We study simple fiscal rules for stabilizing the government debt level in response to asymmetric demand shocks in a country that belongs to a currency union. We compare debt stabilization through tax rate adjustments with debt stabilization through expenditure changes. While rapid and flexible...

This paper aims to test the validity of the Ricardian proposition for the Spanish economy from three different approaches: a) by testing its theoretical implications on the stability of national saving and the relationship between fiscal and current account balances, b) by carrying a number of...

This paper develops a dynamic general equilibrium model in which the public and the private sector interact in the labor market. Previous studies that analyze the labor market effects of public sector employment and wages have mostly assumed exogenous rules for public wage and public employment....

The analysis of the macroeconomic impact of fiscal policies in the euro area has been traditionally limited by the absence of quarterly fiscal data. To overcome this problem, we provide two new databases in this paper. Firstly, we construct a quarterly database of euro area fiscal variables for...

We construct multivariate, state-space mixed-frequencies models for the main componentsof the Spanish General Government sector made up of blocks for each one of its subsectors: Central Government, Social Security and aggregate of Regional and Local government sectors. Each block is modelled...

We analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US, we use a standard structural VAR framework, and...

Saudi Arabia is the largest player in the world oil market. It maintains ample spare capacity, restricts investment in developing reserves, and its output is negatively correlated with other OPEC producers. While this behavior does not fit into the perfect competition paradigm, we show that it...

Hay evidencia en la literatura sobre episodios de consolidación fiscal que producen efectos expansivos (no keynesianos) (por ejemplo, Alesina y Ardagna, 1998). En este documento replicamos este resultado para un grupo de países de la OCDE asumiendo exogeneidad de la decisión de ajuste fiscal,...

Este artículo considera un modelo de generaciones solapadas, aplicado a una economía pequeña, abierta al comercio internacional y caracterizada por la existencia de competencia imperfecta en los mercados de bienes y de trabajo, para analizar: i) cuáles fueron los principales determinantes de...

Una de las características más particulares del mercado de la vivienda en España, en relación con otras economías europeas, es la proporción relativamente baja de viviendas en alquiler. Esto puede deberse en parte a la existencia de distorsiones fiscales que favorezcan la vivienda en...