English, Article edition: EXPECTATIVAS, APRENDIZAJE Y CREDIBILIDAD DE LA POLÍTICA MONETARIA EN ESPAÑA Jorge V. Pérez Rodríguez; Francisco J. Ledesma Rodríguez; Manuel Navarro Ibáñez; ...

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Bookmark: http://trove.nla.gov.au/version/162672
Physical Description
  • article
Language
  • English

Edition details

Title
  • EXPECTATIVAS, APRENDIZAJE Y CREDIBILIDAD DE LA POLÍTICA MONETARIA EN ESPAÑA
Author
  • Jorge V. Pérez Rodríguez
  • Francisco J. Ledesma Rodríguez
  • Manuel Navarro Ibáñez
  • Simón Sosvilla-Rivero
Physical Description
  • article
Notes
  • In this paper we assess the credibility of Bank of Spain’s monetary and interest rate announcements as perceived by the agents. Firstly, we analyze the convergence between the objectives of monetary policy and the evolution of the monetary aggregate and the market interest rates. Secondly, we estimate an index of credibility that recognizes the presence of regime changes from the 1979-1998 period. The results point out the convergence between announcements and market variables. Moreover the marginal credibility increased in the sample period for most of the interest rates studied. Classification-JEL : C22, D83, D84.
  • Monetary policy, credibility, expectations, learning
  • RePEc:hpe:journl:y:2001:v:158:i:3:a:24
Language
  • English
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