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The economic and financial crisis has hit Spain harder than practically any other country in Europe. Even if there are … occasional reports that the Spanish economy is improving slightly, the unemployment rate remains at 25 per cent and is as high as … 54 per cent among Spain's young people. The data presented in this article, which were obtained via a representative …
Persistent link: https://www.econbiz.de/10010426090
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Much has been written about why economists failed to predict the latest financial and real crisis. Reading the recent literature, it seems that the crisis was so obvious that economists must have been blind when looking at data not to see it coming. In this paper, we analyze whether such claims...
Persistent link: https://www.econbiz.de/10014162630
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Policy discussions on the recent financial crisis feature widespread calls to address the pro-cyclical effects of regulation. The main concern is that the new risk-sensitive bank capital regulation (Basel II) may amplify business cycle fluctuations. This paper compares the leading alternative...
Persistent link: https://www.econbiz.de/10013136687
This paper tests the opportunity-cost theory using a panel of Spanish firms during the period 1991-2010. Under this theory, productivity-enhancing activities, such as R&D investment, should increase during downturns because of the fall in their relative cost – in terms of forgone output. This...
Persistent link: https://www.econbiz.de/10013106197
This article analyses changes in the occupational employment share in Spain for the period 1997-2012 and the way … explaining the polarisation process in Spain during the years of expansion (1997-2007), but it is a minor factor during the …
Persistent link: https://www.econbiz.de/10013071488
in Spain to document the existence of a robust, within-firm negative causal relationship between demand-driven changes in … structurally estimated version of this model, we conclude that the firm-level responses to the slump in domestic demand in Spain …
Persistent link: https://www.econbiz.de/10012906429
We broaden the conceptual framework of estimating markups at the sectoral level developed by Roeger (1995), and extended by Crépon et al. (2005) with labour market imperfections, to account for firm-level heterogeneity derived from differences in productivity. We estimate this model with a...
Persistent link: https://www.econbiz.de/10013010838
in Spain. Real wages are weakly procyclical in Spain and, focusing on different phases of the business cycle, we find …, higher levels of unemployment do not translate into additional real wage adjustments when the economy is contracting, while …
Persistent link: https://www.econbiz.de/10013027875