Renewable energy deployment is growing rapidly on a global scale. China, Germany, Japan and the US are among the countries with highest capacity of renewables installed. In Germany, for example, the large growth in renewable power generation (RPG) capacities in the past has been mainly due to...

In this paper we build and estimate a two-region DSGE model of a small open economy within the European Monetary Union. We evaluate the properties of the estimated model and assess its forecasting performance (point and density) relative to reduced form models such as VARs. In addition, we study...

This paper presents a comparative study of the forecasting performance of the most widely used ARIMA modelling and seasonal adjustment programs: TRAMO/SEATS (TSW) and X13-ARIMA, which are the most important software alternatives for automatically modelling economic time series. The newest...

To investigate to what extent adding financial frictions can contribute to an improvement in the quality of DSGE model-based forecasts DSGE models with and without financial frictions. Comparison of point and density forecasts. The main finding is that accounting for financial frictions...

Economic development, structure of economy, natural and labour resources, infrastructure and transport-transit opportunities of Azerbaijan, Kazakhstan and Kyrgyz Republic that have been independent for 20 years since collapse of the Soviet Union are quite diverse. Azerbaijan and Kazakhstan have...

Following the discontinuation of statistics on industrial new orders by Eurostat since the observation period March 2012, this paper presents the ECB indicator for euro area industrial new orders. This indicator aims to fill the emerged gap on euro area industrial new orders for various...

We estimate the impulse response of key US macro series to the monetary policy shocks identified by Romer and Romer (2004), allowing the response to depend flexibly on the state of the business cycle. We find strong evidence that the effects of monetary policy on real and nominal variables are...

Timely and accurate signals about the current state of the economy are essential for analysts. The objective of the paper is to compare the accuracy of PMI-based nowcast of current quarter-on-quarter real GDP growth with that of the flash GDP estimateIn-sample regressions for 1998Q3-2011Q1...