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The Spanish block of the ESCB-Multi-Country model

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  • Alpo Willman

    ()
    (European Central Bank)

  • Ángel Estrada

    ()
    (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.

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File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/02/Fic/dt0212e.pdf
File Function: First version, May 2002
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Bibliographic Info

Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 0212.

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Length: 66 pages
Date of creation: May 2002
Date of revision:
Handle: RePEc:bde:wpaper:0212

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Keywords: Macro model; stock-flow equilibrium; Spain;

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References

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  1. Mitchell, Peter R. & Sault, Joanne E. & Wallis, Kenneth F., 2000. "Fiscal policy rules in macroeconomic models: principles and practice," Economic Modelling, Elsevier, vol. 17(2), pages 171-193, April.
  2. Agustín Maravall, 1996. "Unobserved Components in Economic Time Series," Banco de Espa�a Working Papers 9609, Banco de Espa�a.
  3. Philippe Jeanfils, 2000. "A model with explicit expectations for Belgium," Working Paper Research 04, National Bank of Belgium.
  4. Ángel Estrada & Ignacio Hernando & J. David López-Salido, 2000. "Measuring the NAIRU in the Spanish Economy," Banco de Espa�a Working Papers 0009, Banco de Espa�a.
  5. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
  6. Willman, Alpo & Kortelainen, Mika & Mannisto, Hanna-Leena & Tujula, Mika, 2000. "The BOF5 macroeconomic model of Finland, structure and dynamic microfoundations," Economic Modelling, Elsevier, vol. 17(2), pages 275-303, April.
  7. Ángel Estrada & Ignacio Hernando & J. David López-Salido, 2000. "Measuring the NAIRU in the Spanish Economy," Banco de Espa�a Working Papers 0009, Banco de Espa�a.
  8. Blinder, Alan S. & Solow, Robert M., 1973. "Does fiscal policy matter?," Journal of Public Economics, Elsevier, vol. 2(4), pages 319-337.
  9. Fagan, Gabriel & Henry, Jérôme & Mestre, Ricardo, 2001. "An area-wide model (AWM) for the euro area," Working Paper Series 0042, European Central Bank.
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Citations

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Cited by:
  1. Angelini, Elena & Boissay, Frédéric & Ciccarelli, Matteo, 2006. "The Dutch block of the ESCB multi-country model," Working Paper Series 0646, European Central Bank.
  2. Boss, Alfred & Dovern, Jonas & Gern, Klaus-Jürgen & Jannsen, Nils & Meier, Carsten-Patrick & van Roye, Björn & Scheide, Joachim, 2009. "Ursachen der Wachstumsschwäche in Deutschland 1995-2005," Open Access Publications from Kiel Institute for the World Economy 32859, Kiel Institute for the World Economy (IfW).
  3. Sousa, Ricardo M., 2009. "Wealth effects on consumption: evidence from the euro area," Working Paper Series 1050, European Central Bank.
  4. Ryan, Mary, 2003. "Patterns and Determinants of Irish Consumption," Quarterly Bulletin Articles, Central Bank of Ireland, pages 67-89, August.
  5. Jonas Dovern & Carsten-Patrick Meier, 2006. "Macroeconomic Aspects of Structural Labor Market Reforms in Germany," Kiel Working Papers 1295, Kiel Institute for the World Economy.
  6. Francisco de Castro, 2006. "The macroeconomic effects of fiscal policy in Spain," Applied Economics, Taylor & Francis Journals, vol. 38(8), pages 913-924.
  7. Francisco de Castro, 2003. "Non-Keynesian effects of public expenditure in Spain," Applied Economics Letters, Taylor & Francis Journals, vol. 10(10), pages 651-655.
  8. Vetlov, Igor & Warmedinger, Thomas, 2006. "The German block of the ESCB multi-country model," Working Paper Series 0654, European Central Bank.
  9. Libero Monteforte, 2004. "Aggregation bias in macro models: does it matter foir the euro area?," Temi di discussione (Economic working papers) 534, Bank of Italy, Economic Research and International Relations Area.
  10. Markus Leibrecht & Martin Schneider, 2006. "AQM-06: The Macro economic Model of the OeNB," Working Papers 132, Oesterreichische Nationalbank (Austrian Central Bank).
  11. Vetlov, Igor, 2004. "The Lithuanian block of the ESCB multi-country model," BOFIT Discussion Papers 13/2004, Bank of Finland, Institute for Economies in Transition.
  12. Dieppe, Alistair & Henry, Jerome, 2004. "The euro area viewed as a single economy: how does it respond to shocks?," Economic Modelling, Elsevier, vol. 21(5), pages 833-875, September.
  13. Katarzyna Budnik & Michal Greszta & Michal Hulej & Marcin Kolasa & Karol Murawski & Michal Rot & Bartosz Rybaczyk & Magdalena Tarnicka, 2009. "The new macroeconometric model of the Polish economy," National Bank of Poland Working Papers 62, National Bank of Poland, Economic Institute.
  14. Angelini, Elena & D’Agostino, Antonello & McAdam, Peter, 2006. "The Italian block of the ESCB multi-country model," Working Paper Series 0660, European Central Bank.
  15. Ulrich Fritsche & Camille Logeay & Kirsten Lommatzsch & Katja Rietzler & Sabine Stephan & Rudolf Zwiener unter Mitarb. von Cansel Kiziltepe & Christian Proano-Acosta, 2005. "Auswirkungen von länderspezifischen Differenzen in der Lohn-, Preisniveau- und Produktivitätsentwicklung auf Wachstum und Beschäftigung in den Ländern des Euroraums: Endbericht ; Forschungsprojekt," DIW Berlin: Politikberatung kompakt, DIW Berlin, German Institute for Economic Research, volume 8, number pbk8, July.

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