“NONAME”: A new quarterly model for Belgium

详细信息    查看全文

• 作者：Philippe Jeanfils ; Koen Burggraeve
• 关键词：Econometric modelling ; Pricing-to-market ; CES production function ; Wage bargaining ; Polynomial adjustment costs
• 刊名：Economic Modelling
• 出版年：2008
• 出版时间：January 2008
• 年：2008
• 卷：25
• 期：1
• 页码：118-127
• 全文大小：487 K

文摘

The new quarterly model for Belgium built at the National Bank of Belgium can provide quantitative input into the policy analysis and projection processes within a framework that has explicit micro-foundations and expectations. The intertemporal optimisation of households and firms is subject to polynomial adjustment costs. Other characteristics are: pricing-to-market, flexible mark-ups and incomplete pass-through, a CES production function with an elasticity of substitution below one, time-dependent wage contracting à la Dotsey, King and Wollman and Polynomial Adjustment Costs as in FRB-US. Most of the equations taken individually have acceptable statistical properties and diagnostic simulations suggest that the impulse responses to exogenous shocks are reasonable. Simulations can be conducted under rational expectations as well as under alternative expectations formations.