01873nam a2200313 a 4500 1/51307 051123s2005 lu u pdd 0 0gre 92-894-8119-6 1016-8060 (print) 1725-3187 (online) ECFIN/007878/04-EN 33188 GR-PeUP eng ΚΕΤ Αλφαβητική σειρά An estimated new keynesian dynamic stochastic general equilibrium model of the Euro area / Ratto, Marco...[et.al.] Brussels ; Belgium : European Commission: Directorate-General for Economic and Financial Affairs, 2005. 45 σ. ; 30 εκ. In recent years a new consensus has emerged in macroeconomics in general and in model building in particular, the so called New Keynesian Paradigm (NKM). This paper applies Bayesian estimation techniques to a time series data set of the euro area and presents estimates of a DSGE model. The purpose of this paper is not to estimate the current version of the QUEST model directly with these methods but rather to estimate a prototype new generation New-Keynesian DSGE model. This model can then serve as a benchmark for an estimation of a QUEST specification. In fact in some dimensions the QUEST model may need to be adjusted to come closer to a DSGE model. Economic Papers Ratto, Marco. Roger, Werner. Veld, Jan in't 1962- Girardi, Riccardo. European Commission : Directorate-General for Economic and Financial Affairs. Economic papers January 2005, No 220. European Economy. Economic papers ; 220. INST UNIPILB KET 20090311 eeep 220 eeep 220 NOLOAN 23 1 http://ec.europa.eu/economy_finance/publications/publication_summary11044_en.htm