We would like to draw your attention to the new release of the Macroeconomic Model Database, version 1.2. The Modelbase software can be downloaded together with a comprehensive list of all models from our website macromodelbase.com.
The database now covers 50 models, ranging from small-, medium- and large-scale DSGE models to earlier-generation New-Keynesian models with rational expectations and more traditional Keynesian-style models with adaptive expectations. It includes models of the United States, the Euro Area, Canada, and several small open emerging economies. Some of the models explicitly incorporate financial frictions.
Modelbase software now compatible with DYNARE 4
Two versions of the Modelbase software are available. One uses the solution methods in Dynare 3.065 as in the previous release, version 1.1. In addition, we now offer a version that is compatible with Dynare 4.2.1.
Comparing your own models to existing benchmarks
It is also possible to add your own models. The implementation instructions are described in Wieland, V., T. Cwik, G. Mueller, S. Schmidt and M. Wolters. “A New Comparative Approach to Macroeconomic Modeling and Policy Analysis,” Working Paper Goethe University Frankfurt, 2011.
Replicating the original model author’s analysis
For a subset of models in the database, replication files are provided. These files contain replications of model output presented in the original papers such as impulse responses or autocorrelations.
Should you have any questions, please do not hesitate to contact us. Your comments and suggestions are highly appreciated. Also, please feel free to forward the link to the database to interested researchers or students.
Volker Wieland and Sebastian Schmidt
House of Finance, Goethe University of Frankfurt.