Working Papers

  • Working Paper 3/2018. Some elements for a revamped fiscal framework for Spain

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  • Working Paper 2/2018. Estimating Output Gap: a Beauty Contest Approach

    Working Paper 2/2018. Estimating Output Gap: a Beauty Contest Approach

  • Working paper 1/2018. Some Unpleasant Labor Arithmetics: A tale of the Spanish 2012 Labor Market Reform

    The 2008 economic and financial crisis and its posterior EU banking and sovereign debt dimensions highlighted some unresolved structural issues in the Spanish labor market, exacerbating unemployment issues. Duality between permanent and temporary workers, excessive rigidities in wage setting and collective bargaining arrangements and extreme volatility, particularly in employment, stand...

  • Working Paper 3/2017. A Game-Theoretic Analysis of the Spanish System of Regional Finance

    Working Paper 3/2017.  A Game-Theoretic Analysis of the Spanish System of Regional Finance

  • Working Paper 2-2016. Redistribution, risk-sharing and stabilization of income per capita of households by regions 2016-07-21

    Related documents: Working Paper 2-2016. Redistribution, risk-sharing and stabilization of income per capita of households by regions

  • Working Paper 5/2015 Modeling interest payments for macroeconomic assessment

    In this paper we present a methodology designed to estimate the future path of interest payments by the Government. The basic idea is to represent in a compact way the joint dynamics of debt liabilities and interest payments as a function of five elements: the initial outstanding amounts of debt,...

  • Working Paper 4/2015. Integrated model of short-term forecasting of the Spanish economy (MIPred model)

    This paper presents a methodology for predicting in real-time GDP and its demand components simultaneously. The model consists of a set of dynamic factor models for both GDP and its demand components, plus a balancing procedure to ensure the transversal consistency of these forecasts, thus providing a consistent set of...

  • Working Paper 3/ 2015: Quarterly regional GDP flash estimates for the Spanish economy (METCAP model)

    In this paper we propose a methodology to estimate on a quarterly basis the GDP of the different regions of Spain, providing quarterly profiles for the annual official observed data. In this way, the paper offers a new instrument for short-term monitoring that allows the analysts to quantify the degree...

  • Working Paper 2/2014 Spanish Public Debt Sustainability Analysis

    This note develops an overarching debt sustainability analysis (DSA) framework, encompassing three of its main dimensions: (i) a traditional (deterministic) sustainability exercise, based on a simple accounting application involving the debt accumulation equation; (ii) an assessment of the realism of the assumptions underlying the deterministic debt projections; and (iii) a...

  • Working Paper No. 1/2014: Understand the financial sustainability

    Working Paper No. 1/2014: Understand the financial sustainability Access to Working Paper Annex