Martín Moreno, José MPérez Sánchez, Rafaela MaríaRuiz Andújar, Jesús2023-06-182023-06-1820161059-056010.1016/j.iref.2016.07.002https://hdl.handle.net/20.500.14352/23589This 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.engjournal articlehttp://dx.doi.org/10.1016/j.iref.2016.07.002open accessC13C63E32F41F44DSGE modelFrequentist techniquesFilter Kalman estimationSmall open economy.Econometría (Economía)Macroeconomía5302 Econometría5307.14 Teoría Macroeconómica