Díaz, Antonia; Franjo, Luis - Departamento de Economía, Universidad Carlos III de Madrid - 2014
during that period. Here we argue that the Spanish economy has grown, in spite of stagnant TFP, because investment in … equipment and structures to quantify the sources of changes in measured TFP in Spain. We find that measured TFP is low because … subsidies to structures and the gains of eliminating them in terms of TFP and income growth. Our three sector model economy also …