An estimated new Keynesian dynamic stochastic general equilibrium model of the Euro area

Marco Ratto, Roeger W., in’t Veld J. and Riccardo Girardi
Additional contact information
Roeger W.: European Commission - DG Economic & Financial Affairs
in’t Veld J.: European Commission - DG Economic & Financial Affairs
Authors registered in the RePEc Author Service: Jan in 't Veld

Macroeconomics from University Library of Munich, Germany

Abstract: In recent years a new consensus has emerged in macroeconomics in general and in model building in particular, the so called New Keynesian Paradigm (NKM). This paper applies Bayesian estimation techniques to a time series data set of the euro area and presents estimates of a DSGE model. The purpose of this paper is not to estimate the current version of the QUEST model directly with these methods but rather to estimate a prototype new generation New-Keynesian DSGE model. This model can then serve as a benchmark for an estimation of a QUEST specification. In fact in some dimensions the QUEST model may need to be adjusted to come closer to a DSGE model.

Keywords: Bayesian Analysis; General Equilibrium Models; SDGE; Estimation (search for similar items in EconPapers)
JEL-codes: C11 D58 E22 (search for similar items in EconPapers)
Pages: 46 pages
Date: 2005-03-03
New Economics Papers: this item is included in nep-dge, nep-eec and nep-mac
Note: Type of Document - pdf; pages: 46
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0503/0503002.pdf (application/pdf)

Related works:
Working Paper: An estimated new Keynesian dynamic stochastic general equilibrium model of the Euro area (2005)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpma:0503002

Access Statistics for this paper

More papers in Macroeconomics from University Library of Munich, Germany
Bibliographic data for series maintained by EconWPA ( this e-mail address is bad, please contact ).