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Even though having economic intuition helps one understand the impulse response functions to a given macroeconomic shock, in my opinion it is not enough to choose any of the impulse response options derived from different specifications of reduced form models and/or methods for identifying structural shocks.

This Observatory assesses the factors explaining the behavior of the Spanish economy between the first quarter of 2020 and the last quarter of 2021, and estimates the structural shocks behind the growth of GDP per working-age person (WAP), the GDP deflator and real wages.

This Economic Watch evaluates the factors that explain the cyclical behavior of the Spanish economy during 2020 and the first quarter of 2021. For this purpose, we use observed data up to 4Q2020 and real-time estimates for 1Q2021 from BBVA Rese…

This paper evaluates the macroeconomic effects of taxes on banking in a small open economy in a currency union for three tax alternatives: an additional tax on profits, on deposits, and on loans. We propose a DSGE model with a rich detail of ta…

This approach is characterized by two key assumptions. The first is that the world interest rate is unaffected by economic developments in the small open economy, an exogeneity assumption. The second assumption is that this exogenous interest r…