Showing 1 - 10 of 109
-time estimation of the model. After the expansionary monetary shocks of the early 1970s, a standard DSGE model would have behaved very …
Persistent link: https://www.econbiz.de/10010862249
Total Factor Productivity (TFP) accounts for a sizeable proportion of the income and growth differences across countries. Two challenges remain to researchers aiming to explain these differences: on the one hand, TFP growth is hard to measure; on the other hand, model uncertainty hampers...
Persistent link: https://www.econbiz.de/10008917383
We investigate heterogeneity and spillovers in macro-financial linkages across developed economies, with a particular emphasis on the most recent recession. A panel Bayesian VAR model including real and financial variables identifies a statistically significant common component, which proves to...
Persistent link: https://www.econbiz.de/10010678673
This paper analyzes the determinants of Spain's macroeconomic fluctuations since the inception of the euro in 1999, with a special attention to observed growth and inflation differentials with respect to the rest of the European Monetary Union (EMU). For that purpose we estimate the Banco de...
Persistent link: https://www.econbiz.de/10008486938
We investigate identifiability issues in DSGE models and their consequences for parameter estimation and model …
Persistent link: https://www.econbiz.de/10005155307
This paper proposes the use of dynamic factor models as an alternative to the VAR-based tools for the empirical validation of dynamic stochastic general equilibrium (DSGE) theories. Along the lines of Giannone et al. (2006), we use the state-space parameterisation of the factor models proposed...
Persistent link: https://www.econbiz.de/10008620575
. Through painstaking empirical analysis of the data, this paper shows this is not the case. Output volatility remains subdued … output volatility (the hallmark of the Great Moderation) is associated with weaker recoveries. …
Persistent link: https://www.econbiz.de/10010928919
The Quarterly Model of Banco de España (MTBE, Modelo Trimestral del Banco de España) is a large-scale macro-econometric model used for medium term macroeconomic forecasting of the Spanish economy, as well as for evaluating the staff projections and performing scenario simulations. The model is...
Persistent link: https://www.econbiz.de/10010887040
The economic crisis affecting the industrialised countries in recent years has been singular given its intensity, complexity and the difficulties in overcoming it. The aim of this paper is to analyse the determinants behind the crisis that have made it deeper and longer in Spain than in previous...
Persistent link: https://www.econbiz.de/10010862292
This paper briefl y describes some features of the situation of the Spanish economy after five years of crisis, a task which is easier now that this period can be analysed from a certain perspective. The crisis prompted a substantial readjustment of the main Spanish macroeconomic aggregates,...
Persistent link: https://www.econbiz.de/10010862296