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QMM - A Quarterly Macroeconomic Model of the Icelandic Economy

Author

Listed:
  • Ásgeir Daníelsson
  • Bjarni G. Einarsson
  • Magnús F. Guðmundsson
  • Svava J. Haraldsdóttir
  • Thórarinn G. Pétursson
  • Signý Sigmundardóttir
  • Jósef Sigurðarson
  • Rósa Sveinsdóttir

Abstract

This Handbook contains an updated version of the Quarterly Macroeconomic Model of the Central Bank of Iceland (qmm). qmm and the underlying quarterly database have been under construction since 2001 at the Research and Forecasting Division of the Economics and Monetary Policy Department at the Bank and was ?rst implemented in the forecasting round for the Monetary Bulletin 2006/1 in March 2006. qmm is used by the Bank for forecasting and various policy simulations and therefore plays a key role as an organisational framework for viewing the medium-term future when formulating monetary policy at the Bank. This paper is mainly focused on the short and medium-term properties of qmm. Steady state properties of the model are documented in a paper by Daníelsson (2009).

Suggested Citation

  • Ásgeir Daníelsson & Bjarni G. Einarsson & Magnús F. Guðmundsson & Svava J. Haraldsdóttir & Thórarinn G. Pétursson & Signý Sigmundardóttir & Jósef Sigurðarson & Rósa Sveinsdóttir, 2015. "QMM - A Quarterly Macroeconomic Model of the Icelandic Economy," Economics wp71, Department of Economics, Central bank of Iceland.
    • Handle: RePEc:ice:wpaper:wp71
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    Cited by:

    1. Martin Seneca, 2010. "A DSGE model for Iceland," Economics wp50, Department of Economics, Central bank of Iceland.
    2. Ágeir Daníelsson & Lúdvík Elíasson & Magnús F. Gudmundsson & Björn A. Hauksson & Ragnhildur Jónsdóttir & Thorvardur Tjörvi Ólafsson & Thórarinn G. Pétursson, 2006. "QMM A Quarterly Macroeconomic Model of the Icelandic Economy," Economics wp32, Department of Economics, Central bank of Iceland.
    3. repec:pra:mprapa:46125 is not listed on IDEAS
    4. Spruk, Rok, 2010. "Iceland's Economic and Financial Crisis: Causes, Consequences and Implications," MPRA Paper 29972, University Library of Munich, Germany.
    5. Ásgeir Daníelsson & Lúdvik Elíasson & Magnús F. Gudmundsson & Svava J. Haraldsdóttir & Lilja S. Kro & Thórarinn G. Pétursson & Thorsteinn S. Sveinsson, 2019. "QMM A Quarterly Macroeconomic Model of the Icelandic Economy Version 4.0," Economics wp82, Department of Economics, Central bank of Iceland.
    6. Ozana Nadoveza Jelić & Rafael Ravnik, 2021. "Introducing Policy Analysis Croatian MAcroecoNometric Model (PACMAN)," Surveys 41, The Croatian National Bank, Croatia.
    7. Lúðvík Elíasson & Önundur Páll Ragnarsson, 2018. "Short-term renting of residential apartments. Effects of Airbnb in the Icelandic housing market," Economics wp76, Department of Economics, Central bank of Iceland.
    8. Ásgeir Daníelsson, 2008. "Accuracy in forecasting macroeconomic variables in Iceland," Economics wp39, Department of Economics, Central bank of Iceland.
    9. Francesco Macheda & Roberto Nadalini, 2019. "The Danger of a “Geyser Disease” Effect: Structural Fragility of the Tourism-Led Recovery in Iceland," Working Papers 0038, ASTRIL - Associazione Studi e Ricerche Interdisciplinari sul Lavoro.
    10. Thórarinn G. Pétursson, 2018. "Disinflation and improved anchoring of long-term inflation expectations - The Icelandic experience," Economics wp77, Department of Economics, Central bank of Iceland.
    11. Thorvardur Tjörvi Ólafsson & Ásgerdur Pétursdóttir & Karen Á. Vignisdóttir, 2011. "Price setting in turbulent times," Economics wp54, Department of Economics, Central bank of Iceland.
    12. Asgeir Danielsson, 2021. "Wages and prices of foreign goods in the inflationary process in Iceland," Economics wp87, Department of Economics, Central bank of Iceland.
    13. Francesco Macheda & Roberto Nadalini, 2020. "The Danger of a “Geyser Disease†Effect: Structural Fragility of the Tourism-Led Recovery in Iceland," Review of Radical Political Economics, Union for Radical Political Economics, vol. 52(1), pages 50-76, March.

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