A quarterly macroeconometric model of the Spanish Economy

Angel Estrada, José Luis Fernández (), Esther Moral () and Ana Regil ()
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José Luis Fernández: Banco de España
Esther Moral: Banco de España
Ana Regil: Banco de España

No 413, Working Papers from Banco de España

Abstract: This paper presents a new version of the Spanish quarterly macroeconometric model. The previous version [see Willman and Estrada (2002)] evidenced a number of shortcomings, some of which are redressed here. In particular, the model now uses seasonally and working days adjusted time series; it considers a breakdown by sector (government and private sectors), by external trade (euro area and rest of the world) and by investment (residential and productive); and finally, it includes wealth evaluated at market prices. While the long run properties of the old model have not changed substantially, in the short run different simulation exercises show that the new model provides stronger responses in the first two years and a prompter and faster return to the baseline values.

Keywords: Macro model; Spain (search for similar items in EconPapers)
JEL-codes: E10 E13 E17 (search for similar items in EconPapers)
Pages: 60 pages
Date: 2004-07
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Citations: View citations in EconPapers (29)

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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:0413

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