IDEAS home Printed from https://ideas.repec.org/p/zbw/bubtps/280900.html
   My bibliography  Save this paper

The Environmental Multi-Sector DSGE model EMuSe: A technical documentation

Author

Listed:
  • Hinterlang, Natascha
  • Martin, Anika
  • Röhe, Oke
  • Stähler, Nikolai
  • Strobel, Johannes

Abstract

Climate change and climate policy will have far-reaching economic implications, thereby also posing new challenges for macroeconomic analysis. This is partly because climate risks have an important global dimension. Moreover, climate change and climate polices are likely to affect different economic sectors to varying degrees. Hence, in order to adequately gauge the macroeconomic implications of climate risks, models with sufficient regional and sectoral differentiation are needed. Against this background, we developed the environmental multi-sector dynamic stochastic general equilibrium model EMuSe. This paper presents the main features of the benchmark closed-economy flexible-price model, an open-economy extension of the model, a variant of the model with price-setting frictions and selected applications to illustrate key transmission channels. In order to give those who are interested the opportunity to gain more experience with EMuSe, the model codes are published together with this documentation.

Suggested Citation

  • Hinterlang, Natascha & Martin, Anika & Röhe, Oke & Stähler, Nikolai & Strobel, Johannes, 2023. "The Environmental Multi-Sector DSGE model EMuSe: A technical documentation," Technical Papers 03/2023, Deutsche Bundesbank.
  • Handle: RePEc:zbw:bubtps:280900
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/280900/1/Technical_documentation_EMuSe_Main.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Coenen, Günter & Straub, Roland & Trabandt, Mathias, 2013. "Gauging the effects of fiscal stimulus packages in the euro area," Journal of Economic Dynamics and Control, Elsevier, vol. 37(2), pages 367-386.
    2. Fischer, Carolyn & Springborn, Michael, 2011. "Emissions targets and the real business cycle: Intensity targets versus caps or taxes," Journal of Environmental Economics and Management, Elsevier, vol. 62(3), pages 352-366.
    3. Stähler, Nikolai & Thomas, Carlos, 2012. "FiMod — A DSGE model for fiscal policy simulations," Economic Modelling, Elsevier, vol. 29(2), pages 239-261.
    4. Rebekka Christopoulou & Philip Vermeulen, 2012. "Markups in the Euro area and the US over the period 1981–2004: a comparison of 50 sectors," Empirical Economics, Springer, vol. 42(1), pages 53-77, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hinterlang, Natascha & Jäger, Marius & Stähler, Nikolai & Strobel, Johannes, 2024. "On curbing the rise in energy prices: An examination of different mitigation approaches," Discussion Papers 09/2024, Deutsche Bundesbank.
    2. Falck, Elisabeth & Röhe, Oke & Strobel, Johannes, 2024. "Digital transformation and its impact on labour productivity: A multi-sector perspective," Discussion Papers 28/2024, Deutsche Bundesbank.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hinterlang, Natascha & Martin, Anika & Röhe, Oke & Stähler, Nikolai & Strobel, Johannes, 2021. "Using energy and emissions taxation to finance labor tax reductions in a multi-sector economy: An assessment with EMuSe," Discussion Papers 50/2021, Deutsche Bundesbank.
    2. Hinterlang, Natascha & Moyen, Stephane & Röhe, Oke & Stähler, Nikolai, 2023. "Gauging the effects of the German COVID-19 fiscal stimulus package," European Economic Review, Elsevier, vol. 154(C).
    3. Hinterlang, Natascha & Martin, Anika & Röhe, Oke & Stähler, Nikolai & Strobel, Johannes, 2022. "Using energy and emissions taxation to finance labor tax reductions in a multi-sector economy," Energy Economics, Elsevier, vol. 115(C).
    4. Niklas Gadatsch & Josef Hollmayr & Nikolai Stähler, 2019. "Thoughts on a Fiscal Union in EMU," German Economic Review, Verein für Socialpolitik, vol. 20(4), pages 360-384, November.
