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The objective of this paper is to evaluate the short- and long-term effects of public investment in infrastructure on aggregate output, labour and capital formation in the private sector. The problem is analysed in a dynamic multivariate framework, which allows for explicit consideration of feedback among all the variables. This approach generalizes the current literature, which relies on a single-equation model to estimate production functions and implicitly assumes the absence of feedback relationships. For the Spanish economy, our results suggest positive long-term effects of public investment on the private sector variables.

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This paper studies dynamic responses of employment and GDP growth to a permanent, unitary shock in the housing capital stock for the Spanish economy. It quantifies the importance of this variable in the boom experienced by the Spanish economy during the pre-crisis years. Results confirm that building industry has been the most important engine for output and labour growth. RESUMENEn este trabajo se estudia la respuesta dinámica del crecimiento del empleo y del PIB de la economía española ante un choque permanente unitario en el stock de capital vivienda. Se cuantifica la importancia del capital vivienda en el boom económico experimentado en los años anteriores de la crisis actual. Los resultados confirman que la industria de la construcción ha sido el acicate más importante para el crecimiento del empleo y del PIB.

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