The Spanish Economy: A General Equilibrium Perspective

Cover......Page 1
Half Title......Page 2
Title......Page 4
Copyright......Page 5
Contents......Page 6
List of Tables......Page 9
List of Figures......Page 10
Preface......Page 14
Foreword......Page 19
Editors’ Biographies......Page 21
Contributors......Page 23
1.1 Introduction......Page 24
1.2 Economic growth and productivity in Spain......Page 26
1.3 The determinants of labour productivity......Page 34
1.4 Cyclical regularities of the Spanish economy......Page 41
1.5 Conclusions......Page 50
2.1 Introduction......Page 53
2.2 Theoretical framework......Page 54
2.3 Model solution method and parameterisation......Page 78
2.4 Simulations......Page 83
2.5 Conclusions......Page 88
3.1 Introduction......Page 92
3.2 The Spanish growth model......Page 94
3.3 Growth model and job creation: the example of EU-10......Page 106
3.4 General equilibrium evaluation of job creation with the new growth model......Page 110
3.5 Concluding remarks......Page 117
4.1 Introduction......Page 120
4.2 International evidence on the effects of the Services Directive......Page 131
4.3 Economic impact of the Services Directive in Spain......Page 135
4.4 Conclusions......Page 140
5.2 Public investment and public capital stocks in the OECD......Page 143
5.3 Infrastructures and productivity:a brief survey......Page 150
5.4 Effects of a permanent increase in public investment......Page 158
5.5 Conclusions......Page 164
6.1 Introduction......Page 167
6.2 Fiscal policy and the current account: a shock in public consumption......Page 171
6.3 A temporary increase in public investment......Page 173
6.4 A temporary reduction of labour income taxes......Page 175
6.5 Sensitivity analysis......Page 177
6.6 Conclusions......Page 180
7.1 Introduction......Page 183
7.2 Macroeconomic performance, taxes and the labour market......Page 185
7.3 Tax reform and economic performance in Spain......Page 192
7.4 Sensitivity analysis......Page 199
7.5 Conclusions......Page 202
8 Conclusions......Page 204
A.1.1 Definitions and sources of international data......Page 212
A.1.2 Estimation of the capital stocks......Page 213
Appendix 2 The REMS Database (REMSDB)......Page 215
A.2.2 Description of the series......Page 216
A.3.1 Maximisation problem......Page 221
A.3.3 Solution for wages......Page 222
Appendix 4 Net Foreign Asset Accumulation......Page 224
Appendix 5 Using Behavioural Equations to Produce Non-observable Data......Page 227
Appendix 6 TaxReforms and Economic Performance: Transitional Dynamics......Page 230
References......Page 234
Index......Page 246