The Spanish block of the ESCB-Multi-Country model

Alpo Willman and Angel Estrada

No 212, Working Papers from Banco de España

Abstract: This paper presents the Spanish country block (ES-MCM) of the ESCB Multi-Country Model for the euro area, which has been built in a close co-operation with the ECB and the Banco de España. The theoretical structure of the ES-MCM block is in line with most current mainstream macro models, i.e. the supply factors determine the long-run equilibrium, while in the short run output is demanddetermined, resulting from a sluggish adjustment of prices and quantities. The paper is structured as follows. First, a simplified theoretical counterpart of the ES-MCM block is presented and its steadystate comparative statistics and stock-flow equilibrium properties are studied. The theoretical analysis is followed by the review of the estimated equations of the ES-MCM block. Finally the simulation properties of the ES-MCM block are presented in the light of five alternative shock simulations.

Keywords: Macro model; stock-flow equilibrium; Spain (search for similar items in EconPapers)
JEL-codes: E10 E13 E17 (search for similar items in EconPapers)
Pages: 66 pages
Date: 2002-05
References: Add references at CitEc
Citations: View citations in EconPapers (23)

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http://www.bde.es/f/webbde/SES/Secciones/Publicaci ... o/02/Fic/dt0212e.pdf First version, May 2002 (application/pdf)

Related works:
Working Paper: The Spanish block of the ESCB-multi-country model (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:0212

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