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On Regional Shocks In The Spanish Economy

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  • Adolfo Maza
  • José Villaverde

Abstract

It is well known that the nature of potential shocks impinging on a set of countries or regions may have important implications for relevant aspects of economic policy. This paper addresses the shocks issue empirically by applying the State Space methodology and the Kalman Filter to the case of the Spanish regions. The main conclusions are as follows: (i) it seems that the shocks affecting the Spanish regions have been mostly symmetric; (ii) their effects have been persistent rather than transitory; and (iii) supply shocks have been slightly more frequent than demand shocks.

Suggested Citation

  • Adolfo Maza & José Villaverde, 2005. "On Regional Shocks In The Spanish Economy," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 17(1), pages 51-67, March.
    • Handle: RePEc:bla:revurb:v:17:y:2005:i:1:p:51-67
    DOI: 10.1111/j.1467-940X.2005.00093.x
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    1. repec:rre:publsh:v:34:y:2004:i:2:p:156-71 is not listed on IDEAS
    2. Maza, Adolfo & Villaverde, Jose, 2007. "A state-space approach to the analysis of economic shocks in Spain," Journal of Policy Modeling, Elsevier, vol. 29(1), pages 55-63.

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