2024-03-29T05:01:17Zhttps://repositorio.bde.es/oai/requestoai:repositorio.bde.es:123456789/70042023-12-11T12:00:28Zcom_123456789_5661com_123456789_21col_123456789_5688
Spain in the euro : a general equilibrium analysis
Andrés Domingo, Javier Angel
Hurtado, Samuel
Ortega, Eva
Thomas, Carlos
DSGE model
Monetary union
Growth and inflation differentials
Bayesian inference
This paper analyzes the determinants of Spain's macroeconomic fluctuations since the inception of the euro in 1999, with a special attention to observed growth and inflation differentials with respect to the rest of the European Monetary Union (EMU). For that purpose we estimate the Banco de España DSGE model of the Spanish economy and the rest of the Eurosystem (BEMOD). We find that observed differentials are the result of a combination of asymmetric country-specific shocks (in particular, demand and productivity shocks for growth and cost-push shocks for inflation) as well as asymmetric economic structure (especially lower nominal wage and price rigidities in Spain). Finally, we find that EMU membership has had a non-negligible effect on observed differentials
2009-12-23
Documento de trabajo
ISSN: 0213-2710 (en papel)
ISSN: 1579-8666 (en línea)
https://repositorio.bde.es/handle/123456789/7004
eng
Documentos de Trabajo / Banco de España, 0927
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
España
Zona euro
Banco de España
Madrid : Banco de España, 2009