This paper presents the Econometric Model of Public Finance, eMPF. The model has been developed and maintained at the Polish Ministry of Finance to facilitate forecasting process, especially for the budget and convergence programme purposes, and to deliver scenario analyses. We present the...

Recent experiences of many countries during the crisis restored the important dilemma that fiscal policymakers face of how to alleviate the demand contraction while ensuring sustainability of public finances in the long-term. In this paper we study the consequences of the demand and supply...

This paper provides a technical description of the overlapping generations model used by the Joint Research Centre to analyse tax policy reforms, including in particular pension and demographic issues. The main feature of the EDGE-M3 model lies in its high level of disaggregation and the close...

This paper generalizes the standard methods of solving rational expectations models to the case of time-varying nonstochastic parameters, recurring in a finite cycle. Such a specification occurs in a simple stylized New Keynesian model of the euro area when we combine the rotation in the ECB...

Reguły fiskalne są jednym z narzędzi zapobiegających narastaniu nadmiernego długu publicznego. W dokumentach rządowych Polska zapowiedziała wprowadzenie trwałej reguły wydatkowej, której zadaniem będzie stabilizacja w średnim okresie salda sektora instytucji rządowych i...

It is commonly argued that Poland avoided a massive drop in output during the 2008/2009 economic crisis in part thanks to substantial nominal zloty's depreciation against the euro. The Polish case is often contrasted with Slovakia that adopted the euro in January 2009 and, since the Ecofin...

We develop a framework for assessing the welfare implications of the new EU's Excessive Imbalance Procedure (EIP) to be implemented in 2012, with a special focus on the current account (CA) constraint. For this purpose, we apply a New Keynesian 2-region, 2-sector DSGE model, using the second...