The French Block of the Escb Multi-Country Model

61 Pages Posted: 11 May 2005

See all articles by Frédéric Boissay

Frédéric Boissay

Bank for International Settlements (BIS)

Jean-Pierre Villetelle

Banque de France

Date Written: March 2005

Abstract

This paper presents the French country block of the ESCB Multi-Country Model for the euro area, which has been built in collaboration by the ECB and the Banque de France. The theoretical structure of the model is in line with most current macroeconometric models, i.e. supply factors determine the long-run equilibrium, while in the short run aggregate demand determines aggregate output. The paper is structured as follows. We first present the theoretical background of the model. Then we review the long run relationships as well as the estimated short term dynamic equations. Finally, we simulate the effects of six exogenous shocks to the economy and discuss the dynamic properties of the model.

Keywords: Macro-econometric Modelling, France

JEL Classification: C3, C5, E1, E2

Suggested Citation

Boissay, Frédéric and Villetelle, Jean-Pierre, The French Block of the Escb Multi-Country Model (March 2005). Available at SSRN: https://ssrn.com/abstract=677431 or http://dx.doi.org/10.2139/ssrn.677431

Frédéric Boissay (Contact Author)

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

Jean-Pierre Villetelle

Banque de France ( email )

Paris
France

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