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Short-term Monitoring of the Spanish Government Balance with Mixed-frequencies Models
Teresa Leal
Teresa Leal Linares
Diego J. Pedregal
Javier J. Pérez
出版
Banco de España
, 2009
URL
http://books.google.com.hk/books?id=qvvaXwAACAAJ&hl=&source=gbs_api
註釋
We construct multivariate, state-space mixed-frequencies models for the main componentsof the Spanish General Government sector made up of blocks for each one of its subsectors: Central Government, Social Security and aggregate of Regional and Local government sectors. Each block is modelled through its total revenue and expenditure categories, and encompasses a number of indicators, depending on data availability. The mixed-frequencies approach is particularly relevant for the case of Spain, given its institutional set-up and the specific data availability for the different subsectors. All in all, we provide models detailed enough in coverage, while at the same time manageable, to be used: (i) for real-time monitoring of fiscal policies with a focus on quarterly developments of the General Government sector; (ii) for the monitoring of general government sub-sectors for which intra-annual data coverage is limited (Regional and Local governments), and (iii) to bridge (translate) into National Accounts available monthly information for the subsectors of the general government. [Resumen de autor]