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Growth and cyclical fluctuations in Spanish macroeconomic series

Listed author(s):
  • Lores, Francisco Xavier

This paper provides an empirical description of some stylized facts of growth for the Spanish economy with the purpose of evaluating the adequacy of the neoclassical model of growth as a structure on which we can build a theory of the economic cycle for the Spanish economy. On the other hand, the description of the fluctuations in the Spanish economy is expanded and analyzed by taking into account different theories developed in literature. In this work, we use three filters to remove trends from the data: first differences, Hodrick-Prescott filter and Baxter-King filter. The task here is to check whether the stylized facts keep, at least, qualitatively equal with different filters, so that invariant stylized facts with different filters obtain an additional confirmation.

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File URL: http://e-archivo.uc3m.es/bitstream/handle/10016/253/we014609.pdf?sequence=1
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Paper provided by Universidad Carlos III de Madrid. Departamento de Economía in its series UC3M Working papers. Economics with number we014609.

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Date of creation: Oct 2001
Handle: RePEc:cte:werepe:we014609
Contact details of provider: Web page: http://www.eco.uc3m.es/

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  12. Forni, Mario & Reichlin, Lucrezia, 1997. "National Policies and Local Economies: Europe and the United States," CEPR Discussion Papers 1632, C.E.P.R. Discussion Papers.
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  23. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
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  28. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1989. "Building Blocks of Market Clearing Business Cycle Models," NBER Chapters, in: NBER Macroeconomics Annual 1989, Volume 4, pages 247-302 National Bureau of Economic Research, Inc.
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