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A Survey of Macroeconometric Models of Central Banks - A Comparison between FPS and JEM(in Japanese)

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  • SATO Ayano

Abstract

In recent years, a salient and general motivation of researchers of a number of central banks has been to enhance macroeconometric models by Dynamic Stochastic General Equilibrium (DSGE) models. The central banks use the models to help produce economic projections, the analysis of policy issues, simulation on alternative policy scenarios and so on. The practical usage of the DSGE-based models will increase in the future. This paper provides an overview of macroeconometric models of the FRB, Bank of Canada and Bank of England. Furthermore, I presents a detailed description of JEM developed by the Bank of Japan and FPS developed by the New Zealand Reserve Bank, and compares between both models. Finally, this paper discusses future work to develop macroeconometric models.

Suggested Citation

  • SATO Ayano, 2009. "A Survey of Macroeconometric Models of Central Banks - A Comparison between FPS and JEM(in Japanese)," ESRI Discussion paper series 211, Economic and Social Research Institute (ESRI).
  • Handle: RePEc:esj:esridp:211
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