We would like to draw your attention to the new release 1.1 of Volker Wieland’s macroeconomic model database.
The database covers now 38 models and can be downloaded from macromodelbase.com. It includes small, medium- and large-scale models of the United States, the Euro Area, Canada, and several small open emerging economies. In addition, there are a few models with two or more economies. The list includes state-of-the art DSGE models, earlier-generation New-Keynesian models with rational expectations as well as more traditional Keynesian-style models with adaptive expectations.
Should you have any questions, please contact us. Your comments and suggestions would be highly appreciated. Also, please feel free to forward the link to the database to interested researchers or students.
It is also possible to add new models. The process is 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, 2009.
The current version uses the solution methods in Dynare 3.065. In the near future, we plan to offer a version that is compatible with Dynare 4.1.
Recent applications involve economic forecasting, monetary policy optimization under model uncertainty, evaluation of fiscal stimulus and the effects of the zero bound on nominal interest rates.
Planned initiatives include expanding the set of models to include more emerging economies and implementing different assumptions regarding expectation formation and the role of the financial sector.
Volker Wieland and Sebastian Schmidt
House of Finance, Goethe University of Frankfurt