BBVA-ARIES: a forecasting and simulation model for EMU
This paper describes the BBVA-ARIES, a Bayesian vector autoregression (BVAR) for the European Economic and Monetary Union (EMU). In addition to providing EMU-wide growth and inflation forecasts, the model provides an assessment of the interactions between key EMU macroeconomic variables and external ones, such as world GDP or commodity prices. A comparison of the forecasts generated by the model and those of private analysts and public institutions reveals a very positive balance in favour of the model. For their part, the simulations allow us to assess the potential macroeconomic effects of macroeconomic developments in the EMU. Copyright © 2003 John Wiley & Sons, Ltd.
Volume (Year): 22 (2003)
Issue (Month): 5 ()
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References listed on IDEAS
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