Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/202288
Authors: 
Albonico, Alice
Calès, Ludovic
Cardani, Roberta
Croitorov, Olga
Ferroni, Filippo
Giovannini, Massimo
Hohberger, Stefan
Pataracchia, Beatrice
Pericoli, Filippo
Raciborski, Rafal
Ratto, Marco
Roeger, Werner
Vogel, Lukas
Year of Publication: 
2017
Series/Report no.: 
JRC Working Papers in Economics and Finance No. 2017/10
Abstract: 
This paper presents the European Commission's Global Multi-country model (the GM model). The GM model is an estimated multi-country DSGE model, developed by the European Commission, that can be used for spillover analysis, forecasting and medium term projections. Its development is jointly performed by the Joint Research Centre and DG ECFIN. Since the GM model is developed to be flexible under different country configurations,we present the GM model in its configuration designed for EMU-countries (GM3-EMU), which has been estimated for the four largest European economies (Germany, France, Italy and Spain). We analyse business cycle properties, present the model fit and provide a quantitative assessment of the relative importance that supply, demand and international shocks as well as discretionary policy interventions had in explaining the cyclical patterns observed in each country since the establishment of the EMU.
Subjects: 
DSGE
Bayesian estimation
EMU
Business cycle
Model fit
Cross-country comparison
JEL: 
C51
E31
Persistent Identifier of the first edition: 
ISBN: 
978-92-79-67447-1
Document Type: 
Working Paper

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