[eng] Our article describes the Bayesian approach to the most highly regarded dynamic models in macroeconomics : DSGE (dynamic stochastic general-equilibrium) models and VAR (vector autoregressive) models. We present the main concepts in Bayesian analysis and show how to apply them to VAR...

[eng] The authors illustrate the usefulness of the Bayesian approach in economic-policy assessment, which typically relies on simulations. We describe a dynamic stochastic general equilibrium (DGSE) model for the euro zone. The Bayesian estimation of the model measures parameter-related...

This paper aims to resolve the conflict between the time series approach and the classical approach to test the convergence hypothesis. Using a multivariate KPSS statistic and allowing for one common break, it appears that European productivity dynamics may be split into two sub-periods. During...

In this note, we quantify the deterioration of achievable stabilization outcomes when monetary policy operates under imperfect credibility and weak anchoring of long-term expectations. Within a medium-scale Dynamic Stochastic General Equilibrium (DSGE) model, we introduce, through a simple...