Historical experience and the economic literature show that the process of structural change of economies towards more advanced stages of development is associated with a particular pattern of change in the sectoral composition of economic activity. In a first stage, the manufacturing share...

English abstract: This paper explores the differences in accessibility to services between rural and urban areas in EU countries. According to our analysis, rural areas in Spain have worse accessibility to services than their European counterparts, while the differences are not significant in...

La estimación de los efectos del ciclo económico sobre la capacidad de financiación de las Administraciones Públicas desempeña un papel fundamental en el análisis de la política fiscal en tiempo real, especialmente en el marco del Pacto de Estabilidad y Crecimiento (PEC). Este artículo...

This paper offers a comprehensive comparison of the structure of banking and financial markets in the euro area. Based on this, several hypotheses about the role of banks in monetary policy transmission are developed. Many of the predictions that have been proposed for the U.S. are deemed...

This paper offers a comprehensive comparison of the structure of banking and financial markets in the euro area. Based on this, several hypotheses about the role of banks in monetary policy transmission are developed. Many of the predictions that have been proposed for the U.S. are deemed...

For reason of empirical tractability, analysis of cointegrated economic time series is often developed in a partial setting, in which a subset of variables is explicitly modeled conditional on the rest. This approach yields valid inference only if the conditioning variables are weakly exogenous...