Over the last years, the business cycles of the Spanish economy have been analyzed from different points of view. Under the paradigm of the real business cycles, the standard model has been extended in several dimensions. However, none of them have taken into account the fact that in this...

In this article we examine the consequences of introducing tradable, nontradable and investment goods in a small open economy business cycle model in the case of Spain. The stochastic simulation of the model and its comparison to the Spanish economic data show that the model is able to mimic two...

This paper explores the properties of the notions of <math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"> <mi mathvariant="script">A</mi> </math>‐efficiency and <math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"> <mi mathvariant="script">P</mi> </math>‐efficiency, which were proposed by Golosov et al.. (2007), to evaluate allocations in a general overlapping generations setting in which...

In the decade of the 1930s the Spanish economy reported a slowdown of 20%, less severe than the one in the US, France and Germany, but very similar to those experienced by Italy and the UK.

Should governments implement policies that affect fertility decisions on efficiency grounds? What is the correct notion of efficiency to use? To address these issues, this paper develops an extension of the notion of Pareto efficiency, referred to as Millian efficiency, to evaluate symmetric...