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Comparing Empirical Models of the Euro Economy

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Author Info
Kenneth F. Wallis

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Abstract

This article presents a comparative analysis of four macroeconometric models whose proprietors participated in a model comparison conference focused on the new euro area economy. One model, the Area-Wide Model recently developed at the European Central Bank, treats the whole area as a single economy. The other three, MULTIMOD, NIGEM and QUEST, are established multicountry models that provide disaggregated analysis of questions of economic policy in Europe. Their structural characteristics and the results of two policy simulations are compared and contrasted. The principal source of simulation differences is the different degree of forward-looking behaviour incorporated in the models.

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Publisher Info
Paper provided by Econometric Society in its series Econometric Society 2004 Australasian Meetings with number 14.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:ausm04:14

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Related research
Keywords: Macroeconometric models; Multicountry models; Model comparisons; Simulation; Euro-area economy;

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Find related papers by JEL classification:
C5 - Mathematical and Quantitative Methods - - Econometric Modeling
E1 - Macroeconomics and Monetary Economics - - General Aggregative Models

Cited by:
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  1. jerome henry & sandro momigliano & pablo hernandez de cos, 2005. "The short-term impact of government budgets on prices Evidence from macroeconometric models," Macroeconomics 0501020, EconWPA. [Downloadable!]
    Other versions:
  2. Canale, Rosaria Rita & Foresti, Pasquale & Marani, Ugo & Napolitano, Oreste, 2007. "On Keynesian effects of (apparent) non-Keynesian fiscal policies," MPRA Paper 3742, University Library of Munich, Germany, revised Jun 2007. [Downloadable!]
    Other versions:
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