کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5083289 1477797 2016 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Exploring the sources of Spanish macroeconomic fluctuations: An estimation of a small open economy DSGE model
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Exploring the sources of Spanish macroeconomic fluctuations: An estimation of a small open economy DSGE model
چکیده انگلیسی


- The estimated model is able to explain the Spanish dual inflation phenomenon.
- The preference shock basically accounts for private consumption volatility.
- The productivity shock mainly accounts for non-tradable output volatility.
- Productivity and international interest rate shocks mainly explain tradable output.
- The model largely replicates the time paths for actual Spanish data.

This paper analyzes the role of a variety of shocks as determinants of Spanish macroeconomic fluctuations before the international financial and economic crisis (1970-2008). To do this we estimate a small open economy stochastic model using Kalman Filter techniques. The set of estimated parameters allows the replication with remarkable accuracy of the time path for the major macroeconomic aggregates. In particular, the model reproduces the so-called dual inflation phenomenon which burdens the competitiveness of the Spanish economy.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 45, September 2016, Pages 417-437
نویسندگان
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