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The MESANGE model: re-estimation on National Accounts base 2000 / Part 2 Version with chained-linked volumes

Listed author(s):






  • O. MONSO




Mesange is a medium-size quarterly macro-econometric model of the French economy (about 500 equations, three sectors). The model describes short-term Keynesian dynamics and its long-term equilibrium is driven by supply-side determinants. Its reestimation on data from the national accounts base 2000 with fixed-base volumes is presented in a recent working paper (Klein and Simon, 2010). This first version of the model has been optimized for simulation use. Other applications of the Mesange model (short-term forecasting, analyses of the past) required its adaptation to the published data from the quarterly accounts with chained-linked volumes, as well as the integration of the recent crisis episode. A second version of the Mesange model has, therefore, been developed for this purpose. This version is presented in this working paper. First, the problems raised for macroeconomic modelling by national accounts with chained-linked volumes are explained and the solutions chosen to adapt the model to these new conventions are discussed. The applications of the version of the model with chained-linked volumes are, then, explained and illustrated with examples. Last, the main reestimated equations are detailed. The differences with respect to the version of the model with fixed-base volumes are commented. They stem from estimations based on non-identical data, but also from the different uses made of the two versions of Mesange and the resulting various needs and constraints that have conditioned the methodological choices that have been made. As for the version of the model with chained-linked volumes, priority has been given to the quality of the adjustment to the data rather than to the underlying theoretical framework. Nonetheless, the philosophy and general structure of the two versions of the model remain very much alike.

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File Function: Document de travail de la DESE numéro G2010-17
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Paper provided by Institut National de la Statistique et des Etudes Economiques, DESE in its series Documents de Travail de la DESE - Working Papers of the DESE with number g2010-17.

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Date of creation: 2010
Handle: RePEc:crs:wpdeee:g2010-17
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  1. Matthieu Darracq-Paries & Hélène Erkel-Rousse, 2002. "Origines et conséquence des incertitudes pesant sur le solde commercial de la zone euro," Économie et Prévision, Programme National Persée, vol. 152(1), pages 215-230.
  2. Whelan, Karl, 2003. " A Two-Sector Approach to Modeling U.S. NIPA Data," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(4), pages 627-656, August.
  3. Jean-Philippe Cotis & Bruno Crépon & Yannick L'Horty & Bruno Méary, 1998. "Les stabilisateurs automatiques sont-ils encore efficaces ? Le cas de la France dans les années quatre-vingt-dix," Revue d'Économie Financière, Programme National Persée, vol. 45(1), pages 95-118.
  4. Shin, Yongcheol, 1994. "A Residual-Based Test of the Null of Cointegration Against the Alternative of No Cointegration," Econometric Theory, Cambridge University Press, vol. 10(01), pages 91-115, March.
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