are important in accounting for aggregate fluctuations in Spain. The model is estimated with Bayesian techniques and data …

This paper analyzes the determinants of Spain's macroeconomic fluctuations since the inception of the euro in 1999 … structure (especially lower nominal wage and price rigidities in Spain). Finally, we find that EMU membership has had a non …

policy did not change in Germany, unlike in France and Spain. Specifically, the impact of inflation on interest rates …