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Author Info

  • Adjemian, S.
  • Cahn, C.
  • Devulder, A.
  • Maggiar, N.

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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Bibliographic Info

Paper provided by Banque de France in its series Working papers 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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Web page: http://www.banque-france.fr/
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Related research

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

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Cited by:
  1. Benjamin Carton, 2012. "Tax Reform and Coordination in a Currency Union," Economie Internationale, CEPII research center, issue 132, pages 141-158.
  2. 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.
  3. Fève, Patrick & Matheron, Julien & Sahuc, Jean-Guillaume, 2009. "La TVA sociale: bonne ou mauvaise idée?," TSE Working Papers 09-038, Toulouse School of Economics (TSE).
  4. de Bandt, O. & Vigna, O., 2008. "The macroeconomic impact of structural reforms," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 11, pages 5-32, Spring.

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