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MEDEA: A DSGE Model for the Spanish Economy

Rubio-Ramírez, Juan Francisco, Pablo Burriel () and Fernández-Villaverde, Jesús
Authors registered in the RePEc Author Service: Jesus Fernandez-Villaverde and Juan F Rubio-Ramirez

No 7297, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: In this paper, we provide a brief introduction to a new macroeconometric model of the Spanish economy named MEDEA (Modelo de Equilibrio Dinámico de la Economía EspañA). MEDEA is a dynamic stochastic general equilibrium (DSGE) model that aims to describe the main features of the Spanish economy for policy analysis, counterfactual exercises, and forecasting. MEDEA is built in the tradition of New Keynesian models with real and nominal rigidities, but it also incorporates aspects such as a small open economy framework, an outside monetary authority such as the ECB, and population growth, factors that are important in accounting for aggregate fluctuations in Spain. The model is estimated with Bayesian techniques and data from the last two decades. Beyond describing the properties of the model, we perform different exercises to illustrate the potential of MEDEA, including historical decompositions, long-run and short-run simulations, and counterfactual experiments.

Keywords: Bayesian methods; Dsge models; Likelihood estimation (search for similar items in EconPapers)
JEL-codes: C11 C13 E30 (search for similar items in EconPapers)
Date: 2009-05
New Economics Papers: this item is included in nep-cba and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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Journal Article: MEDEA: a DSGE model for the Spanish economy (2010) Downloads
Working Paper: MEDEA: A DSGE Model for the Spanish Economy (2009) Downloads
Working Paper: MEDEA: A DSGE Model for the Spanish Economy (2009) Downloads
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