Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152890
Authors: 
Boissay, Frédéric
Villetelle, Jean-Pierre
Year of Publication: 
2005
Series/Report no.: 
ECB Working Paper 456
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.
Subjects: 
France
Macro-econometric Modelling
JEL: 
C3
C5
E1
E2
Document Type: 
Working Paper

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