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A Long Run Structural Macroeconometric Model for Germany

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Author Info
Schneider, Elena
Chen, Pu
Frohn, Joachim

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Abstract

The objective of this paper is to apply the method developed in Garratt, Lee, Pesaran, and Shin (2000) to build a structural model for Germany with a transparent and theoretically coherent foundation. The modelling strategy consists of a set of long-run structural relationships suggested by economic theory and an otherwise unrestricted VAR model. It turns out that we can rebuild the structure of the model in Garratt, Lee, Pesaran, and Shin (2003b) for German data. Five long run relations : PPP, UIP, production function, trade balance, and real money balance characterize the equilibrium state of Germany as an open economy in our structural model.

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Publisher Info
Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2007-47.

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Date of creation: 2007
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Handle: RePEc:zbw:ifwedp:6174

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Related research
Keywords: Long-Run Structural VAR Macroeconomic Modelling A structural Model for Germany Oil Price Shock

Find related papers by JEL classification:
C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution

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