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

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.