Productividad, ciclos e instituciones en España, 1976-2012

Jesús Rodríguez-López ()

EKONOMIAZ. Revista vasca de Economía, 2014, vol. 86, issue 02, 118-153

Abstract: Spanish fluctuations exhibit two remarkable features: (1) productivity per hour worked is countercyclical; and (2) real wage and productivity are negatively correlated, implying that wages tend to grow when productivity declines. The standard Neoclassical model is unable to reproduce any of these cyclical patterns. In this paper we suggest two exercises that help us understand productivity dynamic in Spain. The first exercise consists in an extended calibration of the Neoclassical model for the Spanish economy that reproduces the two aforementioned features. In a second exercise, we explore which institutional factors are likely behind the evolution of productivity in Spain. We find that the correlations of total factor productivity with collective bargaining centralization together with the freedom to trade internationally are statistically significant.

Keywords: Productivity; total-factor productivity; cycles; shocks; institutions (search for similar items in EconPapers)
JEL-codes: E32 O11 O41 O47 O53 (search for similar items in EconPapers)
Date: 2014
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