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The Spanish Crisis from a Global Perspective

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  • Jesús Fernández-Villaverde
  • Lee Ohanian

Abstract

This paper studies the recent evolution of the Spanish economy in the context of the developments of the world economy and presents a benchmark model with …nancial frictions to assess the sources of these ‡uctuations. We pay particular attention to the comparison with the United States and some of Spain’s European peers in the 1994-2009 period. First, we document the long expansion between 1994 and early 2008 in terms of the main economic aggregates and the boom in the real estate market. Second, we also report on the fast downturn of these economies in the second half of 2008. Third, we use our benchmark model with …nancial frictions to evaluate how much we understand of the mechanism behind these large changes in aggregate behavior. We conclude with some policy remarks.

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Paper provided by FEDEA in its series Working Papers with number 2010-03.

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Date of creation: Feb 2010
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Handle: RePEc:fda:fdaddt:2010-03

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  1. Christoffel, Kai & Coenen, Günter & Warne, Anders, 2008. "The New Area-Wide Model of the euro area: a micro-founded open-economy model for forecasting and policy analysis," Working Paper Series, European Central Bank 0944, European Central Bank.
  2. Douglas W. Diamond & Raghuram G. Rajan, 1999. "Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking," NBER Working Papers 7430, National Bureau of Economic Research, Inc.
  3. Rochelle M. Edge & Michael T. Kiley & Jean-Philippe Laforte, 2010. "A comparison of forecast performance between Federal Reserve staff forecasts, simple reduced-form models, and a DSGE model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 25(4), pages 720-754.
  4. Andrea Gerali & Stefano Neri & Luca Sessa & Federico M. Signoretti, 2010. "Credit and Banking in a DSGE Model of the Euro Area," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 42(s1), pages 107-141, 09.
  5. Vasco Curdia & Michael Woodford, 2008. "Credit Frictions and Optimal Monetary Policy," Discussion Papers, Columbia University, Department of Economics 0809-02, Columbia University, Department of Economics.
  6. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, Princeton University Press, edition 1, volume 1, number 8973.
  7. Diamond, Douglas W & Dybvig, Philip H, 1983. "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 91(3), pages 401-19, June.
  8. Song, Zheng Michael & Storesletten, Kjetil & Zilibotti, Fabrizio, 2009. "Growing like China," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7149, C.E.P.R. Discussion Papers.
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Cited by:
  1. Dominic Quint & Pau Rabanal, 2013. "Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area," IMF Working Papers, International Monetary Fund 13/209, International Monetary Fund.
  2. Martin, Alberto & Ventura, Jaume, 2010. "Theoretical Notes on Bubbles and the Current Crisis," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8038, C.E.P.R. Discussion Papers.
  3. Ohanian, Lee E. & Raffo, Andrea, 2012. "Aggregate hours worked in OECD countries: New measurement and implications for business cycles," Journal of Monetary Economics, Elsevier, Elsevier, vol. 59(1), pages 40-56.
  4. Francisco Carballo-Cruz, 2011. "Causes and Consequences of the Spanish Economic Crisis: Why the Recovery is Taken so Long?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(3), pages 309-328, September.

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