• Medientyp: E-Book
  • Titel: The New Area-Wide Model of the Euro Area : A Micro-Founded Open-Economy Model for Forecasting and Policy Analysis
  • Beteiligte: Christoffel, Kai Philipp [Verfasser:in]; Coenen, Günter [Sonstige Person, Familie und Körperschaft]; Warne, Anders [Sonstige Person, Familie und Körperschaft]
  • Erschienen: [S.l.]: SSRN, [2008]
  • Erschienen in: ECB Working Paper ; No. 944
  • Umfang: 1 Online-Ressource (124 p)
  • Sprache: Englisch
  • DOI: 10.2139/ssrn.1271865
  • Identifikator:
  • Entstehung:
  • Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 16, 2008 erstellt
  • Beschreibung: In this paper, we outline a version of the New Area-Wide Model (NAWM) of the euro area designed for use in the (Broad) Macroeconomic Projection Exercises regularly undertaken by ECB/Eurosystem staff. We present estimation results for the NAWM that are obtained by employing Bayesian inference methods and document the properties of the estimated model by reporting its impulse-response functions and forecast-error-variance decompositions, by inspecting the model-based sample moments, and by examining the model's forecasting performance relative to a number of benchmarks, including a Bayesian VAR. We finally consider several applications to illustrate the potential contributions the NAWM can make to forecasting and policy analysis
  • Zugangsstatus: Freier Zugang