Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/335004 
Year of Publication: 
2025
Series/Report no.: 
ECB Working Paper No. 3119
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
This paper introduces the European Central Bank's Multi Country model (ECB-MC), a coherent macroeconomic framework designed to support economic forecasting and policy analysis within the Eurosystem. The ECB-MC captures the economic dynamics of the five major economies in the euro area - Germany, France, Italy, Spain, and the Netherlands - which account for more than 80 percent of the euro area total GDP. By incorporating detailed structural features and data-driven insights, the model provides the main reference for the ECB's staff macroeconomic projections, acting as a disciplined tool for forecasting, enabling scenario, risk and sensitivity analyses, and giving a framework to understand the transmission channels of various economic shocks. The paper offers a detailed account of the structure, the estimation and the model properties, and provides a primer on the potential uses of the ECB-MC in the Eurosystem macroeconomic projections.
Subjects: 
Semi-structural model
forecasting
euro area countries
monetary policy
JEL: 
C3
C5
E5
E6
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-7449-3
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.