Imbalances and rebalancing in an estimated structural model for Spain
使用DSGE模型分析西班牙经济失衡的成因，发现外部失衡主要源于实际利率下降和信贷条件放松，而近年国内需求收缩和房地产泡沫破裂推动了再平衡。
This paper uses an estimated DSGE model to analyze the factors behind the buildup of imbalances in the Spanish economy. Shock decompositions suggest that external imbalances have been able to build up mainly due to the reduction in real interest rates and easier access to credit following the elimination of the exchange rate risk premium. A rebalancing process in recent years with a sharp contraction in domestic demand has moved the trade balance back into surplus. The main driving factors were the collapse of the housing bubble and tightening of credit conditions.