This dissertation computes the optimal monetary and fiscal policy for small open and emerging economies in an estimated medium-scale model. The model departs from the conventional approach as it encompasses all the major nominal and real rigidities normally found in the literature in a single...

A high inflation rate is the main obstacle prohibiting euro lead into the state, that‘s why the inflation theme is the urgent one. We analyzed the inflation not only from the economic perspective, but from the legal side too. The changes of property forms, legal tends, extent of inflation,...

We show that several shocks identifi ed without restrictions from a model, and frequently used in the empirical literature, display some persistence. We demonstrate that the two leading methods to recover impulse responses to shocks (moving average representations and local projections) treat...

Este documento describe los principales canales de transmisión de los efectos desbordamiento (spillovers) de las políticas fiscales nacionales a otros países de la zona del euro y analiza su magnitud utilizando diferentes modelos. En el contexto de la Unión Económica y Monetaria (UEM), los...

Artículo de revista ; The latest Bank Lending Survey results show a widespread contraction of credit supply both in Spain and in the euro area in 2020 Q3, which would be linked to increased risk perception. On the demand side, demand from firms fell in both Spain and the euro area following the...

Artículo de revista ; According to the Bank Lending Survey, during 2021 Q1 the loan supply contracted slightly once again in almost all segments both in Spain and in the euro area, which is linked to banks’ heightened risk perceptions. Loan applications slipped across the board in the two...

Artículo de revista ; According to the Bank Lending Survey, in 2021 Q2 the changes in credit standards were negligible in Spain and in the euro area, while loan applications increased across the board in the two areas. Compared with prior quarters, these more favourable developments in loan...