Simulations with the AEAF Мodel

Anthonie Knoester and Nico van der Windt

No 42003en, Working paper series from Agency for Economic Analysis and Forecasting

Abstract: The main purpose of this paper is to be of assistance in understanding the working of the AEAF model. To this end we will explain in section 2 how in the simulations levels and percentages changes are treated as well as the important difference between stocks and flows. Section 3 deals with the consequences of linking the block of the real sector with that of the monetary sector. This is demonstrated with a sensitivity analysis in which we compare a policy simulation made with the complete AEAF model with the one that is obtained from the real block only. Section 4 discusses the major mechanisms that are at work in the model. Their importance for the outcomes of the AEAF model will be demonstrated with two sensitivity analysis viz. on the one hand the exclusion of the Philips curve mechanism and on the other hand the exclusion of the shifting forward of taxation from the wage equation. The paper ends with some concluding remarks in section 6.

Keywords: AEAF model; simulations; Bulgaria (search for similar items in EconPapers)
JEL-codes: E17 H30 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2003-06
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