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The French block of the ESCB multi-country model

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Author Info
Frédéric Boissay () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.)
Jean-Pierre Villetelle () (Banque de France-General, 39, rue Croix-des-Petits-Champs, 75049 Paris Cedex 01, France.)

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Abstract

This paper presents the French country block of the ESCB Multi-Country Model for the euro area, which has been built in collaboration by the ECB and the Banque de France. The theoretical structure of the model is in line with most current macroeconometric models, i.e. supply factors determine the long-run equilibrium, while in the short run aggregate demand determines aggregate output. The paper is structured as follows. We first present the theoretical background of the model. Then we review the long run relationships as well as the estimated short term dynamic equations. Finally, we simulate the effects of six exogenous shocks to the economy and discuss the dynamic properties of the model.

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Publisher Info
Paper provided by European Central Bank in its series Working Paper Series with number 456.

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Length: 59 pages
Date of creation: Mar 2005
Date of revision:
Handle: RePEc:ecb:ecbwps:20050456

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Related research
Keywords: Macro-econometric Modelling; France.;

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Find related papers by JEL classification:
C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
C5 - Mathematical and Quantitative Methods - - Econometric Modeling
E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment

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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.:
  1. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules And Macroeconomic Stability: Evidence And Some Theory," The Quarterly Journal of Economics, MIT Press, vol. 115(1), pages 147-180, February. [Downloadable!] (restricted)
    Other versions:
  2. Gabriel Fagan & Jérôme Henry & Ricardo Mestre, 2001. "An area-wide model (AWM) for the euro area," Working Paper Series 42, European Central Bank. [Downloadable!]
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Cited by:
(explanations, 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.)

  1. Jonas Dovern & Carsten-Patrick Meier, 2006. "Macroeconomic Aspects of Structural Labor Market Reforms in Germany," Kiel Working Papers 1295, Kiel Institute for the World Economy. [Downloadable!]
  2. Igor Vetlov & Thomas Warmedinger, 2006. "The German block of the ESCB multi-country model," Working Paper Series 654, European Central Bank. [Downloadable!]
  3. Aleksejs Melihovs & Gundars Davidsons, 2006. "The Role of Production Progress and Human Capital in the Economic Growth of Latvia," Working Papers 2006/03, Latvijas Banka. [Downloadable!]
  4. Vetlov, Igor, 2004. "The Lithuanian block of the ESCB multi-country model," BOFIT Discussion Papers 13/2004, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  5. Konstantins Benkovskis & Dainis Stikuts, 2006. "Latvia's Macroeconomic Model," Working Papers 2006/02, Latvijas Banka. [Downloadable!]
  6. Rasmus Kattai, 2005. "EMMA - A Quarterly Model of the Estonian Economy," Bank of Estonia Working Papers 2005-12, Bank of Estonia, revised 12 Dec 2005. [Downloadable!]
  7. Elena Angelini & Antonello D‘Agostino & Peter McAdam, 2006. "The Italian block of the ESCB multi-country model," Working Paper Series 660, European Central Bank. [Downloadable!]
  8. Matteo Ciccarelli & Elena Angelini & Frédéric Boissay, 2006. "The Dutch block of the ESCB multi-country model," Working Paper Series 646, European Central Bank. [Downloadable!]
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