Narrow search
Showing 1 - 10 of 105
Cover Image
Smoothing shocks and balancing budgets in a currency union
Costain, James; Blas, Beatriz de - Banco de España - 2012
We study simple fiscal rules for stabilizing the government debt level in response to asymmetric demand shocks in a country that belongs to a currency union. We compare debt stabilization through tax rate adjustments with debt stabilization through expenditure changes. While rapid and flexible...
Persistent link: https://www.econbiz.de/10010862268
Cover Image
Do trade and financial linkages foster business cycle synchronization in a small economy?
García-Herrero, Alicia; Ruiz, Juan M. - Banco de España - 2008
We estimate a system of equations to analyze whether bilateral trade and financial linkages influence business cycle synchronization directly and/or indirectly. Our paper builds upon the existing literature by using bilateral trade and financial flows for a small, open economy (Spain) as...
Persistent link: https://www.econbiz.de/10005155209
Cover Image
BEMOD: a DSGE model for the Spanish economy and the rest of the Euro area
Andrés, Javier; Burriel, Pablo; Estrada, Ángel - Banco de España - 2006
In this paper we present the theoretical foundations and the simulation results obtained with a new dynamic general equilibrium model developed at the Banco de España for the Spanish economy and the rest of Euro area. The model is designed to help in simulating the effect of alternative shocks...
Persistent link: https://www.econbiz.de/10005088313
Cover Image
Development, growth and volatility
Moro, Alessio - Banco de España - 2010
Does GDP composition affect GDP growth and volatility? Typically, economies at advanced stages of development grow … theory of development consistent with these three facts. I show that even when total factor productivity (TFP) growth and … gross output production in manufacturing implies a larger growth and volatility of TFP at the value added level in …
Persistent link: https://www.econbiz.de/10008486491
Cover Image
The two greatest. Great recession vs. great moderation
Gadea-Rivas, María Dolores; Gómez-Loscos, Ana; … - Banco de España - 2014
Many have argued that the Great Recession of 2008 marked the end of the Great Moderation of the eighties and nineties. Through painstaking empirical analysis of the data, this paper shows this is not the case. Output volatility remains subdued despite the turmoil created by the Great Recession....
Persistent link: https://www.econbiz.de/10010928919
Cover Image
A useful tool to identify recessions in the euro-area
Bengoechea, Pilar; Pérez-Quirós, Gabriel - Banco de España - 2004
This paper investigates the identification and dating of the European business cycle, using different methods. We concentrate on methods and statistical series that provides timely and accurate information about the contemporaneous state of the economy in order to provide the reader with a...
Persistent link: https://www.econbiz.de/10005022250
Cover Image
Household debt and labour market fluctuations
Andrés, Javier; Boscá, José E.; Ferri, Javier - Banco de España - 2011
The co-movements of labor productivity with output, total hours, vacancies and unemployment have changed since the mid 1980s. This paper offers an explanation for the sharp break in the fl uctuations of labor market variables based on endogenous labor supply decisions following the mortgage...
Persistent link: https://www.econbiz.de/10009364206
Cover Image
Wage, inflation and employment dynamics with labour market matching
Christoffel, Kai; Costain, James; Walque, Gregory de; … - Banco de España - 2009
In a search and matching environment, this paper assesses a range of modeling setups against macro evidence for the monetary transmission mechanism in the euro area. In particular, we assess right-to-manage vs. efficient bargaining, flexible vs. sticky wages, interactions at the firm level...
Persistent link: https://www.econbiz.de/10004969777
Cover Image
Business cycles and investment in intangibles: evidence from Spanish firms
López-García, Paloma; Montero, José Manuel; … - Banco de España - 2012
-term impact on productivity growth. In the spirit of Aghion et al. (2007) we allow the impact of the cycle on R&D to vary between … estimates, in order to assess potential indirect effects of the cycle on long-run growth …
Persistent link: https://www.econbiz.de/10010678677
Cover Image
Commodity prices and the business cycle in Latin America: Living and dying by commodities
Camacho, Maximo; Perez-Quiros, Gabriel - Banco de España - 2013
We analyze the dynamic interactions between commodity prices and output growth of the seven biggest Latin American … response functions, we fi nd that the response of their respective output growth to commodity price shocks is time …-dependent, size-dependent and sign-dependent. Overall, the major evidence of asymmetries in output growth responses occurs when …
Persistent link: https://www.econbiz.de/10010678684