Marco Ratto

Sensitivity Analysis in Practice

A Guide to Assessing Scientific Models

Sensitivity analysis should be considered a pre-requisite for statistical model building in any scientific discipline where modelling takes place. For...

Global Sensitivity Analysis

The Primer

Complex mathematical and computational models are used in all areas of society and technology and yet model based science is increasingly contested or...

Fiscal Policy in an Estimated Open-economy Model for the Euro Area

Recoge: Introduction - 1. The Model - 2. Estimation - 3. Assessing the Role of Fiscal Policy - 4. Conclusion....

An Estimated New Keynesian Dynamic Stochastic General Equilibrium Model of the Euro Area

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Risk Sharing and Portfolio Allocation in EMU

This paper develops a DSGE model for an open economy and estimates it on euro area data using Bayesian estimation techniques. The model features nomin...

What Drives the German Current Account?

And how Does it Affect Other EU Member States?

"We estimate a three-country model using 1995-2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the World (ROW) to analyze the de...

International Capital Flows and the Boom-bust Cycle in Spain

We study the joint dynamics of foreign capital flows and real activity during the recent boom-bust cycle of the Spanish economy, using a three-country...

The ECB Strategy Review

Implications for the Space of Monetary Policy

This paper investigates two important elements of the ECB's 2021 monetary policy strategy review in an estimated structural open-economy macro model o...

The COVID-19 Recession on Both Sides of the Atlantic

A Model-based Comparison

This paper compares the COVID-19 recession in the euro area (EA) and the US using an estimated multiregion New Keynesian macroeconomic model. To captu...