Related links and documents:

  1. The Project - presentation at Trinity College
  2. A suite of macroeconomic models for Ireland

 

This website describes the current and planned activities of the Joint Macro Modelling Project.

With this joint project the Central Bank of Ireland (CBI) and the Economic and Social Research Institute (ESRI) plan to develop jointly a suite of modern macroeconomic/econometric models of the Irish economy as a basis for informing macroeconomic analysis and policy decisions. Staff from both institutions are involved in jointly developing such models.

The participating institutions already use a variety of models for macroeconomic analysis and forecasting. Such models, and the models being developed in the context of the MMP are no exception, are simply a way to organize information and help create a consistent picture of future developments. None of them can be thought as exhaustive, and expert judgement inevitably comes into play when models are used. For this reason, and in particular in the current period of high uncertainty, none of the models can be thought of as the model on which policy decisions or assessments are based. For this reason, the Project will frequently develop complementary models dealing with different angles of the same issue.

This project is of critical importance to both organisations particularly in light of the current challenges facing the Irish economy.