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A general equilibrium assessment of external and domestic shocks in Spain

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  • Álvarez-Martínez, María Teresa
  • Polo, Clemente

Abstract

After many years of growth, the Spanish economy plunged into the most severe and prolonged recession recorded since reliable national accounts data have been available. The main goal of this paper is to quantify the effects of the external and domestic shocks that hit the Spanish economy in 2008–2009 by employing a disaggregated general equilibrium model calibrated to a 2000 SAM elaborated by the authors. External shocks are simulated by employing the neoclassical closure (private investment is determined by domestic and external savings) and the Keynesian closure (investment is exogenous). External and domestic shocks are also jointly simulated with the Keynesian closure. The results provide a good approximation to observed changes in key macroeconomic variables.

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Bibliographic Info

Article provided by Elsevier in its journal Economic Modelling.

Volume (Year): 29 (2012)
Issue (Month): 6 ()
Pages: 2486-2493

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Handle: RePEc:eee:ecmode:v:29:y:2012:i:6:p:2486-2493

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Web page: http://www.elsevier.com/locate/inca/30411

Related research

Keywords: CGE; Closure rules; Economic recession;

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  8. Learmonth, D. & McGregor, P.G. & Swales, J.K. & Turner, K.R. & Yin, Y.P., 2007. "The importance of the regional/local dimension of sustainable development: An illustrative Computable General Equilibrium analysis of the Jersey economy," Economic Modelling, Elsevier, vol. 24(1), pages 15-41, January.
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Cited by:
  1. Riccardo Magnani & Luca Piccoli & Martine Carré & Amedeo Spadaro, 2013. "Would a real depreciation of the euro improve the French economy?," DEA Working Papers 60, Universitat de les Illes Balears, Departament d'Economía Aplicada.
  2. Michael Lahr & Maria Alvarez, 2013. "Tortoise and the Hare Revisited? A CGE Analysis of Gaming and State Tax Revenues:," ERSA conference papers ersa13p191, European Regional Science Association.

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