RT Journal Article
T1 Spanish recessions 1850–2023: A business cycle accounting analysis
A1 Lores Insua, Francisco Xavier
K1 Business cycle accounting
K1 The fin de siècle depression
K1 The great depression
K1 The great stagflation
K1 The european recession
K1 The great recession
K1 The covid-19 recession
AB This paper quantitatively analyzes six major recessions in the Spanish economy between 1850 and 2023 using an accounting framework that decomposes deviations from trend into structural components. The results identify two types of recessions: those driven by labour-aumenting efficiency—such as the fin de siècle Depression and the Great Depression—and those primarily shaped by the household labour wedge—namely, the Great Stagflation, European Recession, Great Recession, and the covid-19 crisis. Tax dynamics played a key role in the Great Stagflation, but not in the more recent crises. Openness and employment composition are informative about labour-aumenting efficiency trend, while institutional labour market features — such as temporary contracts and unemployment benefits — are closely linked to the household labour wedge. The analysis confirms the growing relevance of the household labour wedge in explaining macroeconomic fluctuations in Spain, even when accounting for a stochastic downward trend in hours worked.
PB Elsevier
SN 1059-0560
YR 2026
FD 2026-03
LK https://hdl.handle.net/10347/46330
UL https://hdl.handle.net/10347/46330
LA eng
NO Lores, F. X. (2026). Spanish recessions 1850–2023: A business cycle accounting analysis. International Review of Economics & Finance, 106, 104953. https://doi.org/10.1016/j.iref.2026.104953
NO Financial support from the Spanish Ministry of Science and Innovation, Spain, Agencia Estatal de Investigación, Spain PID2020-118119GB-I00, PID2023- 147667NB-100 and Xunta de Galicia, Spain GRC GI-2060 ED431C2023/05 are gratefully acknowledged
DS Minerva
RD 20 may 2026