JOSÉ EMILIO BOSCÁ MARES University of Valencia, Spain.RAFAEL DOMÉNECH University of Valencia and BBVA Research Department, Spain.JAVIER FERRI CARRERES University of Valencia, Spain.JUAN VARELA DONOSO Minsitry of Economics and Finance.JAVIER ANDRÉS, Full Professor of Economics, University of Valencia, Spain.MIGUEL CARDOSO, Chief Economist for Spain, BBVA Research, Madrid, Spain.CARLOS CUERPO, Advisor to the Director General for Macroeconomic Analysis and International Economy, Ministry of Economic Affairs and Finance, Madrid, Spain.ÁNGEL DE LA FUENTE, Tenured Scientist, Instituto de Análisis Económico, CSIC, Barcelona, Spain.ANTONIO DÍAZ, Advisor to the Director General of the Budget Office, Ministry of Economic Affairs and Finance, Madrid, Spain.LUIS GONZÁLEZ-CALBERT, Deputy Director General for Economic Modelling, Ministry of Economic Affairs and Finance, Madrid, Spain.ESTHER PÉREZ, Economist, European Department, EU Policies and Regional Studies, International Monetary Fund, Washington, United States.LUIS PUCH, Universidad Complutense de Madrid and Fedea, Spain.

• Introduction Long-run and Business Cycle Facts of the Spanish Economy A Rational Expectations Model for Simulation and Policy Evaluation of the Spanish Economy Tax Reforms and Labour-Market Performance The Economic Recovery With and Without Structural Reforms The Effects of Public Capital Endowments The International Competitivity of the Spanish Economy Conclusions

JOSÉ EMILIO BOSCÁ MARES University of Valencia, Spain.RAFAEL DOMÉNECH University of Valencia and BBVA Research Department, Spain.JAVIER FERRI CARRERES University of Valencia, Spain.JUAN VARELA DONOSO Minsitry of Economics and Finance.JAVIER ANDRÉS, Full Professor of Economics, University of Valencia, Spain.MIGUEL CARDOSO, Chief Economist for Spain, BBVA Research, Madrid, Spain.CARLOS CUERPO, Advisor to the Director General for Macroeconomic Analysis and International Economy, Ministry of Economic Affairs and Finance, Madrid, Spain.ÁNGEL DE LA FUENTE, Tenured Scientist, Instituto de Análisis Económico, CSIC, Barcelona, Spain.ANTONIO DÍAZ, Advisor to the Director General of the Budget Office, Ministry of Economic Affairs and Finance, Madrid, Spain.LUIS GONZÁLEZ-CALBERT, Deputy Director General for Economic Modelling, Ministry of Economic Affairs and Finance, Madrid, Spain.ESTHER PÉREZ, Economist, European Department, EU Policies and Regional Studies, International Monetary Fund, Washington, United States.LUIS PUCH, Universidad Complutense de Madrid and Fedea, Spain.

• Introduction Long-run and Business Cycle Facts of the Spanish Economy A Rational Expectations Model for Simulation and Policy Evaluation of the Spanish Economy Tax Reforms and Labour-Market Performance The Economic Recovery With and Without Structural Reforms The Effects of Public Capital Endowments The International Competitivity of the Spanish Economy Conclusions

JOSÉ EMILIO BOSCÁ MARES University of Valencia, Spain.RAFAEL DOMÉNECH University of Valencia and BBVA Research Department, Spain.JAVIER FERRI CARRERES University of Valencia, Spain.JUAN VARELA DONOSO Minsitry of Economics and Finance.JAVIER ANDRÉS, Full Professor of Economics, University of Valencia, Spain.MIGUEL CARDOSO, Chief Economist for Spain, BBVA Research, Madrid, Spain.CARLOS CUERPO, Advisor to the Director General for Macroeconomic Analysis and International Economy, Ministry of Economic Affairs and Finance, Madrid, Spain.ÁNGEL DE LA FUENTE, Tenured Scientist, Instituto de Análisis Económico, CSIC, Barcelona, Spain.ANTONIO DÍAZ, Advisor to the Director General of the Budget Office, Ministry of Economic Affairs and Finance, Madrid, Spain.LUIS GONZÁLEZ-CALBERT, Deputy Director General for Economic Modelling, Ministry of Economic Affairs and Finance, Madrid, Spain.ESTHER PÉREZ, Economist, European Department, EU Policies and Regional Studies, International Monetary Fund, Washington, United States.LUIS PUCH, Universidad Complutense de Madrid and Fedea, Spain.

• Introduction Long-run and Business Cycle Facts of the Spanish Economy A Rational Expectations Model for Simulation and Policy Evaluation of the Spanish Economy Tax Reforms and Labour-Market Performance The Economic Recovery With and Without Structural Reforms The Effects of Public Capital Endowments The International Competitivity of the Spanish Economy Conclusions