The stabilizing effects of economic policies in Spain in times of COVID-19
Mostra el registre complet de l'element
Visualització
(1.572Mb)
|
|
|
|
|
|
Boscá Mares, José Emilio; Doménech Vilariño, Rafael; Ferri Carreres, Francisco Javier; García Martínez, José Ramón; Ulloa Ariza, Camilo
|
|
Aquest document és un/a article, creat/da en: 2021
|
|
|
|
Purpose
This paper aims to analyse the stabilizing macroeconomic effects of economic policies during the COVID-19 crisis in Spain.
Design/methodology/approach
The contribution of the structural shocks that explain the behaviour of the main macroeconomic aggregates during 2020 are estimated, and the effects of economic policies are simulated using a dynamic stochastic general equilibrium (DSGE) model estimated for the Spanish economy.
Findings
The results highlight the importance of supply and demand shocks in explaining the COVID-19 crisis. The annual fall in gross domestic product (GDP) moderates at least by 7.6 points in the most intense period of the crisis, thanks to these stabilizing policies. Finally, the potential effects of Next Generation EU in the Spanish economy are estimated. Assuming that Spain may receive from the EU between 1.5 and 2.25 percentage points (pp) of GDP, activity could increase to between 2 and 3 pp in 2024.
Originality/value
To the best of the authors’ knowledge, the exercises and findings are original. All these results show the usefulness of a DSGE model, such as the estimated rational expectation model for Spain, as a practical tool for the applied economic analysis, the macroeconomic assessment of economic policies and the understanding of the Spanish economy.
|
|
Veure al catàleg Trobes
|
|
|
Aquest element apareix en la col·lecció o col·leccions següent(s)
Mostra el registre complet de l'element