paper we explore whether the monetary policy performed by the Bank of Spain would have follow a monetary policy rule, and to which extent monetary rules contribute to achieve the goal of inflation.

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Paper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2004/63.

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Length: 28 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:cea:doctra:e2004_63
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  1. Laurence Ball, 1998. "Policy Rules for Open Economies," RBA Research Discussion Papers rdp9806, Reserve Bank of Australia.
  2. Clarida, R. & Gali, J. & Gertler, M., 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Working Papers 99-13, C.V. Starr Center for Applied Economics, New York University.
  3. Richard Clarida & Jordi Gali & Mark Gertler, 1997. "Monetary Policy Rules in Practice: Some International Evidence," NBER Working Papers 6254, National Bureau of Economic Research, Inc.
  4. Gerlach, Stefan & Schnabel, Gert, 2000. "The Taylor rule and interest rates in the EMU area," Economics Letters, Elsevier, vol. 67(2), pages 165-171, May.
  5. Sharon Kozicki, 1999. "How useful are Taylor rules for monetary policy?," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 5-33.
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