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

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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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  • Carmen Díaz Roldán & Alberto Montero Soler, 2001. "Las reglas de política monetaria en la actuación del Banco de España 1978-1998," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 0106, Departamento de Economía - Universidad Pública de Navarra.
  • Handle: RePEc:nav:ecupna:0106
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    File URL: ftp://ftp.econ.unavarra.es/pub/DocumentosTrab/DT0106.PDF
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    More about this item

    Keywords

    Taylor rule; monetary policy; inflation;

    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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