The impact of economic and policy uncertainty shocks in Spain

Juan-Francisco Albert and Nerea Gómez-Fernández ()

Journal of Economic Policy Reform, 2021, vol. 24, issue 2, 270-291

Abstract: The purpose of this research is to quantify the impact of economic uncertainty shocks in Spain by using a structural vector autoregression (SVAR) approach with data from the first quarter of 2001 until the first quarter of 2018. Specifically, we analyze temporary and persistent economic and policy uncertainty shocks. Our results suggest that positive economic and political uncertainty shocks lead to an increase in unemployment and declines in consumption, investment, IBEX 35 index, and GDP. Based on our results, we can conclude that economic and policy uncertainty shocks have a significant negative impact on the Spanish economy.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:taf:jpolrf:v:24:y:2021:i:2:p:270-291

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DOI: 10.1080/17487870.2020.1760100

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