The Dutch block of the ESCB multi-country model
AbstractThe paper presents the Dutch country block of the ESCB Multi-Country Model (MCM) for the euro area. We show how a theoretical model is translated into an econometric specification and how this specification is in turn estimated and used in the projection exercises of the E(S)CB. The dynamic properties of the model are analyzed and the effects of six exogenous shocks to the economy discussed. The long run simulations performed deliver responses of the baseline economy in line with both macroeconomic theory and practice, from a quantitative and a qualitative point of view. JEL Classification: C3, C5, E1, E2
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Bibliographic InfoPaper provided by European Central Bank in its series Working Paper Series with number 0646.
Date of creation: Jun 2006
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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 - - Consumption, Saving, Production, Employment, and Investment
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-07-28 (All new papers)
- NEP-EEC-2006-07-28 (European Economics)
- NEP-FOR-2006-07-28 (Forecasting)
- NEP-MAC-2006-07-28 (Macroeconomics)
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