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The French block of the ESCB multi-country model

Jean-Pierre Villetelle and Frédéric Boissay

No 456, Working Paper Series from European Central Bank

Abstract: This paper presents the French country block of the ESCB Multi-Country Model for the euro area, which has been built in collaboration by the ECB and the Banque de France. The theoretical structure of the model is in line with most current macroeconometric models, i.e. supply factors determine the long-run equilibrium, while in the short run aggregate demand determines aggregate output. The paper is structured as follows. We first present the theoretical background of the model. Then we review the long run relationships as well as the estimated short term dynamic equations. Finally, we simulate the effects of six exogenous shocks to the economy and discuss the dynamic properties of the model. JEL Classification: C3, C5, E1, E2

Keywords: France; Macro-econometric Modelling (search for similar items in EconPapers)
Date: 2005-03
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Citations: View citations in EconPapers (10)

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Handle: RePEc:ecb:ecbwps:2005456