Se presenta el bloque español (ES-MCM) del modelo Multi-Pais del Sistema Europeo de Bancos Centrales (ESCB-MCM) para el area del euro, que ha sido desarrollado conjuntamente por el Banco de España. Este modelo guarda una estrecha relacion con el Are-Wide Model del ECB (AWM, see Fagan et al....

In this article, we analyse the conduct of optimal monetary policy for the new euro area. The aggregate euro area economy is modelled to have relatively sluggish adjustment properties and a private sector with mainly backward-looking expectations. In this economy, we assume that the central bank...