The single monetary policy and domestic macrofundamentals: evidence from Spain

Arghyrou, Michael ORCID: https://orcid.org/0000-0001-6222-5086 and Gadea, Maria Dolores 2008. The single monetary policy and domestic macrofundamentals: evidence from Spain. [Working Paper]. Cardiff Economics Working Papers, Cardiff: Cardiff University.

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Abstract

We model pre-euro Spanish monetary policy and use our findings to assess the compatibility of the interest rates set by the ECB since 1999 with Spanish macrofundamentals. We find that in the 1990s Spain implemented successfully a monetary strategy tailored to its own domestic fundamentals; and by abolishing it to join the euro she has paid a cost in the form of a sub-optimal monetary policy. Spain’s experience suggests a cautious approach with regards to the timing of further EMU enlargement.

Item Type:	Monograph (Working Paper)
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory
Publisher:	Cardiff University
Date of First Compliant Deposit:	30 March 2016
Last Modified:	28 Oct 2022 10:18
URI:	https://orca.cardiff.ac.uk/id/eprint/77803

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