Housing investment in Spain: has it been the main engine of growth?
This article studies dynamic responses of employment and Gross Domestic Product (GDP) growth to a permanent, unitary shock in the housing capital stock for the Spanish economy. It quantifies the importance of this variable in the boom experienced by the Spanish economy during the pre-crisis years. Results confirm that building industry has been the most important engine for output and labour growth.
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Volume (Year): 45 (2013)
Issue (Month): 14 (May)
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