Title: An Estimated New Keynesian Dynamic Stochastic General Equilibrium Model of the Euro Area
Citation: European Economy Economic Papers no. 220 p. 1-45
Publisher: OPOCE
Publication Year: 2005
JRC N°: JRC41781
ISSN: 1725-3187
URI: http://ec.europa.eu/economy_finance/publications/economic_papers/economicpapers220_en.htm
Type: Articles in periodicals and books
Abstract: This paper applies Bayesian estimation techniques to a time series data set of the euro area and presents estimates of a DSGE model. The purpose of this paper is not to estimate the current version of the QUEST model directly with these methods but rather to estimate a prototype new generation New-Keynesian DSGE model. This model can then serve as a benchmark for an estimation of a QUEST specification. In fact in some dimensions the QUEST model may need to be adjusted to come closer to a DSGE model.
JRC Directorate:Space, Security and Migration

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