IDEAS home Printed from https://ideas.repec.org/h/bis/bisifc/64-17.html
   My bibliography  Save this book chapter

Open-sourced central bank macroeconomic models

In: Data science in central banking: enhancing the access to and sharing of data

Author

Listed:
  • Douglas Kiarelly Godoy de Araujo

Abstract

No abstract is available for this item.

Suggested Citation

  • Douglas Kiarelly Godoy de Araujo, 2025. "Open-sourced central bank macroeconomic models," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Data science in central banking: enhancing the access to and sharing of data, volume 64, Bank for International Settlements.
    • Handle: RePEc:bis:bisifc:64-17
    as

    Download full text from publisher

    File URL: https://www.bis.org/ifc/publ/ifcb64_17_rh.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Paul Hubert, 2015. "Do Central Bank Forecasts Influence Private Agents? Forecasting Performance versus Signals," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(4), pages 771-789, June.
    2. Josh Lerner, 2005. "The Scope of Open Source Licensing," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 21(1), pages 20-56, April.
    3. Frederic S Mishkin, 2004. "Can Central Bank Transparency Go Too Far?," RBA Annual Conference Volume (Discontinued), in: Christopher Kent & Simon Guttmann (ed.),The Future of Inflation Targeting, Reserve Bank of Australia.
    4. John B. Taylor & Volker Wieland, 2012. "Surprising Comparative Properties of Monetary Models: Results from a New Model Database," The Review of Economics and Statistics, MIT Press, vol. 94(3), pages 800-816, August.
    5. Josh Lerner & Jean Tirole, 2002. "Some Simple Economics of Open Source," Journal of Industrial Economics, Wiley Blackwell, vol. 50(2), pages 197-234, June.
    6. Flint Brayton & Thomas Laubach & David L. Reifschneider, 2014. "The FRB/US Model: A Tool for Macroeconomic Policy Analysis," FEDS Notes 2014-04-03, Board of Governors of the Federal Reserve System (U.S.).
    7. Michael Ehrmann & Sylvester Eijffinger & Marcel Fratzscher, 2012. "The Role of Central Bank Transparency for Guiding Private Sector Forecasts," Scandinavian Journal of Economics, Wiley Blackwell, vol. 114(3), pages 1018-1052, September.
    8. N. Nergiz Dincer & Barry Eichengreen, 2014. "Central Bank Transparency and Independence: Updates and New Measures," International Journal of Central Banking, International Journal of Central Banking, vol. 10(1), pages 189-259, March.
    9. Alexander Ballantyne & Tom Cusbert & Richard Evans & Rochelle Guttmann & Jonathan Hambur & Adam Hamilton & Elizabeth Kendall & Rachael McCririck & Gabriela Nodari & Daniel M. Rees, 2020. "MARTIN Has Its Place: A Macroeconometric Model of the Australian Economy," The Economic Record, The Economic Society of Australia, vol. 96(314), pages 225-251, September.
    10. Christopher A. Sims, 2002. "The Role of Models and Probabilities in the Monetary Policy Process," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 1-62.
    11. Josh Lerner & Jean Tirole, 2005. "The Economics of Technology Sharing: Open Source and Beyond," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 99-120, Spring.
    12. Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 46(4), pages 910-945, December.
    13. Marco Del Negro & Marc Giannoni & Pearl Li & Erica Moszkowski & Micah Smith, 2015. "The FRBNY DSGE Model Meets Julia," Liberty Street Economics 20151203, Federal Reserve Bank of New York.
    14. P.G. Fisher & D.S. Turner & K.F. Wallis & J.D. Whitley, 1990. "Comparative Properties of Models of the Uk Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 133(1), pages 91-115, August.
    15. Winston W. Dou & Andrew W. Lo & Ameya Muley & Harald Uhlig, 2020. "Macroeconomic Models for Monetary Policy: A Critical Review from a Finance Perspective," Annual Review of Financial Economics, Annual Reviews, vol. 12(1), pages 95-140, December.
    16. Eijffinger, Sylvester C.W. & Geraats, Petra M., 2006. "How transparent are central banks?," European Journal of Political Economy, Elsevier, vol. 22(1), pages 1-21, March.
    17. Joel Ferguson & Rebecca Littman & Garret Christensen & Elizabeth Levy Paluck & Nicholas Swanson & Zenan Wang & Edward Miguel & David Birke & John-Henry Pezzuto, 2023. "Survey of open science practices and attitudes in the social sciences," Nature Communications, Nature, vol. 14(1), pages 1-13, December.
    18. Isaac Gross & Andrew Leigh, 2022. "Assessing Australian Monetary Policy in the Twenty‐First Century," The Economic Record, The Economic Society of Australia, vol. 98(322), pages 271-295, September.