    5. Varthalitis, Petros, 2019. "FIR-GEM: A SOE-DSGE Model for fiscal policy analysis in Ireland," Papers WP620, Economic and Social Research Institute (ESRI).
    6. Javier Andrés & José E. Boscá & Javier Ferri, 2016. "Instruments, rules, and household debt: the effects of fiscal policy," Oxford Economic Papers, Oxford University Press, vol. 68(2), pages 419-443.
    7. Stähler, Nikolai, 2019. "Who benefits from using property taxes to finance a labor tax wedge reduction?," Journal of Housing Economics, Elsevier, vol. 46(C).
    8. Richard McManus & Gulcin Ozkan & Dawid Trzeciakiewicz, 2019. "Expansionary Contractions and Fiscal Free Lunches: Too Good To Be True?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 121(1), pages 32-54, January.
    9. Ernst, Anne & Hinterlang, Natascha & Mahle, Alexander & Stähler, Nikolai, 2023. "Carbon pricing, border adjustment and climate clubs: Options for international cooperation," Journal of International Economics, Elsevier, vol. 144(C).
    10. Enders Almira & Groll Dominik & Stähler Nikolai, 2020. "Parity funding of health care contributions in Germany: A DSGE perspective," German Economic Review, De Gruyter, vol. 21(2), pages 217-233, June.
    11. Maria-Grazia Attinasi & Doris Prammer & Nikolai Stähler & Martino Tasso & Stefan van Parys, 2019. "Budget-Neutral Labor Tax Wedge Reductions: A Sumulation-Based Analysis for the Euro Area," International Journal of Central Banking, International Journal of Central Banking, vol. 15(4), pages 1-54, October.
    12. Schwarzmüller, Tim & Wolters, Maik H., 2014. "The macroeconomic effects of fiscal consolidation in dynamic general equilibrium," Kiel Working Papers 1963, Kiel Institute for the World Economy (IfW Kiel).
    13. Aursland, Thor Andreas & Frankovic, Ivan & Kanik, Birol & Saxegaard, Magnus, 2020. "State-dependent fiscal multipliers in NORA - A DSGE model for fiscal policy analysis in Norway," Economic Modelling, Elsevier, vol. 93(C), pages 321-353.
    14. Dimitris Papageorgiou, 2014. "BoGGEM: a dynamic stochastic general equilibrium model for policy simulations," Working Papers 182, Bank of Greece.
    15. Maria Manuel Campos & Cristina Checherita-Westphal, 2019. "Economic consequences of high public debt and challenges ahead for the euro area," Working Papers o201904, Banco de Portugal, Economics and Research Department.
    16. Pablo Burriel & Cristina Checherita-Westphal & Pascal Jacquinot & Matthias Schön & Nikolai Stähler, 2020. "Economic consequences of high public debt: evidence from three large scale DSGE models," Working Papers 2029, Banco de España.
    17. Eric French & Elaine Kelly & Gerhard Kempkes & Nikolai Stähler, 2016. "A One‐Off Wealth Levy? Assessing the Pros and Cons and the Importance of Credibility," Fiscal Studies, Institute for Fiscal Studies, vol. 37, pages 821-849, September.
    18. Matthaei, Stephan & Stähler, Nikolai, 2016. "Macroeconomic implications of the German financial equalization system," VfS Annual Conference 2016 (Augsburg): Demographic Change 145695, Verein für Socialpolitik / German Economic Association.
    19. Lawrence B. Dacuycuy & Fernando T. Aldaba, 2024. "Development of a Fiscal-Centric DSGE Model in Aid of Policy Evaluation," Department of Economics, Ateneo de Manila University, Working Paper Series 202405, Department of Economics, Ateneo de Manila University.
    20. George Economides & Dimitris Papageorgiou & Apostolis Philippopoulos, 2017. "The driving forces of the current Greek great depression," Working Papers 201703, Athens University Of Economics and Business, Department of Economics.

    More about this item

    Keywords

    climate risks; DSGE; production linkages; sectoral heterogeneity;
    All these keywords.

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:bubtps:280900. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/dbbgvde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.