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AQM. The Austrian Quarterly Model of the Oesterreichische Nationalbank

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    Abstract

    The modelling strategy of the Austrian Quarterly Model (AQM) is in the tradition of the ”neoclassical synthesis”, a combination of Keynesian short-run analysis and neoclassical long-run analysis. The short run dynamics are based on empirical evidence, the long run relationships are derived from a neoclassical optimization framework. Adjustment processes to the real equilibrium are sluggish. Imperfections on goods and labour markets typically prevent the economy to adjust instantaneously to the long run equilibrium. In the current version of the AQM the formation of expectations is strictly backward looking. The relatively small scale of the model keeps the structure simple enough for projection and simulation purposes while incorporating a suffciently detailed structure to capture the main characteristics of the Austrian economy. The main behavioural equations are estimated using the two-step Engle-Granger technique. The AQM constitutes the Austrian block of the ESCB multi-country model (MCM). JEL classification:

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    File URL: http://www.oenb.at/en/img/wp104_tcm16-32144.pdf
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    Bibliographic Info

    Paper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number 104.

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    Length: 63 pages
    Date of creation: 09 Apr 2007
    Date of revision:
    Handle: RePEc:onb:oenbwp:104

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    Postal: P.O. Box 61, A-1011 Vienna, Austria
    Phone: +43/1/404 20 7205
    Fax: +43/1/404 20 7299
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    Web page: http://www.oenb.at/
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    Postal: Oesterreichische Nationalbank, Economic Studies Division, c/o Beate Hofbauer-Berlakovich, POB 61, A-1011 Vienna, Austria
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    1. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
    2. Kenneth D. West, 1993. "Inventory Models," NBER Technical Working Papers 0143, National Bureau of Economic Research, Inc.
    3. McAdam, Peter & Willman, Alpo, 2004. "Production, supply and factor shares: an application to estimating German long-run supply," Economic Modelling, Elsevier, vol. 21(2), pages 191-215, March.
    4. Gabriel Fagan & Jérôme Henry & Ricardo Mestre, 2001. "An area-wide model (AWM) for the euro area," Working Paper Series 42, European Central Bank.
    5. Matteo Ciccarelli & Elena Angelini & Frédéric Boissay, 2006. "The Dutch block of the ESCB multi-country model," Working Paper Series 646, European Central Bank.
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    Cited by:
    1. Konstantins Benkovskis & Dainis Stikuts, 2006. "Latvia's Macroeconomic Model," Working Papers 2006/02, Latvijas Banka.
    2. Engelbert Stockhammer & Stefan Ederer, 2007. "Demand effects of the falling wage share in Austria," Department of Economics Working Papers wuwp106, Vienna University of Economics, Department of Economics.
    3. Martin Schneider & Markus Leibrecht, 2006. "AQM-06: The Macroeconomic Model of the OeNB," Working Papers 132, Oesterreichische Nationalbank (Austrian Central Bank).
    4. Juergen Janger & Claudia Kwapil & Wolfgang Pointner, 2005. "The Determinants of Consumption Growth in Austria — Results of a Representative Survey," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 48–65, November.

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