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Author Info
Adjemian, S.
Cahn, C.
Devulder, A.
Maggiar, N.

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Abstract

In this paper, we try to illustrate the interest of the Bayesian approach for the evaluation of economic policies, often realised by analysing the response of the economy to a standard shock. We present a Stochastic Dynamic General Equilibrium model for the euro area. The Bayesian estimation gives a measure of the uncertainty on the parameters, from which we can derive the uncertainty of the responses to standard shocks. As an illustration, we simulate the effects of a fiscal shock (announced VAT increase).

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File URL: http://www.banque-france.fr/fr/publications/telechar/documents_de_travail/2009/DT236.pdf
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Publisher Info
Paper provided by Banque de France in its series Documents de Travail with number 236.

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Length: 23 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:bfr:banfra:236

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Related research
Keywords: DSGE; Euro zone; Nominal rigidities; Bayesian estimation.;

Find related papers by JEL classification:
E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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This page was last updated on 2009-11-24.

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