In this paper, we provide a brief introduction to a new macroeconometric model of the Spanish economy named MEDEA (Modelo de Equilibrio Dinámico de la Economía EspañolA). MEDEA is a dynamic stochastic general equilibrium (DSGE) model that aims to describe the main features of the Spanish...

Research involving econometric modeling uses lagged variables to incorporate the value of a particular variable at a point of time in the past and also to incorporate the time factor as a cause, i.e. causal-time. This paper argues and cautions that the use of lagged variables to represent...

This is the fourth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In...

This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into its fifteen largest national economies. This structural macroeconometric model features extensive linkages between the real and financial sectors, both within...

More than a third of the EU budget is devoted to Cohesion Policy with the objective to foster economic and social cohesion in the European Union. Large-scale fiscal transfers are used to support investment in infrastructure, R&D and human capital. This paper provides a modelbased assessment of...

Global modeling has evolved remarkably in the last two decades. Such evolution led global modeling to perform today's role as an experimental laboratory for the social sciences, and particularly for applications to policy planning. Two of the most interesting applications to policy are to...