BEMOD: a DSGE model for the Spanish economy and the rest of the Euro area

Javier Andrés (), Pablo Burriel () and Ángel Estrada
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Ángel Estrada: Oficina Económica de Presidencia del Gobierno

No 631, Banco de España Working Papers from Banco de España

Abstract: In this paper we present the theoretical foundations and the simulation results obtained with a new dynamic general equilibrium model developed at the Banco de España for the Spanish economy and the rest of Euro area. The model is designed to help in simulating the effect of alternative shocks on the main aggregate variables. The main contributions of this work from a theoretical perspective are the modelling of a monetary union composed of two regions, the inclusion of housing as a durable good with its own sector of production and the degree and detail of the disaggregation considered for each country in the model, which replicates the Quarterly National Accounts. On the empirical side, the main contribution is the detailed calibration of the most important ratios of the Spanish and rest of the Euro area economies.

Keywords: sdge model; open economy; simulation; shocks; macroeconomic policies (search for similar items in EconPapers)
JEL-codes: E32 E50 F41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-dge, nep-eec and nep-mac
Date: 2006-11
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Persistent link: http://EconPapers.repec.org/RePEc:bde:wpaper:0631

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