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AQM – The Austrian Quarterly Model of the Oesterreichische Nationalbank

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Abstract

The modelling strategy of the Austrian Quarterly Model (AQM) is in the tradition of the ”neoclassical synthesis”, a combination of Keynesian short-run analysis and neoclassical long-run analysis. The short run dynamics are based on empirical evidence, the long run relationships are derived from a neoclassical optimization framework. Adjustment processes to the real equilibrium are sluggish. Imperfections on goods and labour markets typically prevent the economy to adjust instantaneously to the long run equilibrium. In the current version of the AQM the formation of expectations is strictly backward looking. The relatively small scale of the model keeps the structure simple enough for projection and simulation purposes while incorporating a suffciently detailed structure to capture the main characteristics of the Austrian economy. The main behavioural equations are estimated using the two-step Engle-Granger technique. The AQM constitutes the Austrian block of the ESCB multi-country model (MCM).

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  • Gerhard Fenz & Martin Spitzer, 2005. "AQM – The Austrian Quarterly Model of the Oesterreichische Nationalbank," Working Papers 104, Oesterreichische Nationalbank (Austrian Central Bank).
  • Handle: RePEc:onb:oenbwp:104
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    File URL: https://www.oenb.at/dam/jcr:797fbe41-cb7b-489f-b57b-608f3e0ce4aa/wp104_tcm16-32144.pdf
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    References listed on IDEAS

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    1. Angelini, Elena & Ciccarelli, Matteo & Boissay, Frédéric, 2006. "The Dutch block of the ESCB multi-country model," Working Paper Series 646, European Central Bank.
    2. Fagan, Gabriel & Henry, Jérôme & Mestre, Ricardo, 2001. "An area-wide model (AWM) for the euro area," Working Paper Series 0042, European Central Bank.
    3. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
    4. McAdam, Peter & Willman, Alpo, 2004. "Production, supply and factor shares: an application to estimating German long-run supply," Economic Modelling, Elsevier, vol. 21(2), pages 191-215, March.
    5. Kenneth D. West, 1993. "Inventory Models," NBER Technical Working Papers 0143, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Konstantins Benkovskis & Dainis Stikuts, 2006. "Latvia's Macroeconomic Model," Working Papers 2006/02, Latvijas Banka.
    2. Jürgen Janger & Claudia Kwapil & Wolfgang Pointner, 2005. "The Determinants of Consumption Growth in Austria – Results of a Representative Survey," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 48-65.
    3. Engelbert Stockhammer & Stefan Ederer, 2008. "Demand effects of the falling wage share in Austria," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 35(5), pages 481-502, December.
    4. Predrag Ćetković & Engelbert Stockhammer, 2010. "Finanzialisierung und Investitionsverhalten von Industrie-Aktiengesellschaften in Österreich," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 36(4), pages 453-479.
    5. Markus Leibrecht & Martin Schneider, 2006. "AQM-06: The Macro economic Model of the OeNB," Working Papers 132, Oesterreichische Nationalbank (Austrian Central Bank).

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