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The Dutch block of the ESCB multi-country model

  • Angelini, Elena
  • Boissay, Frédéric
  • Ciccarelli, Matteo

The paper presents the Dutch country block of the ESCB Multi-Country Model (MCM) for the euro area. We show how a theoretical model is translated into an econometric specification and how this specification is in turn estimated and used in the projection exercises of the E(S)CB. The dynamic properties of the model are analyzed and the effects of six exogenous shocks to the economy discussed. The long run simulations performed deliver responses of the baseline economy in line with both macroeconomic theory and practice, from a quantitative and a qualitative point of view. JEL Classification: C3, C5, E1, E2

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File URL: http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp646.pdf
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Paper provided by European Central Bank in its series Working Paper Series with number 0646.

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Date of creation: Jun 2006
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Handle: RePEc:ecb:ecbwps:20060646
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  1. Bullard, James & Evans, George W. & Honkapohja, Seppo, 2005. "Near-rational exuberance," Working Paper Series 0555, European Central Bank.
  2. Peter van Els & Alberto Locarno & Julian Morgan & Jean-Pierre Villetelle, 2001. "Monetary policy transmission in the euro area: what do aggregate and national structural models tell us?," Temi di discussione (Economic working papers) 433, Bank of Italy, Economic Research and International Relations Area.
  3. Mojon, Benoît & Kashyap, Anil K. & Angeloni, Ignazio & Terlizzese, Daniele, 2002. "Monetary Transmission in the Euro Area : Where Do We Stand?," Working Paper Series 0114, European Central Bank.
  4. Boissay, Frédéric & Villetelle, Jean-Pierre, 2005. "The French block of the ESCB multi-country model," Working Paper Series 0456, European Central Bank.
  5. Alpo Willman & Ángel Estrada, 2002. "The Spanish block of the ESCB-Multi-Country model," Banco de Espa�a Working Papers 0212, Banco de Espa�a.
  6. Fase, M. M. G. & Kramer, P. & Boeschoten, W. C., 1992. "MORKMON II : The Nederlandsche Bank's quarterly model of the Netherlands economy," Economic Modelling, Elsevier, vol. 9(2), pages 146-204, April.
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