March 2011 marked the introduction of the Magyar Nemzeti Bank’s Monetary Policy Model (MPM), representing a paradigm shift in both macroeconomic projection and monetary policy decision support. In contrast to previous conditional projections, the MPM provides an endogenous definition of both...

Economic policies in several major countries have shifted from fiscal stimulus to austerity in the last few years. They seek to reduce fiscal deficits and reverse the increasing trend of public debt mainly through immediate spending cuts. The fact that fiscal austerity is applied simultaneously...

The new economic-policy regime in Sweden in the 1990s included deregulation, central-bank independence, inflation targets and fiscal rules but also active labour market policy and voluntary incomes policy. This article describes the content, determinants and performance of the new economic...

We analyse the long-run imbalances of finance-dominated capitalism underlying the present crisis - which began in 2007 - with a focus on developments in the US and Germany. We argue that beyond inefficient regulation of the financial sector, the severeness of the present crisis has been mainly...

We analyse the long-run imbalances of finance-dominated capitalism underlying the present crisis – which began in 2007 – with a focus on developments in the US and Germany. We argue that beyond inefficient regulation of the financial sector, the severeness of the present crisis has been...

The paper aims at determining upper boundaries of accuracy ("error minima") for German macroeconomic forecasts. The study is based on simulations with the RWI-model, a medium sized macroeconometric model for the FRG. A first upper limit of forecast accuracy is fixed by the accuracy of...

Mesange is a quarterly macro-econometric model of the French economy. This model has been developed and is used jointly by INSEE and the French Treasury. This working paper presents the new version of the model. The data used in the re-estimation process are those of the National Accounts base...

This document gives a detailed account of the current version of the Hungarian Quarterly Projection Model (NEM). It describes the main building blocks, presents the forecast performance of the model and, finally, it illustrates the responses to the most important shocks the Hungarian economy may...