This paper analyses the monetary policy channels in Spain using a cointegrated structural VAR approach which explicitly accounts for endogenous policy reactions in a small open economy. Evidence is found of one cointegrating relation which is identified as a long-run money demand function. In...

This paper examines price and inflation convergence between three European countries (Italy, Spain and the UK) and a European idiosyncratic average and, alternatively, between them and Germany since the beginning of the 80's.

This paper investigates the link among Spanish effective real exchange rate relative to the EU, the terms of trade and real interest differentials over the period 1980-1994.

This paper investigates cross-country productivity convergence for the period 1960-1999. The testing strategy is based on a combination of tests and estimation methods. We use the de…nitions of time-series convergence by Bernard and Durlauf (1995), applying multivariate unit root tests, such...

In this paper, the Spanish fiscal policy sustainability is tested for the period 1964-1996. The theoretical framework used in this paper draws from Quintos (1995) where a distinction between weak and strong conditions for deficit sustainability is pointed out. From an empirical point of view,...