Policy evaluation with Sufficient Macro Statistics -a primer

Geert Mesters and Régis Barnichon

No 1474, Working Papers from Barcelona School of Economics

Abstract: Impulse responses and forecasts are central concepts for policy makers. In addition, they are also sufficient statistics to solve many important macroeconomic problems, from policy counterfactuals to policy evaluation, and they offer a promising alternative to the standard structural modeling approach. In this review paper, we discuss and extend recent progress on the use of these sufficient macro statistics for policy evaluation. We illustrate the methods by evaluating the performance of the ECB over 1999-2023.

Keywords: forecasting; impulse responses; optimal policy (search for similar items in EconPapers)
JEL-codes: C14 C32 E32 E52 N10 (search for similar items in EconPapers)
Date: 2025-01
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