En la primera parte de este trabajo se aplica el modelo de bienes comercializables y no comercializables para caracterizar los desequilibrios principales de la economía española y deducir la ecuación que fundamenta el «Efecto Penn». En la segunda parte se estima esa ecuación con datos...

This paper analyses the Balassa and Samuelson hypothesis in two groups of countries: six new member states (NMSs) of the EU and six old member states (OMSs) not affected by the transition problems. We find that in the NMS group, the model may be successfully enlarged with variables that account...

This paper develops a structural general equilibrium model to analyse the pass-through from devaluation to producer and consumer prices in Emerging Market Economies (EMEs). Simulation analysis shows that balance-sheet effects created by capital market imperfections and the home bias shrink the...