EconPapers    
Economics at your fingertips  
 

MEDEA: A DSGE Model for the Spanish Economy

Pablo Burriel (), Jesus Fernandez-Villaverde and Juan F Rubio-Ramirez

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

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 EspañolA). 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: DSGE Models; Likelihood Estimation; Bayesian Methods (search for similar items in EconPapers)
JEL-codes: C11 C13 E30 (search for similar items in EconPapers)
Pages: 72 pages
Date: 2009-05-04
New Economics Papers: this item is included in nep-cba, nep-cmp, nep-dge and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
https://economics.sas.upenn.edu/sites/default/file ... ng-papers/09-017.pdf (application/pdf)

Related works:
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
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pen:papers:09-017

Access Statistics for this paper

More papers in PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania 133 South 36th Street, Philadelphia, PA 19104. Contact information at EDIRC.
Bibliographic data for series maintained by Administrator ().

 
Page updated 2024-07-18
Handle: RePEc:pen:papers:09-017