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The French block of the ESCB multi-country model

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  • Boissay, Frédéric
  • Villetelle, Jean-Pierre

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. JEL Classification: C3, C5, E1, E2

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Bibliographic Info

Paper provided by European Central Bank in its series Working Paper Series with number 0456.

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Date of creation: Mar 2005
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Handle: RePEc:ecb:ecbwps:20050456

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Keywords: France; Macro-econometric Modelling;

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References

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  1. Clarida, Richard & Galí, Jordi & Gertler, Mark, 1998. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," CEPR Discussion Papers 1908, C.E.P.R. Discussion Papers.
  2. Fagan, Gabriel & Henry, Jérôme & Mestre, Ricardo, 2001. "An area-wide model (AWM) for the euro area," Working Paper Series 0042, European Central Bank.
  3. Baghli, M. & Brunhes-Lesage, V. & De bandt, O. & Fraisse, H. & Villetelle, J-P., 2004. "MASCOTTE: Model for AnalySing and foreCasting shOrT TErm developments," Working papers 106, Banque de France.
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Cited by:
  1. 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.
  2. 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.
  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.
  4. Angelini, Elena & Boissay, Frédéric & Ciccarelli, Matteo, 2006. "The Dutch block of the ESCB multi-country model," Working Paper Series 0646, European Central Bank.
  5. Vetlov, Igor & Warmedinger, Thomas, 2006. "The German block of the ESCB multi-country model," Working Paper Series 0654, European Central Bank.
  6. 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.
  7. Konstantins Benkovskis & Dainis Stikuts, 2006. "Latvia's Macroeconomic Model," Working Papers 2006/02, Latvijas Banka.
  8. Andres Frick & Michael Graff & Jochen Hartwig & Boriss Siliverstovs, 2010. "Discretionary Fiscal Policy: The Case of Switzerland," KOF Working papers 10-253, KOF Swiss Economic Institute, ETH Zurich.
  9. Angelini, Elena & D’Agostino, Antonello & McAdam, Peter, 2006. "The Italian block of the ESCB multi-country model," Working Paper Series 0660, European Central Bank.

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