New Update of the Quarterly Model of the Bank of Spain

40 Pages Posted: 26 Aug 2011

See all articles by Samuel Hurtado

Samuel Hurtado

Banco de España

Eva Ortega

Bank of Spain, DG Economics, Statistics and Research

Alberto Urtasun

Banco de España

Elena Fernandez

affiliation not provided to SSRN

Date Written: August 26, 2011

Abstract

The quarterly model of the Banco de España (MTBE) is a primary tool in the elaboration of medium term projections for the Spanish economy and for the quantification of the effects of different economic policy measures or economic shocks of a very diverse nature.

As part of the process of continuous development of this tool, a substantial revamping of the model has been recently carried out. Changes have been introduced both in the estimation of the coefficients – with an updated sample period that now extends to the end of 2008 – and in the methodology, affecting all aspects of the model. In addition, new explicative variables have been introduced in order to approximate the effects of agents' confidence and credit restrictions on spending decisions, which allow for a more fitting analysis of the recent evolution of the Spanish economy.

Note: Downloadable document is in Spanish.

Keywords: Spanish economy, macroeconometric model

JEL Classification: E10, E17, E20, E60

Suggested Citation

Hurtado, Samuel and Ortega, Eva and Urtasun, Alberto and Fernandez, Elena, New Update of the Quarterly Model of the Bank of Spain (August 26, 2011). Banco de Espana Occasional Paper No. 1106, Available at SSRN: https://ssrn.com/abstract=1917347

Samuel Hurtado (Contact Author)

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

HOME PAGE: http://www.bde.es

Eva Ortega

Bank of Spain, DG Economics, Statistics and Research ( email )

Alcala 50
Madrid, 28014
Spain

HOME PAGE: http://https://www.bde.es/investigador/en/menu/people/research_staff_a/Ortega_Eslava__Eva.html

Alberto Urtasun

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Elena Fernandez

affiliation not provided to SSRN

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