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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.;
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
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)
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- Benjamin Carton, 2012.
"Tax Reform and Coordination in a Currency Union,"
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- M. Barlet & M.-É. Clerc & M. Garnero & V. Lapègue & V. Marcus, 2011. "The New Version of the Model MZE, Macroeconometric Model for the Eurozone," Documents de Travail de la DESE - Working Papers of the DESE g2011-15, Institut National de la Statistique et des Etudes Economiques, DESE.
- Fève, Patrick & Matheron, Julien & Sahuc, Jean-Guillaume, 2009.
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