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Basic Model Elasticities of the Macroeconomic Model for France of the Banque de France (FR-BDF)

Pierre Aldama () and Jean-François Ouvrard

Working papers from Banque de France

Abstract: This paper presents a set of Basic Model Elasticities (BMEs) of the Banque de France's new macroeconomic model for France, FR-BDF. A detailed description of the model is provided in Lemoine et al (2019) and this "BMEs workbook" is designed as a tool for practitioners of economic policy forecasting or analysis in France. It describes the model's response to a number of shocks grouped into three families: external shocks (oil prices, world demand, competitors’ prices), monetary and financial shocks (exchange rates, short-term interest rates, long-term interest rates, housing prices), public finance shocks (public consumption, public investment, social benefits, direct taxes, social contributions) and structural shocks (labor efficiency, labor force, equilibrium unemployment rate). These different BMEs also illustrate the convergence properties of the model, in particular the importance of monetary and financial channels and the link between the real and nominal spheres in the transmission and absorption of shocks.

Keywords: : Semi-Structural Modelling; Macroeconomic Forecasting; Macroeconomic Policy Analysis (search for similar items in EconPapers)
JEL-codes: E17 E6 (search for similar items in EconPapers)
Pages: 46 pages
Date: 2020
New Economics Papers: this item is included in nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:banfra:750

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