The Models of the Nordic and Baltic Countries

Abstract

The macroeconometric models were constructed in the Nordic Countries mainly in the years 80s and 90s. Their development was influenced by the British experience. They were mainly built at central administrative units and central banks—in Denmark the annual ADAM model by CSO, in Finland the annual KESSU model by Ministry of Finance and the quarterly BOF models by Central Bank, in Norway the annual large MODIS and MODAG models by CSO, then the quarterly models KVARTS and RIMINI model by Central Bank, in Sweden the research institutions developed the major models: the KOSMOS model, then the STEP, SNEP and GUESS model. The Riksbank constructed new quarterly models RIXMOD and recently SOE being the DSGE experimental model.The Danish and Finnish experience helped in construction the macroeconometric models for Estonia and Lithuania for the period of their economic transition.KeywordsInterest RateReal Interest RateFinal DemandSmall Open EconomyAnnual ModelThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.