English, Article, Journal or magazine article edition: The Spanish block of the ESCB-Multi-Country model Angel Estrada; Alpo Willman; Ángel Estrada

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Bookmark: http://trove.nla.gov.au/version/106434
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Spanish block of the ESCB-Multi-Country model
Author
  • Angel Estrada
  • Alpo Willman
  • Ángel Estrada
Physical Description
  • preprint
Notes
  • 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 Espana. 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 demand-determined, 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 steady-state 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. JEL Classification: E10; E13; E17.
  • RePEc:ecb:ecbwps:20020149
  • 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.
  • Macro model, stock-flow equilibrium, Spain
  • RePEc:bde:wpaper:0212
Language
  • English
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