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MELEZE: A DSGE model for France within the Euro Area

Author

Listed:
  • B. CAMPAGNE

    (Insee)

  • A. POISSONNIER

    (Insee)

Abstract

MELEZE, standing for Modèle économique linéarisé déquilibre en zone euro (linearised economic model of equilibrium in the euro area), is a new Keynesian DSGE model with the following characteristics: France and the rest of the Euro area form a monetary union; they are populated by infinitely lived households, of which a constant fraction is non Ricardian, consuming all of their current income; firms operate in monopolistic competition on the goods market, and so do workers on the labour market indistinctly of their financial constraints; prices and wages are sticky; consumption and investment goods can be freely exported/imported, whereas workers and installed capital cannot. The present paper presents the resolution and the calibration of the model as well as its full linearisation. In particular, we characterize the unique steady state in levels for the real variables and explicit the induced constraints on the parametrisation. In a second part, we present the behaviour of our model with respect to standard transitory shocks.

Suggested Citation

  • B. Campagne & A. Poissonnier, 2016. "MELEZE: A DSGE model for France within the Euro Area," Documents de Travail de l'Insee - INSEE Working Papers g2016-05, Institut National de la Statistique et des Etudes Economiques.
    • Handle: RePEc:nse:doctra:g2016-05
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    File URL: https://www.bnsp.insee.fr/ark:/12148/bc6p06zrcrj/f1.pdf
    File Function: Document de travail de la DESE numéro G2016-05
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    Citations

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    Cited by:

    1. Jocelyn Boussard & Benoît Campagne, 2017. "Fiscal policy coordination in a monetary union at the zero lower bound," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 494-495-4, pages 65-90.
    2. Ch.-M. CHEVALIER, 2018. "Financial constraints of innovative firms and sectoral growth," Documents de Travail de l'Insee - INSEE Working Papers g2018-05, Institut National de la Statistique et des Etudes Economiques.
    3. Campagne, Benoît & Poissonnier, Aurélien, 2018. "Structural reforms in DSGE models: Output gains but welfare losses," Economic Modelling, Elsevier, vol. 75(C), pages 397-421.
    4. repec:prs:ecstat:estat_0336-1454_2017_num_494_1_10782 is not listed on IDEAS
    5. Thibaud Cargoet & Simon Cornée & Franck Martin & Tovonony Razafindrabe & Fabien Rondeau & Christophe Tavéra, 2021. "A Dual Banking Sector With Credit Unions and Traditional Banks : What Implications on Macroeconomic Performances?," Economics Working Paper Archive (University of Rennes & University of Caen) 2021-03, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.

    More about this item

    Keywords

    DSGE model; monetary union;

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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