Teoría de los ciclos reales en economía abiertas:una aplicación al caso español
ISSN: 2341-2356
Year of publication: 1997
Issue: 14
Pages: 1-25
Type: Working paper
More publications in: Documentos de Trabajo (ICAE)
Abstract
This paper analyzes the ciclical behaviour of the main real variables of the spanish economy. To do that, we use a simple dynamic stochastic general equilibrium model for a small open economy, wich is parameterized, calibrated and simulated to evaluate its cosistence with somee empirical regularities of the spanish economic fluctuations. We find that the model proposed is consistent with the cyclical volatilities and correlations of the national income account components, as well as the countercyclical character of the trade balance.