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We propose a general protocol for calibration and validation of complex simulation models by an approach based on …
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This paper provides a detailed description of an extended version of the ECB's New Area-Wide Model (NAWM) of the euro area (cf. Christoffel, Coenen, and Warne 2008). The extended model - called NAWM II - incorporates a rich financial sector with the threefold aim of (i) accounting for a genuine...
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. The two strategies are compared by means of a Monte-Carlo simulation study together with an empirical application to …
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