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Bienes comerciables y no comerciables en la economÃŒa espaÃ’ola: Un enfoque de ciclo real

  • JosÈ Mâ„¢ MartÃŒn Moreno
  • JesË™s Ruiz

En este trabajo se analizan las consecuencias de incorporar bienes comerciables, no comerciables y de inversiÛn en un modelo de ciclo real para una economÌa abierta y pequeÒa aplicado a la economÌa espaÒola. La simulaciones estoc·sticas del modelo bajo el supuesto de expectativas racionales y su comparaciÛn con los datos de la economÌa espaÒola muestran que el modelo teÛrico explica algunos hechos estilizados de dicha economÌa como son: i) el puzzle Dolado et al. es decir, la alta volatilidad del consumo privado para nuestra economÌa, y ii) las caracterÌsticas cÌclicas del fenÛmeno conocido como ìinflaciÛn dualî. Adem·s el modelo teÛrico explica adecuadamente gran parte de las otras propiedades cÌclicas de las variables macroeconÛmicas espaÒolas tanto a nivel agregado como sectorial.

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Paper provided by FEDEA in its series Studies on the Spanish Economy with number 206.

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