Academicians of the Real Academia de Ciencias Económicas y Financieras (RACEF) Alfonso Rodríguez Rodríguez and Juan Hortalà have called for a revision and up-dating of the tools for economic forecasting and of the indices with which the market operates, during the presentation of the book “El ciclo real vs el ciclo financiero. Un análisis comparativo para el caso español” [The actual cycle vs the financial cycle. A comparative analysis for the Spanish case], which took place this afternoon in Barcelona. The work includes the conclusions of the seminar on anti-cyclical policy organised by the First Section of the RACEF, presided over by Rodríguez Rodríguez.

President of the Barcelona Stock Exchange and of the Latin American Federation of Stock Exchanges, Hortalá introduced the new indices with which the Barcelona market is now operating by pointing out that “the financial cycle precedes the actual cycle by recuperation and falling, and this is not determined alone by normal indicators, but by other innovative indices, such as the discomfort index, complemented ad hoc with the Internal Gross Product growth index and the also revealing governmental cycle”.