Given the importance of bank credit in Belgium as a financing source for both households and non-financial firms, it is important to know how Belgian banks react to a monetary policy shock. Since the direct influence of central banks is confined to the very short-term market interest rates,...

This paper outlines the three-country New Keynesian Dynamic Stochastic General Equilibrium model of the National Bank of Belgium. The model is named BEMGIE for Belgian Economy in a Macro General and International Equilibrium model. It features imperfect market competition, standard real and...