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A quarterly macroeconometric model of the Spanish Economy

Listed author(s):
  • Ángel Estrada


    (Banco de España)

  • José Luis Fernández


    (Banco de España)

  • Esther Moral


    (Banco de España)

  • Ana V. Regil


    (Banco de España)

Registered author(s):

    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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    File Function: First version, July 2004
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    Paper provided by Banco de España & Working Papers Homepage in its series Working Papers with number 0413.

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    Length: 60 pages
    Date of creation: Jul 2004
    Handle: RePEc:bde:wpaper:0413
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