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Bienes comerciables y no comerciables en la economía española: Un enfoque de ciclo real

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  • José Mª Martín Moreno
  • Jesús Ruiz

Abstract

En este trabajo se analizan las consecuencias de incorporar bienes comerciables, no comerciables y de inversión en un modelo de ciclo real para una economía abierta y pequeña aplicado a la economía española. La simulaciones estocásticas del modelo bajo el supuesto de expectativas racionales y su comparación con los datos de la economía española muestran que el modelo teórico explica algunos hechos estilizados de dicha economía como son: i) el puzzle Dolado et al. es decir, la alta volatilidad del consumo privado para nuestra economía, y ii) las características cíclicas del fenómeno conocido como “inflación dual”. Además el modelo teórico explica adecuadamente gran parte de las otras propiedades cíclicas de las variables macroeconómicas españolas tanto a nivel agregado como sectorial.

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Paper provided by FEDEA in its series Studies on the Spanish Economy with number 206.

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Handle: RePEc:fda:fdaeee:206

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  1. Luis Puch & Omar Licandro, . "Are there any special features in the Spanish business cycles?," Working Papers 97-06, FEDEA.
  2. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-11, July.
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  10. Correia, I. & Rabelo, S. & Naves, J.C., 1994. "Business Cycles in a Small Open Economy," RCER Working Papers 382, University of Rochester - Center for Economic Research (RCER).
  11. Ángel Estrada & J. David López-Salido, 2004. "Understanding Spanish dual inflation," Investigaciones Economicas, Fundación SEPI, vol. 28(1), pages 123-140, January.
  12. Sims, Christopher A, 1990. "Solving the Stochastic Growth Model by Backsolving with a Particular Nonlinear Form for the Decision Rule," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(1), pages 45-47, January.
  13. Carlos de Miguel & Baltasar Manzano & Jose M. Martin-Moreno, 2003. "Oil Price Shocks and Aggregate Fluctuations," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 47-61.
  14. de Cordoba, Gonzalo Fernandez & Kehoe, Timothy J., 2000. "Capital flows and real exchange rate fluctuations following Spain's entry into the European Community," Journal of International Economics, Elsevier, vol. 51(1), pages 49-78, June.
  15. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
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