EMMA - A Quarterly Model of the Estonian Economy
AbstractThis paper describes the first version of Eesti Pank\'s structural macro-econometric model EMMA. EMMA belongs to the second generation of macro models, with Neo-Classical supply determined long run properties and Keynesian demand driven short run adjustment. The model has been designed for forecasting as well as for simulation exercises. In order to fulfil both tasks, the emphasis has been put on capturing the main characteristics of the Estonian economy. The model describes a very small and open economy, in which long run economic growth and inflation are strongly influenced by real and nominal convergence towards EU15 levels.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Bank of Estonia in its series Bank of Estonia Working Papers with number 2005-12.
Length: 79 pages
Date of creation: 12 Dec 2005
Date of revision: 12 Dec 2005
Publication status: published
Postal: Estonia bld. 13, 15095 Tallinn, ESTONIA
Find related papers by JEL classification:
- C5 - Mathematical and Quantitative Methods - - Econometric Modeling
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-12-14 (All new papers)
- NEP-MAC-2005-12-14 (Macroeconomics)
- NEP-TRA-2005-12-14 (Transition Economics)
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.:
- Marit Hinnosaar, 2001. "Potential output estimates for Central and East European countries using production function method," Bank of Estonia Working Papers 2001-2, Bank of Estonia, revised 13 Oct 2001.
- Boissay, Frédéric & Villetelle, Jean-Pierre, 2005. "The French block of the ESCB multi-country model," Working Paper Series 0456, European Central Bank.
- Jose Manuel Campa & Linda S. Goldberg, 2002.
"Exchange Rate Pass-Through into Import Prices: A Macro or Micro Phenomenon?,"
NBER Working Papers
8934, National Bureau of Economic Research, Inc.
- Campa, Jose M. & Goldberg, Linda S., 2002. "Exchange rate pass-through into import prices: A macro or micro phenomenon?," IESE Research Papers D/475, IESE Business School.
- Jose Manuel Campa & Linda S. Goldberg, 2002. "Exchange rate pass-through into import prices: a macro or micro phenomenon?," Staff Reports 149, Federal Reserve Bank of New York.
- Angelini, Elena & Boissay, Frédéric & Ciccarelli, Matteo, 2006. "The Dutch block of the ESCB multi-country model," Working Paper Series 0646, European Central Bank.
- Karl Whelan, 2000. "Real wage dynamics and the Phillips curve," Finance and Economics Discussion Series 2000-02, Board of Governors of the Federal Reserve System (U.S.).
- Reimo Juks, 2003. "The relationship between REER and trade flows in the context of the equilibrium exchange rate," Bank of Estonia Working Papers 2003-9, Bank of Estonia, revised 11 Nov 2003.
- Marit Hinnosaar, 2002. "Unemployment and Labour Mobility in Estonia: Analysis Using Duration Models," Bank of Estonia Working Papers 2002-07, Bank of Estonia, revised 13 Oct 2002.
- Camille Logeay & Silke Tober, 2003.
"Time-Varying Nairu and Real Interest Rates in the Euro Area,"
Economics Working Papers
024, European Network of Economic Policy Research Institutes.
- Camille Logeay & Silke Tober, 2003. "Time-varying Nairu and Real Interest Rates in the Euro Area," Discussion Papers of DIW Berlin 351, DIW Berlin, German Institute for Economic Research.
- Gábor Pula, 2003. "Capital Stock Estimation in Hungary: A Brief Description of Methodolgy and Results," MNB Working Papers 2003/7, Magyar Nemzeti Bank (the central bank of Hungary).
- Marit Hinnosaar & Hannes Kaadu & Lenno Uusküla, 2005. "Estimating the equilibrium exchange rate of the Estonian kroon," Bank of Estonia Working Papers 2005-2, Bank of Estonia, revised 10 Oct 2005.
- Masso, Jaan & Staehr, Karsten, 2005.
"Inflation dynamics and nominal adjustment in the Baltic States,"
Research in International Business and Finance,
Elsevier, vol. 19(2), pages 281-303, June.
- Jaan Masso & Karsten Staehr, 2005. "Inflation Dynamics And Nominal Adjustment In The Baltic States," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 35, Faculty of Economics and Business Administration, University of Tartu (Estonia).
- Robert J. Barro & Paul M. Romer, 1991.
National Bureau of Economic Research, Inc, number barr91-1, octubre-d.
- 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.
- Dimitrios Sideris & Nicholas G. Zonzilos, 2005. "The Greek Model of the European System of Central Banks Multi-Country Model," Working Papers 20, Bank of Greece.
- 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.
- John Lewis, 2007.
"Hitting and Hoping? Meeting the Exchange Rate and Inflation Criteria during a Period of Nominal Convergence,"
CESifo Working Paper Series
1902, CESifo Group Munich.
- Lewis, John, 2009. "Hitting and hoping?: Meeting the exchange rate and inflation criteria during a period of nominal convergence," European Journal of Political Economy, Elsevier, vol. 25(4), pages 508-524, December.
- John Lewis, 2007. "Hitting and Hoping? Meeting the Exchange Rate and Inflation Criteria During a Period of Nominal Convergence," DNB Working Papers 130, Netherlands Central Bank, Research Department.
- Rasmus Kattai, 2010. "Estonia's potential growth revisited," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 10(2), pages 63-78, December.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peeter Luikmel).
If references are entirely missing, you can add them using this form.