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A Long Run Structural Macroeconometric Model for Germany

Author

Listed:
  • Chen, Pu
  • Schneider, Elena
  • Frohn, Joachim

Abstract

The objective of this paper is to apply the method developed in Garratt, Lee, Pesaran, and Shin (2000) to build a structural model for Germany with a transparent and theoretically coherent foundation. The modelling strategy consists of a set of long-run structural relationships suggested by economic theory and an otherwise unrestricted VAR model. It turns out that we can rebuild the structure of the model in Garratt, Lee, Pesaran, and Shin (2003b) for German data. Five long run relations : PPP, UIP, production function, trade balance, and real money balance characterize the equilibrium state of Germany as an open economy in our structural model.

Suggested Citation

  • Chen, Pu & Schneider, Elena & Frohn, Joachim, 2007. "A Long Run Structural Macroeconometric Model for Germany," Economics Discussion Papers 2007-47, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwedp:6174
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    Cited by:

    1. Durmus Ozdemir & Mustafa Kemal Gündoğdu, 2012. "Structural Macro econometric Model of Turkey; Impact of Structural Characteristics on Macroeconomic Indicators," EcoMod2012 3886, EcoMod.

    More about this item

    Keywords

    Long-Run Structural VAR; Macroeconomic Modelling; A structural Model for Germany; Oil Price Shock;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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