Person:
Díaz Roldán, Carmen

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Díaz Roldán

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Carmen

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Economía

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0000-0002-1932-6487

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1958

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2000 - 20016
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Now showing 1 - 6 of 6
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    PublicationOpen Access
    A general framework for the macroeconomic analysis of monetary unions
    (2001) Bajo Rubio, Óscar; Díaz Roldán, Carmen; Economía; Ekonomia
    The objective of this paper is to develop a general framework for the macroeconomic modelling of monetary unions, which could be useful for policy analysis, as well as for teaching purposes. Our starting point will be the standard two-country Mundell-Fleming model with perfect capital mobility, extended to incorporate the supply side, and modified so that the money market is common for two countries forming a monetary union. The model is presented in two versions: for a small and a big monetary union, respectively. After solving each model, we will derive multipliers for monetary, real (i. e., demand-side), supply, and external shocks, paying a special attention to the distinction between symmetric and asymmetric shocks. A graphical analysis is also provided.
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    PublicationOpen Access
    On the insurance function of fiscal policy in a monetary union
    (2000) Bajo Rubio, Óscar; Díaz Roldán, Carmen; Economía; Ekonomia
    In this paper we first review the available literature on the degree of insurance against shocks, provided by the central budget in the federal systems already existing. Next, we discuss the main points raised on the debate about the implementation of an automatic mechanism designed to cope with country-specific shocks in a monetary union, and present a specific proposal of such a mechanism.
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    PublicationOpen Access
    Las reglas de política monetaria en la actuación del Banco de España: 1978-1998
    (2001) Díaz Roldán, Carmen; Montero Soler, Alberto; Economía; Ekonomia
    La especificación de la función de reacción del banco central en los términos propuestos por Taylor (1993), permite conocer en qué medida la política monetaria diseñada e instrumentada es sensible a dos objetivos básicos de toda política económica, como son las desviaciones de la tasa de inflación respecto de su valor deseado y las desviaciones del nivel de producción real de su tendencia a largo plazo. En este trabajo intentamos evaluar si la elaboración de la política monetaria por parte del Banco de España durante el periodo de 1978-1998, se ajustó a los postulados de la regla de Taylor o a alguna derivación de la misma, teniendo en cuenta los condicionantes de la economía abierta.
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    PublicationOpen Access
    International monetary policy coordination under asymmetric shocks
    (2000) Díaz Roldán, Carmen; Economía; Ekonomia
    The purpose of this paper is to show whether international policy coordination may be the best response to economic interdependence. We will study the short-run interactions taking place among interdependent economies, where monetary supply is the instrument used to maintain output and price targets. We develop a macroeconomic model in which countries show different preferences regarding objectives and face asymmetric disturbances, analyzing in strategic terms how monetary policy can deal with real, monetary, and supply shocks. We also show how the superiority of the cooperative solution depends on the sources of the disturbances, the underlying economic framework, and the asymmetry of the preferences.
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    PublicationOpen Access
    Coordination of fiscal policies in a monetary union
    (2000) Díaz Roldán, Carmen; Economía; Ekonomia
    This paper examines how the member countries of a monetary union react to country-specific shocks and to shocks from the rest of the world, when the budget deficit is the only policy instrument available. We develop a three-country model in which countries show different preferences regarding objectives, and face asymmetric disturbances. Two of the countries form a monetary union where an independent central bank controls monetary policy, and fiscal policy is determined by fiscal authorities at the national level. In this framework, we analyse in strategic terms how authorities can deal with monetary, real and supply shocks using fiscal policy with stabilizing purposes. Finally, we discuss the welfare aspects of the optimal solution and the extent to which a coordinated fiscal policy may influence the performance and evolution of the monetary union.
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    PublicationOpen Access
    Supply policies coordination in a monetary union
    (2000) Díaz Roldán, Carmen; Economía; Ekonomia
    This paper examines how the member countries of a monetary union react to country-specific shocks and to shocks from the rest of the world, using supply-side policies. We develop a three-country model in which countries show different preferences regarding objectives, and face asymmetric disturbances. Two of the countries form a monetary union where an independent central bank controls monetary policy, and supply policies are determined by the authorities at the national level. In this framework, we analyse in strategic terms how the authorities can deal with monetary, real and supply shocks, and discuss the welfare aspects of the optimal solution and the extent to which a coordinated supply-side policy may be useful to deal with those shocks.