BEMGIE: Belgian Economy in a Macro General and International Equilibrium model

Grégory de Walque, Thomas Lejeune, Ansgar Rannenberg and Magne Mogstad

No 435, Working Paper Research from National Bank of Belgium

Abstract: This paper outlines the three-country New Keynesian Dynamic Stochastic General Equilibrium model of the National Bank of Belgium. The model is named BEMGIE for Belgian Economy in a Macro General and International Equilibrium model. It features imperfect market competition, standard real and nominal rigidities, local currency pricing, energy in consumption and oil and foreign inputs in production. The model is estimated using Bayesian econometric techniques on Belgian, euro area and US data. BEMGIE is designed to provide quantitative simulations of macroeconomic shocks and policies, and to be used in the context of the Eurosystem projection exercises.

Keywords: production networks; endogenous formation; fixed costsDSGE model; Open economy model; Multi-country model; International spillovers; Monetary policy; Exchange rate pass-through; Bayesian estimation. (search for similar items in EconPapers)
JEL-codes: C11 C32 C51 E10 E17 E30 E40 E52 F41 F45 F47 (search for similar items in EconPapers)
Pages: 73 pages
Date: 2023-03
New Economics Papers: this item is included in nep-cba, nep-cmp, nep-dge, nep-eec and nep-opm
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Persistent link: https://EconPapers.repec.org/RePEc:nbb:reswpp:202303-435

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