This paper sets out a comprehensive framework to identify regional business cycles within Spain and analyses their stylised features and the degree of synchronisation both within them and between them and the Spanish economy. We show that the regional cycles are quite heterogeneous although they...

We present a design of fiscal policy capable of providing the required incentives in order to make a decentralized economy with externalities move along the optimal transitional path in a Lucas-type human capital model. (Copyright: Elsevier)

The gravity equation has been frequently and successfully used for nearly thirty years to further understanding of the determinants of bilateral trade flows across countries and, subsequently, to analyze commercial policy measures. A maintained hypothesis by the applied literature on...