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The role of the terms of trade in the trade channel of transmission of oil price shocks
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-12)
This paper highlights the role of the terms of trade in the trade channel of propagation of oil price shocks both empirically and theoretically. Empirically, I show that oil price shocks have a large, persistent and ...
Fiscal Policy and Economic Stability: Does PIGS stand for Procyclicality In Government Spending?
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-12)
The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during ...