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The Istat MeMo-It Macroeconometric Model: comments and suggestions for possible extensions

Author

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  • Maria Elena Bontempi

    (University of Bologna, Department of Economics)

Abstract

My discussion is articulated in three main points. First, I propose to make MeMo-It the first fully open source Italian Macroeconomic Model; the enlargement of the model's users to those outside Istat would ease the interaction of ideas between researchers interested in the empirical aspects of the Italian politico-economical issues. Second, I analyze the MeMo-It structure in the light of the taxonomy of Pagan (2003). As a result, I suggest that MeMo-It modellers should improve their knowledge of MeMo-It long run properties, in order to rise its degree of coherence with the economic theory, without lowering its current degree of coherence with the data. Third, I introduce some preliminary results to extend the MeMo-It ability to give relevant policy answers: my example is about the interaction of financial markets behaviors and fiscal multipliers, and it tackles the issue of controlling the ratio of public debt on GDP in the long run.

Suggested Citation

  • Maria Elena Bontempi, 2013. "The Istat MeMo-It Macroeconometric Model: comments and suggestions for possible extensions," Rivista di statistica ufficiale, ISTAT - Italian National Institute of Statistics - (Rome, ITALY), vol. 15(1), pages 47-56.
    • Handle: RePEc:isa:journl:v:15:y:2013:i:1:p:47-56
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    References listed on IDEAS

    as
    1. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-1054, July.
    2. Anthony Garratt & Kevin Lee & M. Hashem Pesaran & Yongcheol Shin, 2003. "A Long run structural macroeconometric model of the UK," Economic Journal, Royal Economic Society, vol. 113(487), pages 412-455, April.
    3. Ray C. Fair & Arnold Zellner (ary), 1992. "The Cowles Commission approach, real business cycles theories, and New- Keynesian economics," Proceedings, Federal Reserve Bank of St. Louis, pages 133-157.
    4. Antonio Di Cesare & Giuseppe Grande & Michele Manna & Marco Taboga, 2012. "Recent estimates of sovereign risk premia for euro-area countries," Questioni di Economia e Finanza (Occasional Papers) 128, Bank of Italy, Economic Research and International Relations Area.
    5. Kam Leong Szeto, 2002. "A dynamic computable general equilibrium (CGE) model of the New Zealand economy," Treasury Working Paper Series 02/07, New Zealand Treasury.
    6. M. E. Bontempi & I. Mammi, 2012. "A strategy to reduce the count of moment conditions in panel data GMM," Working Papers wp843, Dipartimento Scienze Economiche, Universita' di Bologna.
    7. repec:adr:anecst:y:1987:i:6-7:p:09 is not listed on IDEAS
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    Cited by:

    1. Gilberto Antonelli, 2013. "The new Istat Macroeconometric Model: improvements in statistical information availability and labour force projection," Rivista di statistica ufficiale, ISTAT - Italian National Institute of Statistics - (Rome, ITALY), vol. 15(1), pages 5-16.
    2. Fabio Bacchini, Maria Elena Bontempi, Cristina Brandimarte, Roberto Golinelli, Cecilia Jona-Lasinio, Carmine Pappalardo, 2013. "The Macroeconometric Models For Italy (Memo-It): Policy Evaluation And Future Challanges," RIEDS - Rivista Italiana di Economia, Demografia e Statistica - The Italian Journal of Economic, Demographic and Statistical Studies, SIEDS Societa' Italiana di Economia Demografia e Statistica, vol. 67(2), pages 172-179, April-Jun.

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    More about this item

    Keywords

    macroeconometric models; open-source; long-run solution; financial markets; spread;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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