Artikel
MEDEA: a DSGE model for the Spanish economy
In this paper, we provide a brief introduction to a new macroeconometric model of the Spanish economy named MEDEA (Modelo de EquilibrioDinámico de la Economía EspañolA). MEDEA is a dynamic stochastic general equilibrium (DSGE) model that aims to describe the main features of the Spanish economy for policy analysis, counterfactual exercises, and forecasting. MEDEA is built in the tradition of New Keynesian models with real and nominal rigidities, but it also incorporates aspects such as a small open economy framework, an outside monetary authority such as the ECB, and population growth, factors that are important in accounting for aggregate fluctuations in Spain. The model is estimated with Bayesian techniques and data from the last two decades. Beyond describing the properties of the model, we perform different exercises to illustrate the potential of MEDEA, including historical decompositions, long-run and short-run simulations, and counterfactual experiments.
- Language
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Englisch
- Bibliographic citation
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Journal: SERIEs - Journal of the Spanish Economic Association ; ISSN: 1869-4195 ; Volume: 1 ; Year: 2010 ; Issue: 1/2 ; Pages: 175-243 ; Heidelberg: Springer
- Classification
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Wirtschaft
Bayesian Analysis: General
Estimation: General
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
- Subject
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DSGE models
likelihood estimation
Bayesian methods
Ökonometrisches Makromodell
Dynamisches Gleichgewicht
Schätztheorie
Spanien
- Event
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Geistige Schöpfung
- (who)
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Burriel, Pablo
Fernández-Villaverde, Jesús
Rubio-Ramírez, Juan F.
- Event
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Veröffentlichung
- (who)
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Springer
- (where)
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Heidelberg
- (when)
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2010
- DOI
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doi:10.1007/s13209-009-0011-x
- Handle
- Last update
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10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Burriel, Pablo
- Fernández-Villaverde, Jesús
- Rubio-Ramírez, Juan F.
- Springer
Time of origin
- 2010
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