a well-suited macroeconomic model for analysing fiscal policy at a central bank is of primary importance. This paper … documents the fiscal block of the ECB-BASE, which is a semi-structural model for the euro area developed at the ECB for … links to the quarterly fiscal accounts. Thanks to this design, it is possible to simulate the model with a wide range of …

This paper presents the blueprint of a new ECB multi-country model. The version documented in the following pages is … model mechanisms, enlarge the suite of area wide tools, and provide a tool for a top down approach between euro area and … country modelling. The model converges to a well-defined steady state and its properties are in line with macroeconomic theory …

DSGE model (using quarterly data for 1999-2014) to quantify the drivers of the divergent EA and US adjustment paths. Our … system. Adverse financial shocks were less persistent for the US. The financial shocks identified by the model are consistent …

DSGE model (using quarterly data for 1999-2014) to quantify the drivers of the divergent EA and US adjustment paths. Our … system. Adverse financial shocks were less persistent for the US. The financial shocks identified by the model are consistent …

a neoclassical growth model featuring "constant Frisch elasticity" (CFE) preferences. We provide new tax rate data. The …

This paper formulates a dynamic Random Coefficient Model (RCM) to consider a set of popular determinants of public … assumption of homogeneity on the coefficients over all countries in the model. The sensibility of this assumption will be … investigated, with results showing that an increase in the degree of heterogeneity leads to an improvement in the model fit and …