Bubble economics and structural change: the cases of Spain and France compared
Autor/a
Agnese, Pablo
Hromcová, Jana
Data de publicació
2018ISSN
1748-7870
Resum
This paper delves into the recent events that led to the formation of the housing bubble in Spain and the resulting structural change that is arguably needed to put the economy back into the right track. For this purpose, we calibrate a model with different equilibria descriptive of the labor markets in Spain and France, where the unemployment rates went from the same initial spot to very different levels. In addition to this, we run a counterfactual analysis that throws some more light on the performance of the Spanish labor market and the housing bubble. Our results suggest that the unemployment rate in Spain has jumped to much higher levels while switching between equilibria or, what is the same, because of structural change. Moreover, our counterfactuals indicate that, first, there has been an important misdirection of resources into the construction industry mainly fueled by excessively low real interest rates and, second, the Spanish labor reform has fallen short of its own goals.
Tipus de document
Article
Versió del document
Versió publicada
Llengua
Anglès
Matèries (CDU)
33 - Economia
Paraules clau
Canvi estructural
Bombolla
Tipus d'interès de l'atur
Productivitat
Cambio estructural
Burbuja
Tasa de interés de desempleo
Productividad
Structural change
Bubble
Unemployment interest rate
Productivity
Pàgines
20
Publicat per
Taylor & Francis
Col·lecció
21;1
Publicat a
Journal of Economic Policy Reform
Citació
Agnese, Pablo; Hromcová, Jana. Bubble economics and structural change: the cases of Spain and France compared. Journal of Economic Policy Reform, 2016, 21(1), p. 59-79. Disponible en: <https://www.tandfonline.com/doi/abs/10.1080/17487870.2016.1213167>. Fecha de acceso: 26 feb. 2024. DOI: 10.1080/17487870.2016.1213167
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