Macroeconomic Modeling Group – University of Valencia
The Macroeconomic Modeling Group is a consolidated group with almost three decades of uninterrupted funding in national competitive calls, as well as in calls of the Prometeo program (funding of research groups of excellence) of the Generalitat Valenciana. In addition, it has permanent transfer activities through R&D&I contracts with public (mainly) and private institutions, an activity that is complemented by membership in public interest committees, publication of books and evaluation, analysis and dissemination of economic policy proposals. The four most senior researchers of the team, J. Andrés, J, Ferri, J. Boscá and R. Doménech have been awarded the “Sexenio de Transferencia del Conocimiento e Innovación” in the only call so far (2018). This transfer activity has been at all times inseparable from the development of numerous research papers, presented at international scientific congresses and conferences and published in journals of high prestige and scientific impact.
The origins of the group date back to the participation of Javier Andrés in the development and estimation of the MOISEES model for the State Secretariat of Finance in 1986-1988. This work had its continuity in the elaboration and exploitation of the REMS model, also for this State Secretariat, by team members José Boscá, Rafael Doménech (who directed it) and Javier Ferri, who have also designed and estimated the EREMS model, at the frontier of applied macroeconomic modeling. Rafael Doménech was responsible for the project that led to the MEDEA model for the Economic Office of the President of the Government and Javier Andrés is one of the authors of the BEMOD model of the Bank of Spain.
Throughout these years the team has collaborated with a large number of researchers from institutions such as the Bank of Spain, the Ministries of Economy and Finance, the Institute of Fiscal Studies, FEDEA, BBVA Research, the Board of Governors of the Federal Reserve, and national and foreign academic centers, including the universities of Duke, Pennsylvania, Glasgow, Nottingham, IAE and INSEAD. Over the years, the group’s research has evolved in both thematic and methodological terms, paying special attention to the priorities of economic policy at any given time. The team develops its theoretical and applied work mainly, but not exclusively, within the framework of dynamic general equilibrium models (DSGE) with special attention to the new modeling approaches that the financial crisis and its aftermath have shown to be particularly necessary. It also carries out a more empirical analysis in the study of human capital, education and, more recently, for the study of the economic implications of the Covid-19 crisis on economic activity, employment and welfare.