Fiscal policy and the Spanish business cycle
AbstractA main result of the RBC literature is that technological factors drive fluctuations of macroeconomic variables around its long-run growth path. Nevertheless, it has been shown that in some countries fluctuations of some fiscal variables may explain some of the business cycle fluctuations. In this paper I show that a result of this sort can be obtained for the Spanish economy. Specifically, I use both technological and fiscal shocks to reproduce the observed volatility of hours of work to output, hours of work to average productivity, and the negative correlation between hours and average productivity.
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Bibliographic InfoArticle provided by Springer in its journal Spanish Economic Review.
Volume (Year): 3 (2001)
Issue (Month): 4 ()
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Find related papers by JEL classification:
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
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