English, Article, Journal or magazine article edition: Spanish Monetary Policy: A Structural VAR Analysis Etsuro Shioji

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Bookmark: http://trove.nla.gov.au/version/153790
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Spanish Monetary Policy: A Structural VAR Analysis
Author
  • Etsuro Shioji
Physical Description
  • preprint
Notes
  • 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.
  • RePEc:upf:upfgen:215
Language
  • English
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