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Productividad, ciclos e instituciones en España, 1976-2012

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  • Jesús Rodríguez López

    (Universidad Pablo de Olavide de Sevilla)

Abstract

Spanish fluctuations exhibit two remarkable features: (1) productivity per hour worked is countercyclical; and (2) real wage and productivity are negatively correlated, implying that wages tend to grow when productivity declines. The standard Neoclassical model is unable to reproduce any of these cyclical patterns. In this paper we suggest two exercises that help us understand productivity dynamic in Spain. The first exercise consists in an extended calibration of the Neoclassical model for the Spanish economy that reproduces the two aforementioned features. In a second exercise, we explore which institutional factors are likely behind the evolution of productivity in Spain. We find that the correlations of total factor productivity with collective bargaining centralization together with the freedom to trade internationally are statistically significant.

Suggested Citation

  • Jesús Rodríguez López, 2014. "Productividad, ciclos e instituciones en España, 1976-2012," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 86(02), pages 118-153.
    • Handle: RePEc:ekz:ekonoz:2014205
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    References listed on IDEAS

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    1. Urban Jermann & Vincenzo Quadrini, 2012. "Macroeconomic Effects of Financial Shocks," American Economic Review, American Economic Association, vol. 102(1), pages 238-271, February.
    2. Luis A. Puch & Omar Licandro, 1997. "Are there any special features in the Spanish business cycle?," Investigaciones Economicas, Fundación SEPI, vol. 21(2), pages 361-394, May.
    3. Urban Jermann & Vincenzo Quadrini, 2012. "Macroeconomic Effects of Financial Shocks," American Economic Review, American Economic Association, vol. 102(1), pages 238-271, February.
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    More about this item

    Keywords

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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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