After the outbreak of the COVID-19 pandemic, most economic indicators experienced an increase in the observed volatility, which reduced the accuracy of nowcasting models. In this paper, we present a revision of the Spain-STING model – one of the tools used by the Banco de España to nowcast...

El incremento de la volatilidad observada en la mayoría de los indicadores económicos tras la irrupción del COVID-19 redujo la capacidad predictiva de los modelos de previsión a corto plazo. En este documento se presenta una revisión del modelo Spain-STING —una de las herramientas que...

A major inconvenience of the traditional approach in portfolio choice, based upon historical information, is its inability to anticipate sudden changes of price tendencies. Introducing information about future behavior of the assets fundamentals may help to make more appropriate choices. However...

This paper provides empirical evidence that there is no absolute convergence between the GDP per capita of the developing countries since 1950. Relying upon recent econometric methodologies (nonstationary long-memory models, wavelet models and time-varying factor representation models), we show...

INTRODUCTION;ROLE OF FINANCIAL VARIABLES;A TWO-STEP APPROACH TO MODEL INFLATION ; MODELLING LONG-MEDIUM TERM COMPONENT OF INFLATION ;A MIXED-FREQUENCY MODEL FOR REAL-TIME FORECASTS OF INFLATION; 4 TWO FORECASTING APPLICATIONS IN REAL-TIME; REAL-TIME FORECASTS OF MONTHLY INFLATION; MODEL FORECASTS...

Much of the literature on interest rate pass through assumes banks set retail rates in relation to contemporary market rates. We argue that future rates also matter, and if forecasts of future rates are included, the empirical specifications of many previous studies are misspecified. Including...