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Introducing ECB-BASE: The blueprint of the new ECB semi-structural model for the euro area

Elena Angelini, Nikola Bokan, Kai Christoffel, Matteo Ciccarelli and Srečko Zimic

No 2315, Working Paper Series from European Central Bank

Abstract: This paper presents the blueprint of a new ECB multi-country model. The version documentedin the following pages is estimated on euro area data. As a prelude to the countrymodels, this version is meant to enhance the understanding of the main model mechanisms,enlarge the suite of area wide tools, and provide a tool for a top down approach betweeneuro area and country modelling. The model converges to a well-de ned steady state and itsproperties are in line with macroeconomic theory and standard empirical benchmarks. Thedesign is aligned to its role as workhorse model in the context of the forecasting and policysimulation exercises at the ECB. JEL Classification: C3, C5, E1, E2, E5

Keywords: euro area; forecasting; monetary policy; Semi-structural model; simulations (search for similar items in EconPapers)
Date: 2019-09
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
Note: 338657
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Handle: RePEc:ecb:ecbwps:20192315