Autori
Acocella, Nicola
Liseo, Brunero
Alleva, Giorgio
Di Bartolomeo, Giovanni
Di Dio, Fabio
Felici, Francesco
Beqiraj, Elton
Di Pietro, Marco

Titolo
A stochastic estimated version of the Italian dynamic General Equilibrium Model (IGEM)
Periodico
Ministero dell'Economia e delle Finanze. Dipartimento del Tesoro. Working paper
Anno: 2018 - Fascicolo: 3 - Pagina iniziale: 1 - Pagina finale: 42

We estimate with Bayesian techniques the Italian dynamic General Equilibrium Model (IGEM), which has been developed at the Italian Treasury Department, Ministry of Economy and Finance, to assess the effects of alter-native policy interventions. We analyze and discuss the estimated effects of various shocks on the Italian economy. Compared to the calibrated version used for policy analysis, we find a lower wage rigidity and higher adjustment costs. The degree of prices and wages indexation to past inflation is much smaller than the indexation level assumed in the calibrated model. No substantial difference is found in the estimated monetary parameters. Estimated fiscal multipliers are slightly smaller than those obtained from the calibrated version of the model.



SICI: 1972-411X(2018)3<1:ASEVOT>2.0.ZU;2-X
Testo completo: http://www.dt.mef.gov.it/export/sites/sitodt/modules/documenti_it/analisi_progammazione/working_papers/WP_Nx_3_-_APRIL_2018.pdf

Esportazione dati in Refworks (solo per utenti abilitati)