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Artículo de revista ; Examen de la evolucion del tipo de interes real y analisis de las variables que han podido influir en su trayectoria durante las ultimas decadas en Estados Unidos y en la UEM. Con este fin, repasa los fundamentos teoricos que ofrece la literatura para explicar el tipo de interes real de equilibrio, junto con el papel que desempeñan la politica fiscal y monetaria en la evolucion del tipo de interes real observado. Finalmente, presenta la evidencia empirica disponible y analiza las principales conclusiones que pueden extraerse del tipo de interes real observado en distintas areas geograficas. (ad)

Artículo de revista ; Against an international background of low tariff barriers, the EU's trade policy has shifted towards attaining bilateral trade agreements that promote the reduction both of non-tariff barriers and of those regulatory barriers that restrict the movement of goods, services, individuals and investment flows, in addition to including provisions relating to the environment, labour markets and intellectual property rights. An example of these "new-generation" agreements is the Comprehensive Economic and Trade Agreement (CETA) recently negotiated by the EU and Canada, which is in the process of being ratified by the national parliaments. The article describes the general characteristics of new-generation trade agreements, the difficulties posed by their regulatory and wide-ranging nature, and how the CETA has attempted to respond to some of the issues that have proven most controversial for public opinion. The significance of this agreement pertains not only to the economic impact it will have on the European and Canadian economies, but also to how it could act as a model for other agreements with developed countries, including that which the EU and the United Kingdom have to negotiate