文章基本信息

标题：The Italian block of the ESCB multi-country model
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作者：Elena Angelini ; Antonello D'Agostino ; Peter McAdam 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2006
出版社：European Central Bank
摘要：This paper documents the structure, estimation and simulation properties of the Italian block of the ESCB-multi-country model (MCM). The model is used regularly as an input into Eurosystem projection exercises and, to a lesser extent, in simulation analysis. The speci¯cation of the Italian model follows closely that of the Area-Wide Model (AWM) and indeed the other MCM country blocks (in terms of speci¯cation and accounting framework). The MCM is a quarterly es- timated structural macroeconomic model that treats the economy in a relatively closed manner. It has a long-run classical equilibrium with a vertical Phillips curve but with some short-run frictions in price/wage setting and factor demands. Con- sequently, activity is demand-determined in the short-run but supply-determined in the longer run with employment having converged to a level consistent with an exogenously given level of equilibrium unemployment. The precise properties of the model are illustrated using a number of standard variant simulations
关键词：Macro-econometric Modelling; Italy