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oai:docta.ucm.es:20.500.14352/235892023-08-25T18:05:02Zcom_20.500.14352_14col_20.500.14352_15

Exploring the sources of Spanish macroeconomic fluctuations: An estimation of a small open economy DSGE model Martín Moreno, José M Pérez Sánchez, Rafaela María Ruiz Andújar, Jesús C13 C63 E32 F41 F44 DSGE model Frequentist techniques Filter Kalman estimation Small open economy. Econometría (Economía) Macroeconomía 5302 Econometría 5307.14 Teoría Macroeconómica This paper analyzes the role of a variety of shocks as determinants of Spanish macroeconomic fluctuations before the international financial and economic crisis (1970–2008). To do this we estimate a small open economy stochastic model using Kalman Filter techniques. The set of estimated parameters allows the replication with remarkable accuracy of the time path for the major macroeconomic aggregates. In particular, the model reproduces the so-called dual inflation phenomenon which burdens the competitiveness of the Spanish economy. Ministerio de Economía y Competitividad (MINECO)/FEDER Xunta de Galicia Depto. de Análisis Económico y Economía Cuantitativa Fac. de Ciencias Económicas y Empresariales TRUE pub 2023-06-18T05:55:09Z 2023-06-18T05:55:09Z 2016 journal article https://hdl.handle.net/20.500.14352/23589 1059-0560 10.1016/j.iref.2016.07.002 eng (ECO2015-67305-P; ECO2015-68367-R) (GRC2014/021) open access application/pdf Elsevier