On 13 October 2014, the meeting "Modelling and macroeconomic analysis of the Spanish economy" was held at the headquarters of the Rafael del Pino Foundation.
The event was attended by the following personalities:
- María del Pino, President of the Rafael del Pino Foundation
- Rafael Domenech, Chief Economist of Developed Markets at BBVA and Professor of Economic Analysis at the University of Valencia.
- Marta Fernández Currás, Secretary of State for Budget and Expenditure
- Iñigo Fernández de Mesa Vargas, Secretary of State for Economic Affairs and Business Support
The Foundation collaborates with the Ministries of Finance and Public Administrations and Economy and Competitiveness, BBVA, the University of Valencia and the Fundación de Economía Analítica, in the development of the project Macroeconomic modelling and public policies, based on the elaboration of a model of rational expectations (Rational Expectations Model for the Spanish economy, REMS) capable of analysing, designing and evaluating public policies aimed at promoting macroeconomic stability, full employment, regional cohesion and the convergence of Spain with neighbouring countries.
Since its development in 2008, the REMS model has been used intensively by the State Secretariat of Finance and Budgets, the State Secretariat of Economy, the Economic Office of the President of the Government and the BBVA Research Department to carry out numerous simulations of the macroeconomic impact of different economic policy measures. Now, the REMS model, renewed with its stochastic version, makes it possible to reinforce the common language of technicians and researchers when analysing and evaluating the impact of different public policies on the Spanish economy, not only at the national level, but also internationally, given its advantages in terms of agility and comparability.