Fluctuaciones ciclicas y raices unitarias en la economia espanola, 1850-1990

Jordi Pons Novell and Andreu Sansó

No 2, Working Papers in Economics from Universitat de Barcelona. Espai de Recerca en Economia

Abstract: This paper analyses the role of shocks in Spanish economic growth over the period 1850-1990. In the existence of a unit root, the trend is stochastic, which implies that the series has a long memory, and shocks have persistent effects. As a result, the series does not return to its former path following a random disturbance, and the level of the series shifts permanently. On the other hand, if the series does not contain a unit root, the trend is deterministic and the series has a short memory. In this case a shock has no permanent impact and the series returns to its steady trend after the shock. Estimation results provide evidence that the log of real GDP has a unit root, but the existence of a unit root on real per capita GDP is uncertain.

JEL-codes: C22 E32 (search for similar items in EconPapers)
Pages: 0 pages
Date: 1996
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