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.
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Find related papers by 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
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