A common finding in empirical studies using micro data on consumer and producer prices is that hazard functions for price changes are decreasing. This means that a firm will have a lower probability of changing its price the longer it has kept it unchanged. This result is at odds with standard...

Incluye bibliografía ; In this paper we present the theoretical foundations and the simulation results obtained with a new dynamic general equilibrium model developed at the Banco de España for the Spanish economy and the rest of Euro area. The model is designed to help in simulating the...

Este trabajo presenta una actualización del modelo macroeconométrico empleado en el Banco de España en la elaboración de previsiones macroeconómicas a medio plazo (2-3 años) así como en la simulación de distintos escenarios de políticas económicas. Frente a la versión anterior del...

This paper presents the update of the macroeconometric model used at the Bank of Spain for medium term macroeconomic forecasting of the Spanish economy, as well as for performing policy simulations. The many changes that the Spanish economy has experimented in the last years, and the new system...

This paper shows that the standard Calvo model clearly fails to account for the distribution of price durations found in micro data. We propose a novel price setting model that fully captures heterogeneity in individual pricing behavior. Specifi cally, we assume that there is a continuum of...

This paper presents US and euro area estimates for a fully heterogeneous model, in which there is a continuum of fi rms setting prices with a constant probability of adjustment, which may differ from fi rm to fi rm. The estimated model accurately matches the empirical distribution function of...

Artículo de revista

En este trabajo se propone un nuevo modelo de predicción en tiempo real del crecimiento de PIB de la zona euro, llamado D€STINY, con el que se pretende complementar la literatura de modelos de previsión de corto plazo, rellenando el hueco existente entre los modelos dinámicos factoriales de...