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The stabilizing effects of economic policies in Spain in times of COVID-19

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The stabilizing effects of economic policies in Spain in times of COVID-19

dc.contributor.author	Boscá Mares, José Emilio
dc.contributor.author	Doménech Vilariño, Rafael
dc.contributor.author	Ferri Carreres, Francisco Javier
dc.contributor.author	García Martínez, José Ramón
dc.contributor.author	Ulloa Ariza, Camilo
dc.date.accessioned	2023-09-28T07:25:12Z
dc.date.available	2023-09-29T04:45:06Z
dc.date.issued	2021	es_ES
dc.identifier.citation	Boscá, J.E., Doménech, R., Ferri, J., García, J.R. and Ulloa, C. (2021), "The stabilizing effects of economic policies in Spain in times of COVID-19", Applied Economic Analysis, Vol. 29 No. 85, pp. 4-20.	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/89674
dc.description.abstract	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.	es_ES
dc.language.iso	en	es_ES
dc.publisher	Emerald	es_ES
dc.subject	business cycle	es_ES
dc.subject	COVID-19	es_ES
dc.subject	shocks	es_ES
dc.subject	historical decomposition	es_ES
dc.subject	growth	es_ES
dc.title	The stabilizing effects of economic policies in Spain in times of COVID-19	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.1108/AEA-11-2020-0165	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES
dc.type.hasVersion	VoR	es_ES
dc.rights.accessRights	open access	es_ES