A Rational Expectations Model for Simulation and Policy Evaluation of the Spanish Economy

This paper describes a Rational Expectations Model of the Spanish economy, REMS, which is in the tradition of small open economy dynamic general equilibrium models, with a strongly microfounded system of equations. The model is built on standard elements, but incorporates some distinctive features to provide an accurate description of the Spanish economy. We contribute to the existing models of the Spanish economy by adding search and matching rigidities to a small open economy framework. Our model also incorporates habits in consumption and rule-of-thumb households. As Spain is a member of EMU, we model the interaction between a small open economy and monetary policy in a monetary union. The model is primarily constructed to serve as a simulation tool at the Spanish Ministry of Economic Affairs and Finance. As such, it provides a great deal of information regarding the transmission of policy shocks to economic outcomes. The paper describes the structure of the model in detail, as well as the estimation and calibration technique and some examples of simulations.general equilibrium, rigidities, policy simulations

The REMSDB Macroeconomic Database of The Spanish Economy

This paper presents a new macroeconomic database for the Spanish economy, REMSDB. The construction of this database has been oriented to conducting medium-term simulations for policy evaluation with the REMS model, a large Rational Expectations macroeconomic Model for Spain. The paper provides a detailed description of the data and documents its main statistical properties. The database is thought to be of major interest to related applications,whether strictly associated with the REMS model or, rather, with empirical macroeconomic studies.Spanish Data, Growth Data, Business Cycle Data, REMS

The REMSDB Macroeconomic Database of The Spanish Economy

Base de datos macroeconómica para alimentar el modelo REMSDB de frecuencia trimestralÍndice de hojas - Índice de series - Tablas de datos - Nota

Measuring the spillover effects of public capital: a bi-regional structural vector autoregressive analysis

Public Capital, Shocks, Spillovers, VAR, Spain, C32, E62, H54, R53,

Neutrino physics with the PTOLEMY project: Active neutrino properties and the light sterile case

31 pags., 7 figs.The PTOLEMY project aims to develop a scalable design for a Cosmic Neutrino Background (CNB) detector, the first of its kind and the only one conceived that can look directly at the image of the Universe encoded in neutrino background produced in the first second after the Big Bang. The scope of the work for the next three years is to complete the conceptual design of this detector and to validate with direct measurements that the non-neutrino backgrounds are below the expected cosmological signal. In this paper we discuss in details the theoretical aspects of the experiment and its physics goals. In particular, we mainly address three issues. First we discuss the sensitivity of PTOLEMY to the standard neutrino mass scale. We then study the perspectives of the experiment to detect the CNB via neutrino capture on tritium as a function of the neutrino mass scale and the energy resolution of the apparatus. Finally, we consider an extra sterile neutrino with mass in the eV range, coupled to the active states via oscillations, which has been advocated in view of neutrino oscillation anomalies. This extra state would contribute to the tritium decay spectrum, and its properties, mass and mixing angle, could be studied by analyzing the features in the beta decay electron spectrum.Work supported by the Italian grant 2017W4HA7S “NAT-NET: Neutrino and Astroparticle Theory Network” (PRIN 2017) funded by the Italian Ministero dell’Istruzione, dell’Università e della Ricerca (MIUR); by the Spanish grants ENE2016-76755-R, SEV-2014-0398 and FPA2017- 85216-P (AEI/FEDER, UE), PROMETEO/2018/165 (Generalitat Valenciana), María de Maeztu Unit of Excellence CIEMAT - Particle Physics (MDM-2015-0509) and the Red Consolider MultiDark FPA2017-90566-REDC; by the Vetenskapsrådet (Swedish Research Council) through contract No. 638-2013-8993; by the Simons Foundation, USA (#377485) and John Templeton Foundation, USA (#58851); and by the European Union’s Horizon 2020 research and innovation program under the Marie Skłodowska-Curie individual Grant Agreement No. 796941

Is Public Capital Productive? Evidence from a Meta-analysis

Debate exists over the role that public investment must play in economic recovery and economic growth. The underlying idea behind this debate has much to do with the value of output elasticity of public capital. This article presents a meta-analysis of this elasticity, which was performed by considering almost 2,000 elasticities previously estimated from 145 papers. In addition, for each elasticity, we also take into account some 30 associated features relative to the methodology used for each case or relative to the characteristics of data samples. The obtained results reveal an average short-term elasticity of 0.13 (0.16 in the long term). We also find evidence of the importance of the methodology adopted for the obtained results, as well as the publication bias. Finally, we find a minor reduction in the value of the elasticity as public capital endowments increase. The results obtained highlight the positive and important effect of public investment on productivity. As a results of the value obtained, public investment will be self-financed in the long-term because of generated returns. But, we also find that the effectiveness of public investment has a clear influence of the institutional context