Introducing ECB-Base: The Blueprint of the New ECB Semi-Structural Model for the Euro Area

123 Pages Posted: 16 Sep 2019

See all articles by Elena Angelini

Elena Angelini

European Central Bank (ECB)

Nikola Bokan

European Central Bank (ECB)

Kai Philipp Christoffel

European Central Bank (ECB)

Matteo Ciccarelli

European Central Bank (ECB)

Srecko Zimic

European Central Bank (ECB) - Directorate General Research

Date Written: September, 2019

Abstract

This paper presents the blueprint of a new ECB multi-country model. The version documented in the following pages is estimated on euro area data. As a prelude to the country models, 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 between euro area and country modelling. The model converges to a well-defined steady state and its properties are in line with macroeconomic theory and standard empirical benchmarks. The design is aligned to its role as workhorse model in the context of the forecasting and policy simulation exercises at the ECB.

Keywords: euro area, forecasting, monetary policy, Semi-structural model, simulations

JEL Classification: C3, C5, E1, E2, E5

Suggested Citation

Angelini, Elena and Bokan, Nikola and Christoffel, Kai Philipp and Ciccarelli, Matteo and Zimic, Srecko, Introducing ECB-Base: The Blueprint of the New ECB Semi-Structural Model for the Euro Area (September, 2019). ECB Working Paper No. 2315, Available at SSRN: https://ssrn.com/abstract=3454511

Elena Angelini (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
49 69 1344 7912 (Phone)
44 69 1344 6575 (Fax)

Nikola Bokan

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Kai Philipp Christoffel

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Matteo Ciccarelli

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Srecko Zimic

European Central Bank (ECB) - Directorate General Research ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
44
Abstract Views
387
PlumX Metrics