Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Macroeconometric models in practice: the Istat experience

Macroeconometric models in practice: the Istat experience The global financial crisis has given new emphasis to the creation and strengthening of independent fiscal institutions (IFI). At the same time new attention has been paid to the performance assessment of Macroeconometric models based on different theoretical approaches. These initiatives reinforce the need for the improvements in the communication of results of Macroeconometric models especially policy evaluation and uncertainty of the projections. This is why, since May 2012, when the first forecast was released by Istat, the new Macroeconometric model for Italian economy (MeMo-It) was designed to assure a high level of transparency about its methodological characteristics and its results. The main aim is to provide stakeholders with a model that can be easily used by the analysts and shared with the scientific community. This paper illustrates the main computation characteristic of MeMo-It and the first version of the tool designed for policy evaluation. Keywords: econometric modelling; forecasting and simulation; macroeconomic policy. Reference to this paper should be made as follows: Bacchini, F., Girardi, A. and Pappalardo, C. (2015) `Macroeconometric models in practice: the Istat experience', Int. J. Computational Economics and Econometrics, Vol. 5, No. 3, pp.345­360. Biographical notes: Fabio Bacchini is Head of Econometric Studies and http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Computational Economics and Econometrics Inderscience Publishers

Loading next page...
 
/lp/inderscience-publishers/macroeconometric-models-in-practice-the-istat-experience-EmZiZbRYq9

References

References for this paper are not available at this time. We will be adding them shortly, thank you for your patience.

Publisher
Inderscience Publishers
Copyright
Copyright © 2015 Inderscience Enterprises Ltd.
ISSN
1757-1170
eISSN
1757-1189
DOI
10.1504/IJCEE.2015.070618
Publisher site
See Article on Publisher Site

Abstract

The global financial crisis has given new emphasis to the creation and strengthening of independent fiscal institutions (IFI). At the same time new attention has been paid to the performance assessment of Macroeconometric models based on different theoretical approaches. These initiatives reinforce the need for the improvements in the communication of results of Macroeconometric models especially policy evaluation and uncertainty of the projections. This is why, since May 2012, when the first forecast was released by Istat, the new Macroeconometric model for Italian economy (MeMo-It) was designed to assure a high level of transparency about its methodological characteristics and its results. The main aim is to provide stakeholders with a model that can be easily used by the analysts and shared with the scientific community. This paper illustrates the main computation characteristic of MeMo-It and the first version of the tool designed for policy evaluation. Keywords: econometric modelling; forecasting and simulation; macroeconomic policy. Reference to this paper should be made as follows: Bacchini, F., Girardi, A. and Pappalardo, C. (2015) `Macroeconometric models in practice: the Istat experience', Int. J. Computational Economics and Econometrics, Vol. 5, No. 3, pp.345­360. Biographical notes: Fabio Bacchini is Head of Econometric Studies and

Journal

International Journal of Computational Economics and EconometricsInderscience Publishers

Published: Jan 1, 2015

There are no references for this article.