We investigate the importance of employing a valid model for monetary policy analysis. Specifically, we investigate the economic significance of differences in specification and empirical validity of models. We consider three alternative econometric models of wage and price inflation in Norway....

The paper presents the German block of the ESCB multi-country model. It builds on previous modelling work on the Area Wide Model and other country blocks of the ESCB multicountry-model. Whilst being analogous to these models in following a common modelling approach and the same theoretical...

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 specification of the Italian...

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 specification of the Italian...

We investigate the importance of employing a valid model for monetary policy analysis. Specifically, we investigate the economic significance of differences in specification and empirical validity of models. We consider three alternative econometric models of wage and price inflation in Norway....

Contrary to their significance for the adjustment of econometric models, dummy variables are seldom addressed in the literature. They serve as a tool for improving the fit of the model equations to the data and with it the prognostic performance of a model, at least lastly. Referring to the...

In this contribution, we present an assessment, in terms of growth, employment and competitiveness, of the European Union Member States RTD policies in late 2004, the National Action Plans (NAP). The assessment in this paper is based on the results of a detailed macro-econometric model NEMESIS...

The objective of this study was to undertake a series of modelling exercises that took advantage of the additional available data to explore the effects of R&D on Australian productivity. However, despite the advances in data and methods, our research was unable to find a consistent robust...