The Working Paper series of the General Directorate for Macroeconomic Analysis and International Affairs aims to disseminate economic research related to the exercise of its functions. Such functions include the study and analysis of the macroeconomic effects of economic policy and the development of modelling techniques of the Spanish economy which allow for the realization of the aforementioned analysis. In this way studies and ongoing work carried out within the Department related to the above function are reported.

The documents listed here are available only in electronic format. The analysis and opinions expressed in this Working Paper series are those of the authors and therefore do not necessarily reflect those of the Ministry of Economy and Finance.

WORKING PAPERS RELEASED BY THE GENERAL DIRECTORATE FOR MACRECONOMIC ANALYSIS AND INTERNATIONAL AFFAIRS