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    Estimation of the Price Elasticity of Oil

    Published 23-11-2022
    MAKRO

    We estimate the oil price elasticity for import prices for the sectors present in MAKRO. We make use of a Kalman filter approach developed by Kastrup, Kronborg, and Stephensen (2022).

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    Copy or Deviate? The Market Economy as a Self-Organizing System

    Published 21-11-2022
    DREAM

    An agent-based model for a decentralized market economy with multiple sectors is set up and it is demonstrated that the economy is self-organizing if four empirically relevant conditions apply.

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    A short note on Perceived Risk

    Published 09-09-2022
    DREAM

    In standard porfolio theory, mean-variance analysis is used to assamble a portfolio of assets such that the expected return is maximized for a given level of risk. In this note we give a behavioral ve ...

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    Estimation of the Elasticity of Substitution

    Published 04-08-2022
    MAKRO Christian Kastrup Anders Kronborg Peter Stephensen

    This paper presents a new state-space framework to jointly estimate the capital-labor elasticity of substitution and time-varying factor-augmenting technical change.

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    Macroeconomic Effects of an uniform carbon Tax

    Published 21-03-2022
    GreenREFORM Jens Sand Kirk Simon Henriksen

    This memo describes the effects of an implementation of a Danish greenhouse gas emission tax in the current preliminary version of GreenREFORM.

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    Modelling the EU ETS system in GreenREFORM

    Published 07-02-2022
    GreenREFORM Jens Sand Kirk

    In this note, I will discuss how to model the EU ETS system in GreenREFORM.

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    Modelling marginal tax rates in GreenREFORM

    Published 06-02-2022
    GreenREFORM Peter Stephensen Jens Sand Kirk

    This note propose a general methodology for incorporating exogenous marginal tax rates in input demand functions of firms, while still respecting national accounts statistics on total production costs ...

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    Marginal propensity to consume

    Published 08-12-2021
    MAKRO Anders Kronborg Martin Bonde Peter Stephensen

    This note describes how the beta bersion of MAKRO is calibrated to provide empirically substantiated levels of private consumption by age. In addition, it is examined how households’ marginal propensi ...

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    MAKRO Model Documentation

    Published 08-12-2021
    MAKRO Joao Ejarque Martin Bonde Grane Høegh Anders Kronborg Peter Stephensen

    This is the model documentation of the beta version of MAKRO.

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    Estimating foreign shocks in a VAR model

    Published 07-12-2021
    MAKRO Anders Kronborg

    This note describes how foreign shocks are estimated in the work with the MAKRO model.