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AbstractIn 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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Bibliographic InfoPaper provided by Banque de France in its series Working papers with number 236.
Length: 23 pages
Date of creation: 2009
Date of revision:
DSGE; Euro zone; Nominal rigidities; Bayesian estimation.;
Other versions of this item:
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-07-17 (All new papers)
- NEP-CBA-2009-07-17 (Central Banking)
- NEP-DGE-2009-07-17 (Dynamic General Equilibrium)
- NEP-MAC-2009-07-17 (Macroeconomics)
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.:
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