Por favor utiliza este link para citar o compartir este documento: http://repositoriodigital.academica.mx/jspui/handle/987654321/426543
Título: HOW INFORMATIVE ARE FINANCIAL ASSET PRICES IN SPAIN?
Palabras clave: Economía y Finanzas
Information content
probit models
leading indicators
Editorial: Universidad de Zaragoza
Descripción: This paper analyses the informational content of a wide range of financial prices in Spain on the inflation rate, the 3-month interest rate and output, which are all variables of special interest for a central bank. We consider two approaches. First, we use a standard lineal regression model of leading indicator. Second, we estimate Probit models to forecast inflationary upturns, output slowdowns and monetary policy tightenings as reflected by interest rate upturns. According to our results, none of the financial indicators considered seems to hold a stable empirical relationship with any of the fundamentals. Nevertheless, they can be useful as qualitative indicators to complement the quantitative information provided by other non-financial indicators.
Other Identifiers: http://www.redalyc.org/articulo.oa?id=96917680001
Aparece en las Colecciones:Revista de Economía Aplicada

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