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In this paper, we examine the performance and robustness of optimised interest-rate rules in four models of the euro area which differ considerably in terms of size, degree of aggregation, relevance of forward-looking behavioural elements and adherence to micro-foundations. Our findings are...
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that many of the key decisions when setting up the long run extended simulation horizon reduce to a relatively small number …
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This paper documents the structure, estimation and simulation properties of the Italian block of the ESCB … simulation analysis. The specic̄ation of the Italian model follows closely that of the Area-Wide Model (AWM) and indeed the other …
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