An area-wide model for the euro area

@inproceedings{Fagan2005AnAM,
  title={An area-wide model for the euro area},
  author={Gabriel Fagan and Jerome Henry and Ricardo Mestre},
  year={2005}
}
This paper presents a quarterly estimated structural macroeconomic model for the euro area, the AWM, which is a medium-sized model that treats the euro area as a single economy. The model is designed to have a long-run equilibrium consistent with neo-classical economic theory while the short-run dynamics are largely demand-driven. The current version of the AWM is mostly backwardlooking and is largely estimated rather than calibrated. A general overview of the structure of the model and of its… CONTINUE READING
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