Paper #215

Título:

Spanish monetary policy: A structural VAR analysis

Autor:

Etsuro Shioji

Data:

Mayo 1997

Resumen:

Some past studies analyzed Spanish monetary policy with the standard VAR. Their problem is that this method obliges researchers to impose a certain extreme form of the short run policy rule on their models. Hence, it does not allow researchers to study the possibility of structural changes in this rule, either. This paper overcomes these problems by using the structural VAR. I find that the rule has always been that of partial accommodation. Prior to 1984, it was quite close to money targeting. After 1984, it became closer to the interest rate targeting, with more emphasis on the exchange rate.

Palabras clave:

Monetary policy, structural VAR, identification, exchange rate

Códigos JEL:

E52, E58, C32

Área de investigación:

Macroeconomía y Economía Internacional

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