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Moro, Alessio - Banco de España - 2010

Does GDP composition affect GDP growth and volatility? Typically, economies at advanced stages of development grow … theory of development consistent with these three facts. I show that even when total factor productivity (TFP) growth and … gross output production in manufacturing implies a larger growth and volatility of TFP at the value added level in …

Persistent link: https://www.econbiz.de/10008486491

Fiscal targets. A guide to forecasters?

Paredes, Joan; Pérez, Javier J.; Perez-Quirós, Gabriel - Banco de España - 2015

Should rational agents take into consideration government policy announcements? A skilled agent (an econometrician) could set up a model to combine the following two pieces of information in order to anticipate the future course of fiscal policy in real-time: (i) the ex-ante path of policy as...

Persistent link: https://www.econbiz.de/10011210761

Fiscal delegation in a monetary union with decentralized public spending

Basso, Henrique S.; Costain, James - Banco de España - 2013

This paper studies the effects of delegating control of sovereign debt issuance to an independent authority in a monetary union where public spending decisions are decentralized. The model assumes that no policy makers are capable of commitment to a rule. However, consistent with Rogoff (1985)...

Persistent link: https://www.econbiz.de/10010862269

Price determinacy under non-Ricardian fiscal strategies

Arce, Óscar J. - Banco de España - 2007

This paper shows that there exist fiscal strategies that deliver equilibrium uniqueness in a monetary economy in which the central bank follows an interest rate peg. In contrast to the fiscal theory of the price level (FTPL), such strategies always satisfy a government intertemporal budget...

Persistent link: https://www.econbiz.de/10005088315

Reflections on fiscalist divergent price-paths

Arce, Óscar J. - Banco de España - 2005

In this paper I analyze the classes of price-paths arising from a non-Ricardian fiscal monetary plan along the lines of the Fiscal Theory of the Price Level (FTPL), under a price invariant nominal money supply rule in a standard Sidrauski-Brock model. I first show that fiscalist speculative...

Persistent link: https://www.econbiz.de/10005088318

The fiscal theory of the price level: a narrow theory for non-fiat money

Arce, Óscar J. - Banco de España - 2005

I examine the postulates of the Fiscal Theory of the Price Level (FTPL) under a nominal interest rate peg. First, I show that the usual definition of a non-Ricardian plan involves a number of government's non-credible policy commitments, thus confuting the interpretation of the FTPL as a...

Persistent link: https://www.econbiz.de/10005088319

The effects of national discretions on banks

Argimón, Isabel; Ruiz, Jenifer - Banco de España - 2010

The EU's transposition of Basel II into European law has been done through the Capital Requirements Directive (CRD). Although the Directive establishes, in general, uniform rules to set capital requirements across European countries, there are some areas where the Directive allows some...

Persistent link: https://www.econbiz.de/10008643700

Dynamic stability in repeated games

Puente, Sergio - Banco de España - 2006

A concept of dynamic stability in infinitely repeated games with discounting is presented. For this purpose, one … new framework, we propose stable strategies such that a folk theorem with an additional stability requirement still holds …

Persistent link: https://www.econbiz.de/10005590678

Ñ-STING: España Short Term INdicator of Growth

Camacho, Maximo; Perez-Quiros, Gabriel - Banco de España - 2009

We develop a dynamic factor model to compute short term forecasts of the Spanish GDP growth in real time. With this …

Persistent link: https://www.econbiz.de/10004969768

Fixed and variable-rate mortgages, business cycles and monetary policy

Rubio, Margarita - Banco de España - 2009

The aim of this paper is twofold. First, I study how the proportion of fixed and variable-rate mortgages in an economy can affect the way shocks are propagated. Second, I analyze optimal implementable simple monetary policy rules and the welfare implications of this proportion. I develop and...

Persistent link: https://www.econbiz.de/10004969770

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