Appropriate Macroeconomic Model Support for the Ministry of Finance and the National Institute of Economic Research: A Pilot Study

Göran Hjelm (), Helena Bornevall (), Pia Fromlet (), Jonny Nilsson (), Pär Stockhammar () and Magnus Wiberg ()
Additional contact information
Göran Hjelm: National Institute of Economic Research, Postal: National Institute of Economic Research, P.O. Box 3116, SE-103 62 Stockholm, Sweden, http://www.konj.se/
Helena Bornevall: National Institute of Economic Research, Postal: National Institute of Economic Research, P.O. Box 3116, SE-103 62 Stockholm, Sweden, http://www.konj.se/
Pia Fromlet: National Institute of Economic Research, Postal: National Institute of Economic Research, P.O. Box 3116, SE-103 62 Stockholm, Sweden, http://www.konj.se/
Jonny Nilsson: National Institute of Economic Research, Postal: National Institute of Economic Research, P.O. Box 3116, SE-103 62 Stockholm, Sweden, http://www.konj.se/
Pär Stockhammar : National Institute of Economic Research, Postal: National Institute of Economic Research, P.O. Box 3116, SE-103 62 Stockholm, Sweden, http://www.konj.se/
Magnus Wiberg: National Institute of Economic Research, Postal: National Institute of Economic Research, P.O. Box 3116, SE-103 62 Stockholm, Sweden, http://www.konj.se/

No 137, Working Papers from National Institute of Economic Research

Abstract: We analyse model choices of various international institutions and find that the majority of the studied central banks have chosen so-called DSGE-models. Ministry of finances have chosen to continue using so-called Semi-Structural Models (SSM) while international organisations such as the IMF and the OECD have “a suite of models” including both DSGE and SSM. Based on these international experiences and the specific institutional set up in Sweden we list a number of criteria and rank different modelling strategies. We propose that a DSGE-model for both forecast and policy analysis including a rich modelling of fiscal policy would be appropriate for the Ministry of finance and the National Institute of Economic Research in Sweden.

Keywords: Macroeconomic modelling; model criteria; forecast; policy analysis; semi-structural models; DSGE; BVAR; SVAR; VAR (search for similar items in EconPapers)
JEL-codes: E00 (search for similar items in EconPapers)
Pages: 62 pages
Date: 2015-03-05
New Economics Papers: this item is included in nep-dge and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:hhs:nierwp:0137

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