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The Dutch block of the ESCB multi-country model

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Author Info
Matteo Ciccarelli () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.)
Elena Angelini () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.)
Frédéric Boissay () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.)

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Abstract

The 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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Paper provided by European Central Bank in its series Working Paper Series with number 646.

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Length: 73 pages
Date of creation: Jun 2006
Date of revision:
Handle: RePEc:ecb:ecbwps:20060646

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Keywords: Multi-country model; forecast; simulation; Netherlands.;

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This paper has been announced in the following NEP Reports: 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. James Bullard & George W. Evans & Seppo Honkapohja, 2005. "Near-rational exuberance," Working Paper Series 555, European Central Bank. [Downloadable!]
    Other versions:
  2. Julian Benedict Morgan & Alberto Locarno & Jean-Pierre Villetelle & Peter van Els, 2001. "Monetary policy transmission in the Euro area: what do aggregate and national structural models tell us?," Working Paper Series 094, European Central Bank. [Downloadable!]
    Other versions:
  3. Ignazio Angeloni & Benoit Mojon & Anil K. Kashyap & Daniele Terlizzese, 2002. "Monetary transmission in the Euro Area: where do we stand?," Working Paper Series 114, European Central Bank. [Downloadable!]
  4. Alpo Willman & Angel Estrada, 2002. "The spanish block of the ESCB-multi-country model," Working Paper Series 149, European Central Bank. [Downloadable!]
  5. Frédéric Boissay & Jean-Pierre Villetelle, 2005. "The French block of the ESCB multi-country model," Working Paper Series 456, European Central Bank. [Downloadable!]
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Cited by:
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  1. Igor Vetlov & Thomas Warmedinger, 2006. "The German block of the ESCB multi-country model," Working Paper Series 654, European Central Bank. [Downloadable!]
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