How do housing bubbles affect other economic sectors? We show that in the presence of collateral constraints, a bubble initially raises housing credit demand and crowds out credit to non-housing firms. If the bubble lasts, however, housing credit repayments raise banks' net worth and expand...

Este documento presenta una estimación del crecimiento potencial de la economía española. Dicha estimación está basada en una metodología de función de producción que incorpora algún refinamiento con respecto a versiones anteriores y genera crecimientos del output potencial menos...

Este documento analiza las diferencias que existen en la accesibilidad a servicios entre las zonas rurales y las urbanas en los países de la Unión Europea. Los resultados indican que, en España, las áreas rurales presentan una peor accesibilidad a servicios que sus homólogas europeas,...

A pesar del carácter exógeno de la crisis sanitaria debida al COVID-19, su intensidad y persistencia podrían provocar un impacto negativo sobre el crecimiento económico a largo plazo. Este artículo ofrece una discusión exhaustiva sobre los diversos canales a través de los cuales la crisis...

This paper explores the differences in accessibility to services between rural and urban areas in EU countries. According to our analysis, rural areas in Spain have worse accessibility to services than their European counterparts, while the differences are not significant in the case of urban...

What are the output responses to fiscal policy? Despite important advances reported in the literature, quantifying the size of the fiscal multiplier remains a challenge. Indeed, the quest to estimate a unique fiscal multiplier is probably an ill-posed one. The magnitude of the multiplier may...

The Spanish growth experience over the 1995-2007 period was characterized by the remarkable surge in employment and investment as well as the dismal evolution of productivity. These macroeconomic fluctuations were coupled with an unprecedented credit boom fueled by a housing bubble. This article...

This paper presents an estimate of the Spanish economy's potential growth. This estimate is based on a production function methodology that includes certain refinements on previous versions and generates less procyclical potential output growth estimates than those traditionally considered in...

What are the effects of a housing bubble on the rest of the economy? We show that if firms and banks face collateral constraints, a housing bubble initially raises credit demand by housing firms while leaving credit supply unaffected. It therefore crowds out credit to non-housing firms. If time...