文章基本信息

标题：The Spanish block of the ESCB-Multi-Country model
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作者：Alpo Willman y Ángel Estrada
期刊名称：Documentos de Trabajo / Banco de España
印刷版ISSN：0213-2710
电子版ISSN：1579-8666
出版年度：2002
卷号：1
出版社：Banco de España
摘要：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 España. 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, res ulting 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.
关键词：Keywords: Macro model, stock-flow equilibrium, Spain.