Accounting for spanish economic development 1850–2019

By conducting wedge-growth accounting, we assess the contribution of economic forces (expressed as wedges in equilibrium conditions neoclassical growth model) driving Spanish from 1850 to 2019. We find that declining investment and capital-efficiency slowed down downsized labour share First World War. The crisis 1930s (Great Depression Civil War) was primarily driven by decrease labour-efficiency wedge. simultaneous increase both efficiency drove miracle 1960s, which preceded a large wedge, resulting significant rise rate. From mid-1970s, wedge primary force fall output slowdown. However, medium-term fluctuations output, labour, investment.