This paper analyzes the determinants of Spain's macroeconomic fluctuations since the inception of the euro in 1999 …, with a special attention to observed growth and inflation differentials with respect to the rest of the European Monetary … particular, demand and productivity shocks for growth and cost-push shocks for inflation) as well as asymmetric economic …

hypothesis (TLGH). The cases under analysis are Spain and Italy, two of the most important countries worldwide regarding the … exports cause economic growth in the long-term for both countries, whilst only for Spain tourism appears as a factor which …