An estimated general equilibrium model for forecasting

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Title: An estimated general equilibrium model for forecasting
Author: Newby, Elisa ; Railavo, Jukka ; Ripatti, Antti
Series: Bank of Finland bulletin. Economic outlook
Series number: 3
Year of publication: 2011
Pages: 58-66
Keywords: mallit; ennusteet; Suomen Pankki; hinnat; inflaatio; finanssipolitiikka; palkat; kustannukset; talouskasvu; tasapainoteoria; suhdanteet; AINO; yleisen tasapainon malli; rahateoria
Abstract: The purpose of economic forecasts is to support economic agents decision-making by providing a coherent picture of the present state of the economy and the outlook for the future. Since 2004, a key tool for preparing the Bank of Finland s forecast has been the Aino model.1 It is employed as a tool for integrating forecast information. The new version of the Aino model was introduced in the preparation of the March 2010 forecast. This article describes the features of the model and its use in the preparation of forecasts.

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