Person:
Alonso González, Luis Alberto

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First Name
Luis Alberto
Last Name
Alonso González
Affiliation
Universidad Complutense de Madrid
Faculty / Institute
Ciencias Económicas y Empresariales
Department
Area
Economía Aplicada
Identifiers
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  • Publication
    Monetary policy, Taylor's rule and endogenous fluctuations
    (Facultad de Ciencias Económicas y Empresariales. Decanato, 1999) Alonso González, Luis Alberto; Palacio Vera, Alfonso
    The paper analyses the dynamic behaviour of an economy when the central bank (CB) implements an inflation targeting regime. For this purpose, a simple macroeconomic model is constructed and subjected to formal dynamic analysis. A first result is that, under certain conditions, the emergence of endogenous oscillations in the economy is a possible scenario. A second implication is that CBs face two main policy dilemmas: (i) the degree of gradualism adopted when setting the level of short-term interest rates and (ii) the desirability or otherwise of raising interest rates as soon as economic indicators suggest the emergence of inflationary pressures.