during that period. Here we argue that the Spanish economy has grown, in spite of stagnant TFP, because investment in … structures has been heavily subsidized. This inefficiently high rate of investment in structures is the main reason for the … Investment-Specific Technical Change in Spain is very low. A calibrated version of this model is able to reproduce very well the …

to the model and quarterly US data on key variables. The contribution of the credit shock to US GDP movements is found … put forth the credit shock as a candidate shock that matters in determining GDP, including in the sense of Uhlig (2003 …

, variability of output, consumption, investment, etc., may result from several sources. The impact of each shock in the economic … important characteristic of the model is that both capital and investment are obtained endogenously. In this regar, adjustment … costs of installing investment are incorporated to smooth and delay capital movements over the economic cycle. We will focus …

money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such … important for velocity during less stable times and the goods productivity shock more important during stable times. …