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aktualizováno: 11.08.2017 16:23:51 

Aleš Bulíř

...fiscal model...

A calibrated dynamic general equilibrium (DGE) fiscal model

In 2012 we will be offering a new course (Macro-Fiscal Modeling and Analysis) and we will use a calibrated model prepared for the OECD by OGR. More information to follow.

In the past we have used a model code developed by Jaromír Hurník, however, we will probably not use it again. Jarek and I used the following closed-economy model for teaching the IMF Institute course on Macroeconomic Management and Fiscal Issues (MFP). The model was particularly useful for understanding the various channels of fiscal transmission in the context of fiscal expansions and consolidations. The model consists of households (both optimizing, "Ricardian" and "hand-to-mouth), firms, the government, and the central bank. Similar models have been employed in international organizations and national ministries of finance.

Model description is here (.pdf).

Matlab codes are here. Download the attached *.zip file, save it to your modeling directory (this directory needs to be somewhere on the C:\ drive, that is, not on a server), and unzip. Note that you need Matlab, IRIS toolbox, MikTEX, and Ghostscript to generate the various graphic outputs. All programs--with the exception of Matlab--are freeware, see the section on model installation.

For installation instructions go to here.