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Fiscal policy and the Spanish business cycle

Author

Listed:
  • Juan Solé López-Pinto

    (University of Minnesota and Federal Reserve Bank of Minneapolis, Research Department, 90 Hennepin Ave. P.O.Box 291, Minneapolis, MN 55480-0291, USA)

Abstract

A main result of the RBC literature is that technological factors drive fluctuations of macroeconomic variables around its long-run growth path. Nevertheless, it has been shown that in some countries fluctuations of some fiscal variables may explain some of the business cycle fluctuations. In this paper I show that a result of this sort can be obtained for the Spanish economy. Specifically, I use both technological and fiscal shocks to reproduce the observed volatility of hours of work to output, hours of work to average productivity, and the negative correlation between hours and average productivity.

Suggested Citation

  • Juan Solé López-Pinto, 2001. "Fiscal policy and the Spanish business cycle," Spanish Economic Review, Springer;Spanish Economic Association, vol. 3(4), pages 295-311.
    • Handle: RePEc:spr:specre:v:3:y:2001:i:4:p:295-311
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    Citations

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    Cited by:

    1. Jaime Alonso-Carrera & Baltasar Manzano, 2003. "Análisis dinámico del coste de bienestar del sistema impositivo español. Una exploración cuantitativa," Hacienda Pública Española / Review of Public Economics, IEF, vol. 167(4), pages 9-31, December.

    More about this item

    Keywords

    Fiscal policy; business fluctuations; time-series models;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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