Description
Book SynopsisThis book provides a description of the main macroeconomic models used by the European Central Bank and the euro area national central banks (Eurosystem). These models are used to help prepare economic projections and scenario analysis for individual countries and the euro area as a whole.
The volume takes stock of the current macroeconometric modelling infrastructure available within the Eurosystem, highlighting not only the structures and main features of the models used but also their purposes and underlying model-building philosophies. A 'bird's eye view' of the key details of the design, structure and characteristics of the models is provided, along with information on the responses of these models to a series of standard economic and policy shocks.
This is the first time that a comprehensive description and systematic comparison of the main macroeconomic models has been published. This book will be of great interest to Central Bank and government economists, as well as academics, economists and students with an interest in central banking, econometric modelling, forecasting and macroeconomic policy.
Table of ContentsContents: Foreword by Jean-Claude Trichet 1. An Overview of the Structural Econometric Models of Euro-Area Central Banks 2. The Area-Wide Model 3. EDGE: The Bank of Finland’s Macroeconomic Model of the Euro Area 4. The Eurosystem’s Multi-country Model and the Link Block 5. EUROMON: A Macroeconometric Multi-country Model of the World Economy from the Nederlandsche Bank 6. The National Bank of Belgium’s Quarterly Model 7. The Macroeconometric Multi-country Model of the Deutsche Bundesbank 8. Model of the Banco de España 9. Mascotte: The Banque de France Forecasting Model 10. The Econometric Model of the Bank of Greece 11. Central Bank and Financial Services Authority of Ireland’s Model 12. The Bank of Italy’s Quarterly Model 13. The Luxembourg Block of the Multi-country Model 14. MORKMON: A Macroeconomic Model of the Netherlands’ Economy 15. The Austrian Quarterly Model 16. The Annual Macroeconometric Model of the Banco de Portugal 17. The Bank of Finland’s Macroeconomic Model BOF5 Index Contributors: V. Brunhes-Lesage, P. Burriel, F. Busetti, O. de Bandt, G.L. de Castro, A. Dieppe, Á. Estrada, G. Fagan, G. Fenz, P. Guarda, B. Hamburg, P. Jeanfils, T. Karlsson, M. Kortelainen, A. Locarno, H.-L. Männistö, P. McAdam, K. McQuinn, L. Monteforte, J. Morgan, N. O’Donnell, M. Ryan, M. Spitzer, K.-H. Tödter, J. Vallés, P. van Els, J.-P. Villetelle, N. Zonzilos
