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The quest-ct model: a simulation model for the catalan economy
Department of Economy and Finances of the Generalitat of Catalonia
2006 / 2007 / 2008 / 2009 / 2010
Principal investigator
Manuel Artís
Investigative team
Manuel Artís / Jordi Suriñach / Raül Ramos
Objective
Adapting the QUEST II and QUEST III general equilibrium models of the European Union to a regional economy. Estimating the whole of consisting equations according to the databases of the Catalan economy, and the calibration of the model. Applying the model to make simulations on the evolution of the main figures of the Catalan economy, according to various scenarios around Spanish environment and EU. Preparing simulations that monitor the impact of the implementation of different economic policies by Generalitat and the various levels of government that affect the region.
Methodology
Adapting the model to the Catalan economy and analyzing the availability of necessary statistical information. Validating and analyzing the potentiality of the model as a forecasting and simulation tool for Generalitat government. Adjusting and improving the model to reproduce correctly the relations between the main macroeconomic variables of Catalonia. Doing simulation exercises for the Department of Economics and Finance. Updating databases and re-estimating the model’s parameters semi-annually and if necessary, re-specifiying the equations, depending on the semiannual evolution of the QUEST model in Europe.
Reference:
Theme:
Public Policy evaluation, Macroeconomic simulations and forecasts Ambit:
Regional