Publication: Housing investment in Spain: has it been the main engine of growth?
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2010
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Facultad de CC Económicas y Empresariales. Instituto Complutense de Análisis Económico
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Abstract
This paper studies dynamic responses of employment and GDP growth to a permanent, uni-tary shock in the housing capital stock for the Spanish economy. It quantifies the importance of this variable in the boom experienced by the Spanish economy during the pre-crisis years. Results confirm that building industry has been the most important engine for output and labour growth.
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CÓDIGOS JEL: C32, H54, C51, C53, E22
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