The usefulness of SVARs for developing empirically plausible models is actually subject to controversies in macroeconomics. We propose a two-step SVARs-based procedure which consistently estimates the effect of permanent technology shocks on aggregate variables. Simulation experiments from a...

[eng] The authors use two general-equilibrium models to assess the quantitative and dynamic impact of “ social VAT”, i.e., a tax reform that would substitute a value-added tax for employers’ social contributions. The first model is a Walrasian model with no frictions other than...

The euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly, a protracted period of depressed activity. Can permanent and gradual shifts in monetary policy be held responsible for these dynamics? To answer this question, we embed...

[eng] This article compares the performance of VAR and DSGE models. We use the maximum likelihood method to estimate the models for the growth rates of U.S. hourly labor productivity and hours worked in 1959-2003. We show that DSGE models, when they include sufficient real rigidities (such as...

[ger] Die Verlangsamung des weltweiten Wirtschaftswachstums und der Ölschock: welche Anpassungsmaßnahmen sind für die französische Wirtschaft erforderlich? . von Mireille Assouline, Anne Epaulard, Patrick Fève, Marc Vielle.. . Die deutliche Verlangsamung des Wirtschafjtswachstums in den...

[fre] La méthode des moments généralisés et ses extensions. Théorie et applications en macro-économie . par Patrick Fève, François Langot . L'objectif de cet article est d'exposer les résultats théoriques principaux de la méthode des moments généralisés. Dans un premier temps, les...

[eng] Heterogeneity, Long Memory and the Dynamics of the Real Exchange Rate . by Patrick Fève . The purchasing power parity assumption could be considered to be one of the most influential equilibrium exchange rate in open economy macroeconomics. It is empirically one of the most studied...