¿Ha seguido el Banco de España una regla de Taylor con información en el tiempo real?

In this paper I analyze monetary policy implementation in Spain during the period 1984-1998. Its main innovation lies with the use of forecasts from the Bank of Spain’s confidential series. Two main conclusions are obtained in this paper. The first is that from 1988 to 1998 the Bank of Spain took monetary policy actions following a monetary rule similar to a Taylor rule. The second is that monetary policy analysis may lead to incorrect inference if monetary authority information problems are not taken into account.Monetary policy, information set, central bank, nominal interest rate rule