We apply a robust method to the estimation of Impulse Response Functions (IRFs) to paneldata for 99 countries for the period 1974-2001. There is a lively debate on the persistence of the current banking crisis’ impact on output. IRFs estimated by Cerra and Saxena (2008) suggest that these...

We investigate four sources of uncertainty with CPB’s macroeconomic model SAFFIER: provisional data, exogenous variables, model parameters and residuals of behavioural equations. Uncertainty is an inherent attribute of any forecast. We apply a Monte Carlo simulation technique to...

We use the dynamic stochastic general equilibrium (DSGE) model of Altig et al. (2005) to analyse the resilience of an economy in the face of external shocks. The term resilience refers to the ability of an economy to prosper in the face of shocks. The Altig et al. model was chosen because it...

Since late 2004, CPB Netherlands Bureau for Economic Policy Analysis has been using the macro-econometric model SAFFIER for its short-term and medium-term analyses. This model resulted from the integration of the quarterly model SAFE and the yearly model JADE. SAFFIER is a multi-purpose...