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How Long is the Long Run? A Dynamic Analysis of the Spanish Business Cycle

Author

Listed:
  • J. Humberto Lopez
  • Ms. Stefania Fabrizio
  • Mr. Angel J. Ubide

Abstract

This paper studies the sources of Spanish business cycles. It assumes that Spanish output is affected by two types of shocks. The first one has permanent long-run effects on output and it is identified as a supply shock. The second one has only transitory effects on output and it is identified as a demand shock. Spain seems to have long business cycles, of about 15 years. As restrictive demand policies to control the inflation rate could prove painful and disappointing, supply side policies aimed at reducing rigidities in the product and labor market would be a better way to achieve the same objective.

Suggested Citation

  • J. Humberto Lopez & Ms. Stefania Fabrizio & Mr. Angel J. Ubide, 1997. "How Long is the Long Run? A Dynamic Analysis of the Spanish Business Cycle," IMF Working Papers 1997/074, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/074
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    Citations

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    Cited by:

    1. Levent, Korap, 2006. "An essay upon the business cycle facts: the Turkish case," MPRA Paper 21717, University Library of Munich, Germany.
    2. Levent, Korap, 2007. "Structural VAR identification of the Turkish business cycles," MPRA Paper 21971, University Library of Munich, Germany.
    3. Lores, Francisco Xavier, 2001. "Growth and cyclical fluctuations in Spanish macroeconomic series," UC3M Working papers. Economics we014609, Universidad Carlos III de Madrid. Departamento de Economía.
    4. Levent, Korap, 2009. "Türkiye ekonomisinde enflasyon ve reel milli gelir arasındaki çevrimsellik ilişkisi üzerine bir inceleme [An investigation upon the cyclical relationship between inflation and real income in the Tu," MPRA Paper 20266, University Library of Munich, Germany.
    5. Korap, Levent, 2010. "A small scaled business-cycle analysis of the Turkish economy: some counter-cyclical evidence using new income series," MPRA Paper 28647, University Library of Munich, Germany.

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