Una década después del comienzo de la Gran Recesión, los desequilibrios externos, medidos por la cuenta corriente [current Account (CA)], se han reducido notablemente. Sin embargo, los desequilibrios externos medidos a través de variables de stock, es decir, la posición de inversión...

This paper analyses the monetary policy channels in Spain using a cointegrated structural VAR approach which explicitly accounts for endogenous policy reactions in a small open economy. Evidence is found of one cointegrating relation which is identified as a long-run money demand function. In...

This paper investigates the link among Spanish effective real exchange rate relative to the EU, the terms of trade and real interest differentials over the period 1980-1994.

This paper examines price and inflation convergence between three European countries (Italy, Spain and the UK) and a European idiosyncratic average and, alternatively, between them and Germany since the beginning of the 80's.