Bayesian dynamic stochastic general equilibrium (DSGE) models combine microeconomic behavioural foundations with a full-system Bayesian likelihood estimation approach using key macro-economic variables. Because of the usefulness of this class ofmodels for addressing questions regarding the...

The recent inflationary episode is the result of a series of shocks that have taken place over a short period of time. In this article we use the Blanchard and Bernanke (2023) model as an analytical framework to assess the relative importance of different factors over the course of this episode....

El reciente episodio inflacionista responde a la conjunción de varias perturbaciones cercanas en el tiempo. En este documento utilizamos el modelo de Blanchard y Bernanke (2023) como marco analítico para evaluar el peso relativo de los distintos factores explicativos en diferentes etapas de...

This paper analyzes the determinants of Spain's macroeconomic fluctuations since the inception of the euro in 1999, with a special attention to observed growth and inflation differentials with respect to the rest of the European Monetary Union (EMU). For that purpose we estimate the Banco de...

This paper assesses the impact of oil price changes on Spanish and euro area consumer price inflation. We find, consistently with recent international evidence, that the inflationary effect of oil price changes is limited, even though crude oil price fluctuations are a major driver of inflation...

We empirically explore the influence of inflation on fiscal variables in the short, medium and long run, for the case of the Spanish economy, in particular to draw policy lessons for the design of the ongoing process of rebalancing of fiscal accounts. We focus on this topic through the lenses...

A number of academic studies suggest that from the mid-1990s onwards there were changes in the link between inflation and economic activity. However, it remains unclear the extent to which this phenomenon can be ascribed to a change in the structural relationship between inflation and output, as...