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In: 'la Caixa' Economic Papers, No. 06, December 2008
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Working paper
In: Journal of economic dynamics & control, Band 31, Heft 3, S. 906-937
ISSN: 0165-1889
In: IMF Working Paper No. WP/04/164
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In: IMF Working Paper, S. 1-35
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In: Discussion paper 2017,28
In: IMF Working Paper No. 2021/043
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In: IMF Working Paper No. 17/85
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In: Bundesbank Discussion Paper No. 28/2017
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In: IMF Working Paper No. 13/209
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In: IMF Working Paper No. 12/240
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In: Journal of economic dynamics & control, Band 34, Heft 4, S. 780-797
ISSN: 0165-1889
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In: IMF Working Paper No. 04/234
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In: NBER macroeconomics annual, Band 19, S. 225-288
ISSN: 1537-2642
In: IMF Working Papers v.Working Paper No. 09/203
In: IMF working paper WP/09/204
Since Spain joined the EMU, two main important factors behind the housing boom appear to be the decrease of nominal interest rates and demographic factors. In this paper we estimate a New Keynesian model of a currency area, using data for Spain and the rest of the EMU to study the importance of those factors. We also examine the role of different rigidities and find that labor market frictions are crucial to explain main features of the data. On the other hand, financial frictions that impose a collateral constraint on borrowing do not appear to be relevant