MOISE: A DSGE Model for the Israeli Economy

Eyal Argov (), Emanuel Barnea (), Alon Binyamini (), Eliezer Borenstein (), David Elkayam () and Irit Rozenshtrom ()
Additional contact information
Emanuel Barnea: Bank of Israel
Alon Binyamini: Bank of Israel

No 2012.06, Bank of Israel Working Papers from Bank of Israel

Abstract: This paper presents a medium-scale micro-founded model with real and nominal imperfections, named "MOISE" (MOdel for the ISraeli Economy). The model was developed at the Bank of Israel to support monetary policy formulation, and builds on similar models in wide use among central banks. It includes extensions and modications that reect the special characteristics of the Israeli economy and are intended to improve the models t to Israeli data. The model was estimated using the increasingly popular Bayesian approach, using Israeli data for 1992:Q1 to 2009:Q4. The models t was tested using two criteria: the momentst and in-sample forecast performance. Finally, the paper presents and analyzes the models properties using impulse response functions and variance decomposition.

Keywords: DSGE; Open Economy Macroeconomics; Bayesian Analysis; Forecasting; Business cycles; Models and Applications; Israel (search for similar items in EconPapers)
JEL-codes: C11 E32 E37 F41 (search for similar items in EconPapers)
Pages: 144 pages
Date: 2012-04
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (25)

Downloads: (external link)
https://boiwebrepec.azurefd.net/RePEc/boi/wpaper/WP_2012.06.pdf First version, 2012 (application/pdf)

Related works:
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:boi:wpaper:2012.06

Access Statistics for this paper

More papers in Bank of Israel Working Papers from Bank of Israel Contact information at EDIRC.
Bibliographic data for series maintained by Yossi Yakhin ().