The Spanish Business Cycle and its Relationship to Europe
This paper studies the relationship between Spanish real aggregate fluctuations and those of its Europe neighbors in the last decades. It studies the ability of alternative International Real Business Cycle models (based on Backus, Kehoe and Kydland (1994) with different degrees of international interdependencies, to capture the observed comovement between the Spanish and European business cycles and compares the fit of those models using a probabilistic measure based on Gregory and Smith (1991, 1993) and Canova (1994, 1995).
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- Kydland, Finn E & Prescott, Edward C, 1991.
" The Econometrics of the General Equilibrium Approach to Business Cycles,"
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- 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.
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- Christian Zimmermann, 1995. "International Trade over the Business Cycle: Stylized Facts and Remaining Puzzles," Cahiers de recherche CREFE / CREFE Working Papers 37, CREFE, Université du Québec à Montréal, revised Aug 1997.
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