MASCOTTE is the new version of the Banque de France's macro-econometric forecasting model. Following the last rebasing of National Accounts (currently at 1995 price), the previous version of the model was simplified, re-specified and re-estimated. The model is essentially used for making macro-economic projections of the French economy over a two-to-three year horizon, which requires an accounting framework as close as possible to the French National Accounts. The main agents are companies, households, general government and the rest of the world. The new version now includes a supply block derived from the explicit optimisation behaviour of companies using a Cobb-Douglas technology under imperfect competition, and a new Wage Setting schedule. Full homogeneity of the nominal side of the model ensures the independence between the nominal equilibrium and the real equilibrium, the latter being only determined in the long run by relative prices. Furthermore, as regards the specification of equations, special attention was paid to the consequences of changes in short-term interest rates.
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Paper provided by Banque de France in its series Documents de Travail with number
106.
Find related papers by JEL classification: E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation E27 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
David G. Blanchflower & Andrew J. Oswald, 1990.
"The Wage Curve,"
NBER Working Papers
3181, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Blanchflower, D. & Oswald, A., 1989.
"The Wage Curve,"
Papers
340, London School of Economics - Centre for Labour Economics.