Portuguese paper presents macroeconomic model for small economies
A Bank of Portugal working paper published yesterday details the features and applications of the Portuguese Economy Structural Small Open Analytical (Pessoa) model, a dynamic general equilibrium model that the authors say can be applied to any small economy integrated in a monetary union.
Inside Pessoa – A detailed description of the model, by Vanda Almeida, Gabriela Castro, Ricardo Félix, Paulo Júlio and José Maria, says the model can be used to illustrate "a number of key macroeconomic issues
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