Abstract

http://ssrn.com/abstract=997008
 
 

References (4)



 
 

Citations (1)



 


 



Update of the Quarterly Model of the Bank of Spain


Eva Ortega


Bank of Spain, Research Department

Pablo Burriel


Bank of Spain

José Luis Fernández


Banco de España

Eva Ferraz


affiliation not provided to SSRN

Samuel Hurtado


Banco de España

June 26, 2007

Banco de España Research Paper No. WP-0717

Abstract:     
This paper presents the update of the macroeconometric model used at the Bank of Spain for medium term macroeconomic forecasting, as well as for performing policy simulations. The many changes that the Spanish economy has experimented in the last years, and the new system of national accounts published by the national statistical office, suggested that a re-estimation of the model was due. This paper presents such re-estimation with newer data (up to the end of 2005), and includes some modifications that were deemed necessary in certain equations.

The quarterly model of the Bank of Spain keeps a similar structure to its previous version; it still is basically a demand-driven model. It is found that the Spanish economy shows, in general, higher sensitivity than in previous periods to changes in exogenous variables, especially in financial conditions. The new model reflects, too, changes in demographic trends, and presents an external sector less sensitive to changes in price-competitiveness.

Number of Pages in PDF File: 47

Keywords: Spanish economy, macroeconometric model

JEL Classification: E10, E17, E20, E60

working papers series





Download This Paper

Date posted: June 28, 2007 ; Last revised: December 14, 2007

Suggested Citation

Ortega, Eva and Burriel, Pablo and Fernández, José Luis and Ferraz, Eva and Hurtado, Samuel, Update of the Quarterly Model of the Bank of Spain (June 26, 2007). Banco de España Research Paper No. WP-0717. Available at SSRN: http://ssrn.com/abstract=997008 or http://dx.doi.org/10.2139/ssrn.997008

Contact Information

Eva Ortega (Contact Author)
Bank of Spain, Research Department ( email )
Alcala 50
28014 Madrid
Spain
Pablo Burriel
Bank of Spain ( email )
Madrid 28014
Spain
José Luis Fernández
Banco de España ( email )
Alcala 50
Madrid 28014
Spain
HOME PAGE: http://www.bde.es
Eva Ferraz
affiliation not provided to SSRN
No Address Available
Samuel Hurtado
Banco de España ( email )
Alcala 50
Madrid 28014
Spain
HOME PAGE: http://www.bde.es
Feedback to SSRN


Paper statistics
Abstract Views: 820
Downloads: 45
References:  4
Citations:  1

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo1 in 0.328 seconds