standard and international trade. The estimation results allow us to formulate some interesting policy conclusions. …

, output decreases in most subsectors after a restrictive monetary shock. The sectors of electrical and electronic equipment … be explained by the fact that monetary policy works mainly as supply shock in some subsectors. But the identified price …

particular, standard local projections identify responses that include an effect due to the persistence of the shock, while … projections and moving average representations. In particular, the inclusion of leads of the shock in local projections allows to … proyecciones locales estándar identifi can respuestas que incluyen un efecto debido a la persistencia del shock, mientras que las …

eficiente en I+D. ; The coronavirus pandemic has placed our economy in an unprecedented situation. The adverse shock has been on … size of firms and the high temporary employment ratio – make it more vulnerable than other countries to this shock. This … loss of income of the households and firms affected by the crisis and to prevent a temporary shock from causing persistent …

The coronavirus pandemic has placed our economy in an unprecedented situation. The adverse shock has been on an … and the high temporary employment ratio – make it more vulnerable than other countries to this shock. This situation … income of the households and firms affected by the crisis and to prevent a temporary shock from causing persistent effects …

to macroeconomic shocks, since it transfers and magnifies the impact of the shock into future periods through borrowing … the property of intertemporal shock smoothing, whereas financial markets concentrate the burden of the shock in one period …