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

Marco Ratto (), Roeger W., in’t Veld J. and Riccardo Girardi
Additional contact information
Roeger W.: European Commission - DG Economic & Financial Affairs
in’t Veld J.: European Commission - DG Economic & Financial Affairs

Authors registered in the RePEc Author Service: Jan in 't Veld

Macroeconomics from University Library of Munich, Germany

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: Bayesian Analysis; General Equilibrium Models; SDGE; Estimation (search for similar items in EconPapers)
JEL-codes: C11 D58 E22 (search for similar items in EconPapers)
Pages: 46 pages
Date: 2005-03-03
New Economics Papers: this item is included in nep-dge, nep-eec and nep-mac
Note: Type of Document - pdf; pages: 46
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Citations: View citations in EconPapers (11) Track citations by RSS feed

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Working Paper: An estimated new Keynesian dynamic stochastic general equilibrium model of the Euro area (2005) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpma:0503002

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