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In this paper we use a small open economy Dynamic Stochastic General Equilibrium Model (DSGE) for Spanish economy to search for a deeper characterization of the determinants of Spain's macroeconomic fluctuations throughout the period 1970-2008. In order to do this, we distinguish between tradable and non-tradable goods to take into account the fact that the presence of non-tradable goods in this economy is one of the largest in the world. We estimate a DSGE model with supply and demand shocksdoi:10.1016/s2212-5671(14)00729-1 fatcat:tnz74l5eqzfr3oheyjc56zp7xi