    19. Glenn D. Rudebusch & John C. Williams, 2008. "Revealing the Secrets of the Temple: The Value of Publishing Central Bank Interest Rate Projections," NBER Chapters, in: Asset Prices and Monetary Policy, pages 247-289, National Bureau of Economic Research, Inc.
    20. Ricardo J. Caballero, 2010. "Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 85-102, Fall.
    21. Schmidt, Klaus & Schnitzer, Monika, 2003. "Public Subsidies for Open Source? Some Economic Policy Issues of the Software Market," CEPR Discussion Papers 3793, C.E.P.R. Discussion Papers.
    22. Tiff Macklem & Jill Vardy, 2023. "20 years of central bank communications, and lessons for the future," BIS Papers chapters, in: Bank for International Settlements (ed.), Central banking in the Americas: Lessons from two decades, volume 127, pages 55-67, Bank for International Settlements.
    23. Keith B. Church & Joanne E. Sault & Silvia Sgherri & Kenneth F. Wallis, 2000. "Comparative Properties of Models of the UK Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 171(1), pages 106-122, January.
    24. Aruoba, S. Borağan & Fernández-Villaverde, Jesús, 2015. "A comparison of programming languages in macroeconomics," Journal of Economic Dynamics and Control, Elsevier, vol. 58(C), pages 265-273.
    25. Ásgeir Daníelsson & Lúdvik Elíasson & Magnús F. Gudmundsson & Svava J. Haraldsdóttir & Lilja S. Kro & Thórarinn G. Pétursson & Thorsteinn S. Sveinsson, 2019. "QMM A Quarterly Macroeconomic Model of the Icelandic Economy Version 4.0," Economics wp82, Department of Economics, Central bank of Iceland.
    26. Paul Hubert, 2011. "Do central banks forecast influence private agents ? Forecasting performance vs. signals," Documents de Travail de l'OFCE 2011-20, Observatoire Francais des Conjonctures Economiques (OFCE).
    27. Alan S. Blinder, 2000. "Central-Bank Credibility: Why Do We Care? How Do We Build It?," American Economic Review, American Economic Association, vol. 90(5), pages 1421-1431, December.
    28. Gregory de Walque & Thomas Lejeune & Ansgar Rannenberg & Magne Mogstad, 2023. "BEMGIE: Belgian Economy in a Macro General and International Equilibrium model," Working Paper Research 435, National Bank of Belgium.
    29. Gilles Saint-Paul, 2003. "Growth Effects Of Nonproprietary Innovation," Journal of the European Economic Association, MIT Press, vol. 1(2-3), pages 429-439, 04/05.
    30. Chahad, Mohammed & Hofmann-Drahonsky, Anna-Camilla & Page, Adrian & Tirpák, Marcel & Meunier, Baptiste, 2022. "What explains recent errors in the inflation projections of Eurosystem and ECB staff?," Economic Bulletin Boxes, European Central Bank, vol. 3.
    31. Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 46(4), pages 910-945, December.
    32. Ms. Sònia Muñoz & Mr. Samir Jahjah & Mr. Martin Cihak & Ms. Sharika Teh Sharifuddin & Mr. Kalin I Tintchev, 2012. "Financial Stability Reports: What Are they Good for?," IMF Working Papers 2012/001, International Monetary Fund.
    33. Douglas Kiarelly Godoy de Araujo, 2023. "gingado: a machine learning library focused on economics and finance," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Data science in central banking: applications and tools, volume 59, Bank for International Settlements.
    34. Olivier J. Blanchard & Lawrence H. Summers, 2020. "Automatic Stabilizers in a Low-Rate Environment," AEA Papers and Proceedings, American Economic Association, vol. 110, pages 125-130, May.
    35. repec:pri:cepsud:161blinder is not listed on IDEAS
    36. Andrew Haldane & Michael McMahon, 2018. "Central Bank Communications and the General Public," AEA Papers and Proceedings, American Economic Association, vol. 108, pages 578-583, May.
    37. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    38. Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, vol. 92(5), pages 1521-1534, December.
    39. Jean-Philippe Laforte, 2018. "Overview of the Changes to the FRB/US Model (2018)," FEDS Notes 2018-12-07, Board of Governors of the Federal Reserve System (U.S.).
    40. Benjamín García & Sebastián Guarda & Markus Kirchner & Rodrigo Tranamil, 2019. "XMAS: An extended model for analysis and simulations," Working Papers Central Bank of Chile 833, Central Bank of Chile.
    41. International Monetary Fund, 2023. "Uganda: Central Bank Transparency Code Review," IMF Staff Country Reports 2023/086, International Monetary Fund.
    42. Johnson, Justin P., 2006. "Collaboration, peer review and open source software," Information Economics and Policy, Elsevier, vol. 18(4), pages 477-497, November.
    43. Benjamín García & Juan Guerra-Salas, 2020. "On the Response of Inflation and Monetary Policy to an Immigration Shock," Working Papers Central Bank of Chile 872, Central Bank of Chile.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Günes Kamber & Özer Karagedikli & Christie Smith, 2015. "Applying an Inflation-Targeting Lens to Macroprodential Policy "Institutions"," International Journal of Central Banking, International Journal of Central Banking, vol. 11(4), pages 395-429, September.
