Ágeir Daníelsson Lúdvík Elíasson Magnús F. Gudmundsson Björn A. Hauksson Ragnhildur Jónsdóttir Thorvardur Tjörvi Ólafsson Thórarinn G. Pétursson
Abstract
This paper documents and describes the new Quarterly Macroeconomi Model of the Central Bank of Iceland (qmm). qmm and the underlying quar terly database have been under construction since 2001 at the Research and Forecasting Division of the Economics Department at the Bank. qmm is used by the Bank for forecasting and various policy simulations and therefore play a key role as an organisational framework for viewing the medium-term futur when formulating monetary policy at the Bank. This paper is mainly focused on the short and medium-term properties of qmm. Analysis of the steady state properties of the model are currently under way and will be reported in a separate paper in the near future.
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Publisher Info
Paper provided by Department of Economics, Central bank of Iceland in its series Economics with number
wp32.