Since the publication of Keynes' "General Theory of Employment, Interest, and Money" in 1936 many new ideas and …

This paper analyzes the forecasting performance of an open economy DSGE model, estimated with Bayesian methods, for the … Euro area during 1994Q1-2002Q4. We compare the DSGE model and a few variants of this model to various reduced form … evaluation using several univariate and multivariate measures. The results show that the open economy DSGE model compares well …

the price level to a temporary risk shock are permanent. Our theoretical discussion shows that adopting a credible long …

In this paper we estimate a Bayesian vector autoregressive model with factor stochastic volatility in the error term to … assess the effects of an uncertainty shock in the Euro area. This allows us to treat macroeconomic uncertainty as a latent … consequences jointly, and most are based on single country models. We analyze the special case of a shock restricted to the Euro …