The MONFISPOL project contributes to the developement of DYNARE, a software plateform for the solution, simulation and estimation of DSGE models. DYNARE runs with Matlab or Octave, under Windows, OS/X or Linux.
Macroeconomic Models Database
New version 1.2 is available. The database covers now 50 models. It includes small, medium- and large-scale models of the United States, the Euro Area, Canada, and several 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.
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 and with Dynave 4.2.1.
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.
Current version 1.2.