The Dutch Block of the Escb Multi-Country Model

73 Pages Posted: 30 Jun 2006

See all articles by Matteo Ciccarelli

Matteo Ciccarelli

European Central Bank (ECB)

Elena Angelini

European Central Bank (ECB)

Frédéric Boissay

Bank for International Settlements (BIS)

Date Written: June 2006

Abstract

The paper presents the Dutch country block of the ESCB Multi-Country Model(MCM) for the euro area. We show how a theoretical model is translated into an econometric specification and how this specification is in turn estimated and used in the projection exercises of the E(S)CB. The dynamic properties of the model are analyzed and the effects of six exogenous shocks to the economy discussed. The long run simulations performed deliver responses of the baseline economy in line with both macroeconomic theory and practice, from a quantitative and a qualitative point of view.

Keywords: Multi-country model, Forecast, Simulation, Netherlands

JEL Classification: C3, C5, E1, E2

Suggested Citation

Ciccarelli, Matteo and Angelini, Elena and Boissay, Frédéric, The Dutch Block of the Escb Multi-Country Model (June 2006). ECB Working Paper No. 646, Available at SSRN: https://ssrn.com/abstract=908258

Matteo Ciccarelli (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Elena Angelini

European Central Bank (ECB) ( email )

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

Frédéric Boissay

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

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