The Spanish block of the ESCB-multi-country model
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 Espaa. 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
Year of publication: |
2002-05
|
---|---|
Authors: | Willman, Alpo ; Estrada, Ángel |
Institutions: | European Central Bank |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Technology, utilization and inflation: what drives the New Keynesian Phillips Curve?
McAdam, Peter, (2011)
-
In dubio pro CES - Supply estimation with mis-specified technical change
León-Ledesma, Miguel A., (2010)
-
Identifying the elasticity of substitution with biased technical change
León-Ledesma, Miguel A., (2009)
- More ...