Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/298318 
Year of Publication: 
2023
Series/Report no.: 
NBB Working Paper No. 435
Publisher: 
National Bank of Belgium, Brussels
Abstract: 
This paper outlines the three-country New Keynesian Dynamic Stochastic General Equilibrium model of the National Bank of Belgium. The model is named BEMGIE for Belgian Economy in a Macro General and International Equilibrium model. It features imperfect market competition, standard real and nominal rigidities, local currency pricing, energy in consumption and oil and foreign inputs in production. The model is estimated using Bayesian econometric techniques on Belgian, euro area and US data. BEMGIE is designed to provide quantitative simulations of macroeconomic shocks and policies, and to be used in the context of the Eurosystem projection exercises.
Subjects: 
DSGE model
Open economy model
Multi-country model
International spillovers
Monetary policy
Exchange rate pass-through
Bayesian estimation
JEL: 
E10
E17
E30
E40
E52
F41
F45
F47
C11
C32
C51
Document Type: 
Working Paper

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