Codes of the environmental multi-sector multi-region model EMuSe available for download

Hello everyone,

For all those interested in DSGE modelling with a special focus on climate change related aspects: The Bundesbank has released a technical documentation and the source codes of their environmental multi-sector model EMuSe, which are now publicly available on the Bundesbank website:

The Environmental Multi-Sector DSGE model EMuSe: A technical documentation | Deutsche Bundesbank.

The documentation describes the main features and the formal derivation of EMuSe. In addition to the closed-economy flexible-price benchmark model, an extension with nominal price rigidities and an open-economy version are presented. Selected applications of the model variants illustrate the main transmission channels in EMuSe. Along with the technical documentation, we provide the Dynare program codes to replicate the model applications as well as the EMuSe Calibration Toolkit. The latter is a MATLAB-based routine that allows the EMuSe model to be flexibly specified for a custom choice of regions and sectors.

Although the code is of particular interest to macro modellers, it may also be a suitable starting point for PhD students who think about starting (environmental) projects with a sectoral focus.

By publishing the program codes, we hope to foster a fruitful exchange to further advance the EMuSe project. If you have any questions or comments, please reach out to


Great, I was looking forward to this :slight_smile:

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