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An estimated new Keynesian dynamic stochastic general equilibrium model of the Euro area

Marco Ratto (), Werner Röger, Jan in 't Veld and Riccardo Girardi

No 220, European Economy - Economic Papers 2008 - 2015 from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission

Abstract: In recent years a new consensus has emerged in macroeconomics in general and in model building in particular, the so called New Keynesian Paradigm (NKM).This paper applies Bayesian estimation techniques to a time series data set of the euro area and presents estimates of a DSGE model. The purpose of this paper is not to estimate the current version of the QUEST model directly with these methods but rather to estimate a prototype new generation New-Keynesian DSGE model. This model can then serve as a benchmark for an estimation of a QUEST specification. In fact in some dimensions the QUEST model may need to be adjusted to come closer to a DSGE model.

Keywords: nkm; dsge; quest; euro area; modelling; Ratto; Röger; in't Veld; Girardi (search for similar items in EconPapers)
Pages: 45 pages
Date: 2005-01
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