The BOF5 macroeconomic model of Finland : Structure and equations

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dc.contributor Suomen Pankki, KT, TU Willman, Alpo Kortelainen, Mika Männistö, Hanna-Leena Tujula, Mika 2014-09-22T07:59:18Z 2014-09-22T07:59:18Z 1998
dc.identifier.isbn 951-686-578-X
dc.identifier.issn 0785-3572
dc.description.abstract This report is the basic documentation of the present (fifth) version of the Bank of Finland macroeconomic model, BOF5, built for policy simulation and forecasting.In constructing the model, consistent treatment of expectations is emphasized.Following current theoretical literature, intertemporal optimization with rational expectations is taken as the starting point, and Euler equations are applied in the estimation of the key behavioural equations.Consistent treatment of technology on the supply side has been another important aim.We illustrate the properties of the model with some simulation experiments.A complete list of equations and an outline of the derivation of the key equations are presented.We also show how forward-looking equations have been transformed to facilitate simulation under alternative assumptions concerning the formation of expectations. Keywords: macroeconomic models, Finland, econometric modelling, policy simulations, expectations, Euler equations
dc.format.extent 167 s.
dc.language.iso eng
dc.subject ekonometria
dc.subject mallit
dc.subject makrotaloustiede
dc.subject ennusteet
dc.subject Suomen Pankki
dc.subject odotukset
dc.subject Suomi
dc.subject SP
dc.subject BOF5
dc.title The BOF5 macroeconomic model of Finland : Structure and equations
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-20140807164 Suomen Pankin keskustelualoitteita
dc.series.year 1998
dc.series.number 10/1998
dc.series.sortingnumber 10 3.6.1998

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