How to get data for "the rest of the world" in an open economy?

Estimation ML/Bayesian estimation
1

Hi,

I am estimating a DSGE model for the open economy for the UK. I would like to know how to obtain data for foreign variables–output, inflation and the interest rate to be exact?

Best

Jing

2

You will not be able to have all of the rest of the world. You need to decide how to best capture most of foreign activity. E.g. take the rest of the European union, the US, and China and you will capture most. Alternatively, use all the other countries available at the OECD.