Macroeconomic uncertainty : measurement and impact on the Spanish economy
| Autor: | Gil Martín, María, Pérez García, Javier José, Urtasun Amann, Alberto |
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| Jazyk: | angličtina |
| Rok vydání: | 2017 |
| Předmět: | |
| Zdroj: | Repositorio Institucional del Banco de España Banco de España |
| Popis: | Artículo de revista This article characterises the level of uncertainty in the Spanish economy. Various indicators are analysed, distinguishing their source: financial market volatility, degree of disagreement between agents on the economic situation and economic policy uncertainty. Aggregate uncertainty in the Spanish economy increased in 2016, although it remained at levels below the average for the 2008-2013 recession. The changes in uncertainty captured by financial indicators are shown to have a higher impact on economic activity, and particularly on investment. Finally, it is illustrated how a significant part of the macroeconomic effect of the heightened uncertainty in the past year originated outside the Spanish economy |
| Databáze: | OpenAIRE |
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