Arghyrou, Michael G.; Gadea, Maria Dolores - Facultad de Economía y Empresa, Universidad de Zaragoza - 2008
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 macro-fundamentals. We find that in the 1990s Spain implemented successfully a monetary strategy tailored to its own domestic fundamentals; and...