    2. Hwang, In Do & Lustenberger, Thomas & Rossi, Enzo, 2021. "Does communication influence executives’ opinion of central bank policy?☆," Journal of International Money and Finance, Elsevier, vol. 115(C).
    3. Ngomba Bodi, Francis Ghislain & Tadadjeu Wemba, Dessy-Karl & Soulemanou, Soulemanou, 2020. "Transparence des Banques Centrales et efficacité de la politique monétaire : quelles implications pour la Banque des Etats de l’Afrique Centrale ? [Central Bank's Transparency and effectiveness of ," MPRA Paper 116436, University Library of Munich, Germany.
    4. Ahrens, Steffen & Lustenhouwer, Joep & Tettamanzi, Michele, 2017. "The Stabilizing Role of Forward Guidance: A Macro Experiment," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168063, Verein für Socialpolitik / German Economic Association.
    5. Eichler, Stefan & Littke, Helge C.N. & Tonzer, Lena, 2017. "Central bank transparency and cross-border banking," Journal of International Money and Finance, Elsevier, vol. 74(C), pages 1-30.
    6. Ma, Yong & Li, Shushu, 2015. "Bayesian estimation of China's monetary policy transparency: A New Keynesian approach," Economic Modelling, Elsevier, vol. 45(C), pages 236-248.
    7. Szyszko Magdalena & Próchniak Mariusz, 2018. "Is Central Banks’ Effectiveness Related to their Transparency? A Case of European Economies," Folia Oeconomica Stetinensia, Sciendo, vol. 18(2), pages 121-143, December.
    8. Carola Conces Binder & Rodrigo Sekkel, 2024. "Central bank forecasting: A survey," Journal of Economic Surveys, Wiley Blackwell, vol. 38(2), pages 342-364, April.
    9. van der Cruijsen, C.A.B., 2008. "The economic impact of central bank transparency," Other publications TiSEM 86c1ba91-1952-45b4-adac-8, Tilburg University, School of Economics and Management.
    10. Ruttachai Seelajaroen & Pornanong Budsaratragoon & Boonlert Jitmaneeroj, 2020. "Do monetary policy transparency and central bank communication reduce interest rate disagreement?," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 39(3), pages 368-393, April.
    11. Thomas Lustenberger & Enzo Rossi, 2020. "Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts?," International Journal of Central Banking, International Journal of Central Banking, vol. 16(2), pages 153-201, March.
    12. repec:hal:spmain:info:hdl:2441/5221 is not listed on IDEAS
    13. Rholes, Ryan & Petersen, Luba, 2021. "Should central banks communicate uncertainty in their projections?," Journal of Economic Behavior & Organization, Elsevier, vol. 183(C), pages 320-341.
    14. Baranowski, Paweł & Doryń, Wirginia & Łyziak, Tomasz & Stanisławska, Ewa, 2021. "Words and deeds in managing expectations: Empirical evidence from an inflation targeting economy," Economic Modelling, Elsevier, vol. 95(C), pages 49-67.
    15. Martin Nordström, 2020. "A forecast evaluation of the Riksbank's policy‐rate projections," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 49(3), September.
    16. repec:spo:wpmain:info:hdl:2441/5221 is not listed on IDEAS
    17. Jitmaneeroj, Boonlert & Lamla, Michael J. & Wood, Andrew, 2019. "The implications of central bank transparency for uncertainty and disagreement," Journal of International Money and Finance, Elsevier, vol. 90(C), pages 222-240.
    18. Petra M. Geraats, 2009. "Trends in Monetary Policy Transparency," International Finance, Wiley Blackwell, vol. 12(2), pages 235-268, August.
    19. Donato Masciandaro & Oana Peia & Davide Romelli, 2024. "Central bank communication and social media: From silence to Twitter," Journal of Economic Surveys, Wiley Blackwell, vol. 38(2), pages 365-388, April.
    20. Kia, Amir, 2017. "Monetary policy transparency in a forward-looking market: Evidence from the United States," The North American Journal of Economics and Finance, Elsevier, vol. 42(C), pages 597-617.
    21. Ronaldo Trogo de Almeida & Wilson Luiz Rotatori Corrêa & Helder Ferreira de Mendonça & José Simão Filho, 2017. "Central bank opacity and inflation uncertainty," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 44(2), pages 313-328, May.
    22. Petra Geraats, 2014. "Monetary Policy Transparency," CESifo Working Paper Series 4611, CESifo.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bis:bisifc:64-17. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Martin Fessler (email available below). General contact details of provider: https://edirc.repec.org/data/bisssch.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.