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Title:The single monetary policy and domestic macro-fundamentals: Evidence from Spain PDF Logo
Authors:Arghyrou, Michael G.
Gadea, Maria Dolores
Issue Date:2008
Series/Report no.:Cardiff Economics Working Papers E2008/23
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.
Subjects:Spain
ECB
monetary policy
domestic fundamentals
compatibility
JEL:C51
C52
E43
E58
F37
Document Type:Working Paper
Appears in Collections:Cardiff Economics Working Papers, Cardiff Business School, Cardiff University

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