RT Journal Article
T1 A general equilibrium assessment of external and domestic shocks in Spain
A1 Alvarez Martínez, María Teresa
A1 Polo, Clemente
K1 Computable general equilibrium models
K1 Closure rules
K1 Economic recession
AB After many years of growth, the Spanish economy plunged into the most severe and prolonged recession recorded since reliable national accounts data have been available. The main goal of this paper is to quantify the effects of the external and domestic shocks that hit the Spanish economy in 2008–2009 by employing a 2000 SAM elaborated by the authors. External shocks are simulated by employing the neoclassical closure (private investment is determined by domestic and external savings) and the Keynesian closure (investment is exogenous). External and domestic shocks are also jointly simulated with the Keynesian closure. The results provide a good approximation to observed CGE changes in key macroeconomic variables.
PB Elsevier
YR 2012
FD 2012-11
LK https://hdl.handle.net/10433/26120
UL https://hdl.handle.net/10433/26120
LA en
NO Economic Modelling 29, p. 2486-2493
NO Departamento de Economía, Métodos Cuantitativos e Historia Económica
DS RIO
RD May 9, 2026