Bergman / Olsen Economic Modeling in the Nordic Countries

1. Auflage 2014
ISBN: 978-1-4832-9487-2
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, Band Volume 210, 311 Seiten, Web PDF

Reihe: Contributions to Economic Analysis

A selection of macroeconomic models used, or intended for, economic forecasting or policy analysis in the four Nordic countries (Denmark, Finland, Norway and Sweden), is presented in this volume. New features and model applications are discussed and the models used by the Ministries of Finance are evaluated, with special attention to the role of relative prices and their treatment of the supply side. In addition there is a systematic comparison of results from model simulations on the main macroeconomic models in the four Nordic countries. The papers fall naturally into two sections. In Part One the focus is on the short-to-medium term models; in Part Two the focus switches to a presentation of three models that may all be classified as applied general equilibrium (AGE) models.

Autoren/Hrsg.

Bergman, L.

Olsen, Ø.

Inhaltsverzeichnis

1;Front Cover;1
2;Economic Modeling in the Nordic
Countries;4
3;Copyright Page;5
4;Table of Contents;16
5;Introduction;8
6;References;13
7;Acknowledgements;14
8;Part One:
Medium Term Models and Macroeconomic Policy;18
8.1;Chapter 1.
Comparative properties of the Nordic models;20
8.1.1;1 Introduction;20
8.1.2;2 An outline of the models;21
8.1.3;3 Experimental design;28
8.1.4;4 The simultation experiments;30
8.1.5;5 Comparative aspects of the simulations;41
8.1.6;6 Comparison with other studies;48
8.1.7;7 Conclusions;49
8.1.8;References;51
8.1.9;Appendix A;52
8.1.10;Appendix .;59
8.2;Chapter 2.
MODAG A macroeconometric model of the Norwegian economy;72
8.2.1;1 Introduction;72
8.2.2;2 Main features of MODAG;73
8.2.3;3 A closer look at the submodels;85
8.2.4;References;109
8.3;Chapter 3.
Integration of real and monetary sectors in ADAM;112
8.3.1;1 Introduction;112
8.3.2;2 The macroeconomic model ADAM;113
8.3.3;3 Transmissions in ADAM;117
8.3.4;4 A fiscal expansion - The effect of finance and expectations;121
8.3.5;5 Concluding remarks;131
8.4;Chapter 4. KESSU IV: An econometric model of the Finnish economy;132
8.4.1;1 Introduction;132
8.4.2;2 Firms;133
8.4.3;3 Households;142
8.4.4;4 Public sector;145
8.4.5;5 Financial balances;147
8.4.6;6 Empirical and technical implementation;148
8.4.7;7 Concluding remarks;150
8.4.8;References;153
8.5;Chapter 5.
The structure and foundations of the BOF4 model;156
8.5.1;1 Introduction;156
8.5.2;2 A short descriptive summary of the BOF4-model;158
8.5.3;3 A theoretical prototype model;168
8.5.4;4 Ex post simulations;186
8.5.5;References;192
8.5.6;Appendix A;195
8.5.7;Appendix .;200
8.6;Chapter 6.
KOSMOS - A short term model for Sweden;202
8.6.1;1 Background;202
8.6.2;2 Main features;202
8.6.3;3 Definitions and accounting identities;204
8.6.4;4 Household income and private consumption;206
8.6.5;5 Investments;207
8.6.6;6 Foreign trade;209
8.6.7;7 Output;210
8.6.8;8 Prices;210
8.6.9;9 Labour market;211
8.6.10;10 Need for further developments;213
9;Part Two:
Applied Equilibrium Models;214
9.1;Chapter 7. The structure and working of MSG-5, an applied general equilibrium model of the Norwegian economy;216
9.1.1;1 Introduction;216
9.1.2;2 A description of the MSG-5 model;218
9.1.3;3 A stylized version of MSG-5;226
9.1.4;4 The properties of the stylized model;237
9.1.5;5 Effects of increasing the capital stock;246
9.1.6;References;252
9.2;Chapter 8.
MECMOD - A medium term CGE model for Sweden;254
9.2.1;1 Introduction;254
9.2.2;2 Aggregates;255
9.2.3;3 Equations;258
9.2.4;4 Calibration and parameter values;266
9.2.5;5 Simulations;267
9.2.6;6 Concluding remarks;271
9.2.7;References;272
9.2.8;Appendix A: Data sources and variable names;273
9.3;Chapter 9.
An applied general equilibrium model of the Swedish economy;280
9.3.1;1 Introduction;280
9.3.2;2 The model;282
9.3.3;3 Properties of the model;293
9.3.4;4 Summary and conclusions;298
9.3.5;References;299
10;Appendix A:
List of variables;300
11;Appendix .:
Data;304
12;Appendix C:
Calibration;309
13;Author index;314