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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 ...
Prices and the Real Exchange Rate in Hong Kong: 1985-2006
(University of the Basque Country, Department of Foundations of Economic Analysis II, 2010-11)
This paper seeks to quantify to the extent to which price dynamics in Hong Kong are due to the Balassa-Samuelson hypothesis. From 1985 to 1998, the CPI in Hong Kong increased spectacularly, yet there was dramatic deflation ...