Paper looks at pro-cyclical consumption in Spain

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Spanish households’ consumption patterns react sharply to labour market changes and perceived unemployment risks, a research published in the Bank of Spain’s economic bulletin finds.

In The relation between the behaviour of consumption and unemployment during the economic recovery, the researchers say that “in recent years the strength of private consumption has been one of the main drivers of the current expansionary phase of the Spanish economy”.

Consumers in Spain tend to adopt a strongly

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