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The Nash program is an important research agenda initiated in Nash (Econometrica 21:128-140, 1953) in order to bridge the gap between the noncooperative and cooperative counterparts of game theory. The program is thus turning sixty-seven years old, but I will argue it is not ready for...
Persistent link: https://www.econbiz.de/10012503895
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are important in accounting for aggregate fluctuations in Spain. The model is estimated with Bayesian techniques and data …
Persistent link: https://www.econbiz.de/10009355412
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This paper presents the model used for simulation purposes within the Spanish Ministry of Economic Affairs and Finance. REMS (a Rational Expectations Model for the Spanish economy) is a small open economy dynamic general equilibrium model in the vein of the New-Neoclassical-Keynesian synthesis...
Persistent link: https://www.econbiz.de/10009355416
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In the last 15 years, Spain has witnessed a large increase in housing prices and in the importance of the housing … sector, which has refreshed the debate on the drivers of housing cycles. Since Spain joined the European Monetary Union (EMU … currency area with durable goods, using data for Spain and the rest of the EMU. We find that parameter estimates are similar to …
Persistent link: https://www.econbiz.de/10009355418
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Bayesian dynamic stochastic general equilibrium (DSGE) models combine microeconomic behavioural foundations with a full-system Bayesian likelihood estimation approach using key macro-economic variables. Because of the usefulness of this class ofmodels for addressing questions regarding the...
Persistent link: https://www.econbiz.de/10009355420
While general equilibrium theories of trade stress the role of third-country effects, little work has been done in the empirical foreign direct investment (FDI) literature to test such spatial linkages. This paper aims to provide further insights into long-run determinants of Spanish FDI by...
Persistent link: https://www.econbiz.de/10009355548