Un modelo intertemporal de la balanza por cuenta corriente de la economía española: La relevancia del proceso de formación de expectativas considerado

This article puts forward an econometric test of the inter-temporal approach of the current account for the Spanish economy using procedures suitable to deal with long run time series. The test considers two expectations' generation processes. The standard one and an alternative one where consumers anticipate, each quarter, the inter-annual increase of the relevant variables. This alternative process had not been considered in the literature and yields conclusions considerably different from that of the previous empirical work, in fact allowing the strict acceptance of the model for the Spanish case.