Housing investment in Spain: has it been the main engine of growth?
This paper studies dynamic responses of employment and GDP growth to a permanent, uni-tary 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.
|Date of creation:||2010|
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88-10, Federal Reserve Bank of Chicago.
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