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

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  • María-Dolores, Ramón

Abstract

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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  • María-Dolores, Ramón, 1998. "Asimetrías en los efectos de la política monetaria en España (1977-1996)," DE - Documentos de Trabajo. Economía. DE 3887, Universidad Carlos III de Madrid. Departamento de Economía.
    • Handle: RePEc:cte:derepe:3887
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    Política monetaria;

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