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A quarterly macroeconometric model of the Spanish Economy

Author

Listed:
  • Ángel Estrada

    (Banco de España)

  • José Luis Fernández

    (Banco de España)

  • Esther Moral

    (Banco de España)

  • Ana V. Regil

    (Banco de España)

Abstract

This paper presents a new version of the Spanish quarterly macroeconometric model. The previous version [see Willman and Estrada (2002)] evidenced a number of shortcomings, some of which are redressed here. In particular, the model now uses seasonally and working days adjusted time series; it considers a breakdown by sector (government and private sectors), by external trade (euro area and rest of the world) and by investment (residential and productive); and finally, it includes wealth evaluated at market prices. While the long run properties of the old model have not changed substantially, in the short run different simulation exercises show that the new model provides stronger responses in the first two years and a prompter and faster return to the baseline values.

Suggested Citation

  • Ángel Estrada & José Luis Fernández & Esther Moral & Ana V. Regil, 2004. "A quarterly macroeconometric model of the Spanish Economy," Working Papers 0413, Banco de España.
    • Handle: RePEc:bde:wpaper:0413
    as

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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/04/Fic/dt0413e.pdf
    File Function: First version, July 2004
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    More about this item

    Keywords

    Macro model; Spain;

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications

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