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The BOF5 Macroeconomic Model of Finland, Structure and Equations

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Author Info

  • Willman, Alpo
  • Kortelainen, Mika

    ()
    (Bank of Finland Research)

  • Männistö, Hanna-Leena

    ()
    (Bank of Finland Research)

  • Tujula, Mika

Abstract

This report is the basic documentation of the present (fifth) version of the Bank of Finland macroeconomic model, BOF5, built for policy simulation and forecasting. In constructing the model, consistent treatment of expectations is emphasized. Following current theoretical literature, intertemporal optimization with rational expectations is taken as the starting point, and Euler equations are applied in the estimation of the key behavioural equations. Consistent treatment of technology on the supply side has been another important aim. We illustrate the properties of the model with some simulation experiments. A complete list of equations and an outline of the derivation of the key equations are presented. We also show how forward-looking equations have been transformed to facilitate simulation under alternative assumptions concerning the formation of expectations.

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File URL: http://www.suomenpankki.fi/en/julkaisut/tutkimukset/keskustelualoitteet/Documents/DP_10_1998.pdf
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Bibliographic Info

Paper provided by Bank of Finland in its series Research Discussion Papers with number 10/1998.

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Length: 170 pages
Date of creation: 03 Jun 1998
Date of revision:
Handle: RePEc:hhs:bofrdp:1998_010

Contact details of provider:
Postal: Bank of Finland, P.O. Box 160, FI-00101 Helsinki, Finland
Web page: http://www.suomenpankki.fi/en/
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Related research

Keywords: macroeconomic models; Finland; econometric modelling; policy simulations; expectations; Euler equations;

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Cited by:
  1. Ingvild Svendsen, 1999. "Female labour participation rates in Norway - trends and cycles," Discussion Papers 253, Research Department of Statistics Norway.
  2. David Mayes & Matti Virén, 2000. "The exchange rate and monetary conditions in the Euro area," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 136(2), pages 199-231, June.
  3. Lindberg, Sara, 1999. "Consumption and Capital Mobility in the Nordic Countries," Working Paper Series 1999:6, Uppsala University, Department of Economics.
  4. Shy, Oz & Tarkka, Juha, 1998. "The Market for Electronic Cash Cards," Research Discussion Papers 21/1998, Bank of Finland.

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