The Bank of Italy econometric model: an update of the main equations and model elasticities

Guido Bulligan (), Fabio Busetti, Michele Caivano, Pietro Cova, Davide Fantino, Alberto Locarno () and Lisa Rodano
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Guido Bulligan: Bank of Italy

No 1130, Temi di discussione (Economic working papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: The Bank of Italy quarterly econometric model (BIQM) is a large-scale ‘semi structural’ macro-econometric model. It tries to strike the right balance between theoretical rigour and statistical fit to the data. This paper provides an update of the features and the properties of the model, focussing on the empirical estimates of its main equations and on the system responses to various shocks; interactions and feedback mechanisms between the financial and the real side of the economy are also illustrated. The BIQM is primarily used to produce macroeconomic forecasts, but it is also employed – in conjunction with other tools – for evaluating the impact of monetary and fiscal policy options and for counterfactual analyses. Examples of the types of macro-economic analyses carried out with the model are provided.

Keywords: macro-econometric models; Italy; forecasting; policy simulation (search for similar items in EconPapers)
JEL-codes: C30 E10 E17 (search for similar items in EconPapers)
Date: 2017-07
New Economics Papers: this item is included in nep-eec and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (20)

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Persistent link: https://EconPapers.repec.org/RePEc:bdi:wptemi:td_1130_17

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