The year 2008 started in January (Jan 23, 2008) with ambitious European initiatives on climate change when the European Commission suggested a climate packages with new targets for energy from renewable sources (RES), for the design of the third phase of the emission trading system, for a...

Structural VAR and Structural VEC models were estimated for Chile and Colombia, aiming at identifying fiscal policy shocks in both countries between 1990 and 2005. The impulse responses obtained allow the calculation of a peso-for-peso ($/$) effect on output of a shock to public spending and to...

This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...

This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...

Validity is a key issue for consumers of computable general equilibrium (CGE) modeling services. What assurance can producers of CGE results give to consumers that a CGE analysis: (i) is computationally sound, (ii) uses accurate up-to-date data, (iii) adequately captures behavioral and...

Macroeconometric policy simulation models allow for an analysis, and, above all, for a quantification of the effects different economic policies have on the various variables that represent the economy. Despite the seminal "Lucas critique" levelled against them, these models are still widely...

This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within...

The paper provides probability estimates of the state of the GDP growth. A regime-switching model defines the probability of the Greek GDP being in boom or recession. Then probit models extract the predictive information of a set of explanatory (economic and financial) variables regarding the...

This chapter demonstrates the usefulness of the GVAR modelling framework as a tool for scenario-based forecasting and counterfactual analysis. Working with the GVAR model developed by Greenwood-Nimmo, Nguyen and Shin (2010, J. Appl. Econometrics), we first show how probabilistic forecasting can...

COSMO is a new structural econometric model of the Irish economy, with a theoretically founded structure and specification. It is designed to be used for medium-term economic projections and policy analysis. This paper outlines the key mechanisms in the model and explores the behaviour of the...