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Las reglas de la política monetaria en la actuación del Banco de Espana: 1978-1998

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  • Carmen Díaz
  • Alberto Montero Soler

Abstract

The specification of the central banks' reaction function along the way proposed by Taylor (1993) allows us to know to what extent monetary policy is sensitive to the basic objectives of economic policy, such as the deviation of the inflation rate from a given target, and that or real output from its potential level. In this paper we try to evaluate whether the monetary policy performed by the Bank of Spain during the period 1978-1998, could be described by a Taylor-type rule taking into account the open economies' conditioning factors.
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Suggested Citation

  • Carmen Díaz & Alberto Montero Soler, "undated". "Las reglas de la política monetaria en la actuación del Banco de Espana: 1978-1998," Studies on the Spanish Economy 97, FEDEA.
    • Handle: RePEc:fda:fdaeee:97
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    References listed on IDEAS

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    1. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(1), pages 147-180.
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    More about this item

    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

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