Veranstaltung
08
Oct 2018

14:15 - 15:45
IWH Research Seminar

The New Area-Wide Model II: An Extended Version the ECB's Micro-founded Model for Forecasting and Policy Analysis with a Financial Sector

This paper provides a detailed description of an extended version of the ECB's New Area-Wide Model (NAWM) of the euro area (cf. Christoffel, Coenen and Warne, 2008).

Who
Günther Coenen  (European Central Bank)
Where
IWH conference room, Leipziger Straße 100
Günther Coenen

Personal details

Dr Günther Coenen is Head of Division at the European Central Bank. His fields of interests are macroeconomics, monetary economics, macroeconomic modelling and applied time-series analysis.

This paper provides a detailed description of an extended version of the ECB's New Area-Wide Model (NAWM) of the euro area (cf. Christoffel, Coenen and Warne, 2008). The extended model – called NAWM II – incorporates a rich financial sector with the threefold aim of (i) accounting for a genuine role of financial frictions in the propagation of economic shocks and policies and for the presence of shocks originating in the financial sector itself, (ii) capturing the prominent role of bank lending rates and the only gradual interest-rate pass-through in the transmission of monetary policy in the euro area, and (iii) providing a structural framework useable for assessing the macroeconomic impact of the ECB's large-scale asset purchases conducted in recent times. In addition, NAWM II includes a number of other extensions of the original model reflecting its practical uses in the policy process over the past years.

Whom to contact

Dmitri Bershadskyy
Dmitri Bershadskyy
Economist

If you have any further questions please contact me.

+49 345 7753-863 Request per E-Mail
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoWeltoffen Logo