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dkgaraujo / OpenSourcedMacroModels

A best-efforts collection of open-sourced macroeconomic models run by central banks and other official sector agencies (ie, ministries of economy)
Apache License 2.0
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central-banking economics macroeconomics monetary-policy

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OpenSourcedMacroModels

New: working paper describing the content below, and more: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4755247

Objective

The goal of this repository is to collect in one place the open-sourced macroeconomic models, in particular (but not limited to) those used by central banks, ministries of finance and other offical sector agencies.

If you know a model that is not listed here, please open up a pull request here. PRs for corrections are also very welcome. Alternatively, feel free to reach out to me on Twitter.

Official sector models

The table below lists models that were open sourced by official sector entities themselves.

Jurisdiction Institution Model name Model type Link to code Programming language License About
Australia Reserve Bank of Australia MARTIN Economy-wide model based on error-correction equations https://www.rba.gov.au/publications/rdp/2019/2019-07.html
(click on "supplementary information")		 EViews "Disclaimer" section at https://www.rba.gov.au/publications/rdp/2019/2019-07/read-me.html Model described in the paper at https://www.rba.gov.au/publications/rdp/2019/2019-07.html
Chile Banco Central de Chile MSEP Semi-structural model https://www.bcentral.cl/documents/33528/2246274/sec3_3_1_structural_domestic_MSEP.zip/1d5236d2-4db2-b687-bd73-08a09fb5b316?t=1586981365357 Matlab/Octave + Dynare Same as for the website Section 3.3.1 of https://www.bcentral.cl/documents/33528/2246274/Uso_de_modelos_en_el_BCCh_2020.pdf/08cdce8e-7344-4af8-01a3-93c0dc7f39db?t=1586968478573
Chile Banco Central de Chile XMAS DSGE https://www.bcentral.cl/documents/33528/2246274/sec3_3_2_structural_domestic_XMAS.zip/726db955-2713-c7d5-9ed8-9ef65eef7475?t=1586981406890 Matlab/Octave + Dynare Same as for the website Section 3.3.2 of https://www.bcentral.cl/documents/33528/2246274/Uso_de_modelos_en_el_BCCh_2020.pdf/08cdce8e-7344-4af8-01a3-93c0dc7f39db?t=1586968478573
Denmark Ministry of Finance MAKRO Deterministic perfect forecast model https://github.com/DREAM-DK/MAKRO GAMS MIT License
Euro Area European Central Bank (ECB) Bayesian Estimation, Analysis and Regression toolbox (BEAR) Bayesian vector autoregression (VAR) https://github.com/european-central-bank/BEAR-toolbox/ Matlab Custom end-user license agreement
European Union European Commission Output gap model https://circabc.europa.eu/ui/group/671d465b-0752-4a2e-906c-a3effd2340ba/library/b9482682-d5a0-47a1-9281-bc7d8a214629 WinRATS
Finland Bank of Finland Aino DSGE https://helda.helsinki.fi/bof/handle/123456789/14144 (v2.0) Matlab/Octave + Dynare https://helda.helsinki.fi/bof/copyright Aino 2.0. Note: current version (no code available) is Aino 3.0
France French Ministry of Economics and Finance Mésange DSGE https://github.com/InseeFr/Mesange Troll https://raw.githubusercontent.com/InseeFr/Mesange/master/LICENSE.txt https://github.com/InseeFr/Mesange/raw/master/Document%20de%20travail%20Mesange%202017.pdf
France French Ministry of Economics and Finance Modèle Opale https://github.com/DGTresor/Opale Troll https://github.com/DGTresor/Opale/blob/master/LICENSE https://github.com/DGTresor/Opale/blob/master/doc/Document_de_travail_Opale__2017_.pdf
France French Ministry of Economics and Finance Modèle Saphir https://github.com/DGTresor/Saphir SAS https://github.com/DGTresor/Saphir/blob/master/LICENSE
Germany Federal Ministry for Economic Affairs and Climate Action Production function methodology https://www.bmwi.de/Redaktion/DE/Downloads/G/ergaenzende-unterlagen-zu-den-berechnungsgrundlagen-fuer-die-bestimmung-des-gesamtwirtschaftlichen-produktionspotenzials.zip?__blob=publicationFile&v=14 EViews Same as for the website https://www.bmwi.de/Redaktion/DE/Downloads/G/ergaenzende-unterlagen-zu-den-berechnungsgrundlagen-fuer-die-bestimmung-des-gesamtwirtschaftlichen-produktionspotenzials.html
Iceland Central Bank of Iceland Quarterly Macroeconomic Model (QMM) Structural econometric model https://www.cb.is/monetary-policy/central-bank-of-iceland-economic-forecasts/ Not clear https://www.cb.is/other/copyright/ https://www.cb.is/library/Skraarsafn---EN/Working-Papers/WP82_net
Italy Bank of Italy Black-box abm calibration kit Agent-based model https://github.com/bancaditalia/black-it Python https://github.com/bancaditalia/black-it/blob/main/LICENSE https://github.com/bancaditalia/black-it/blob/main/docs/description.md
Japan Bank of Japan Quarterly Japanese Economic Model (Q-JEM) Large-scale semi-structural model https://www.boj.or.jp/en/research/wps_rev/wps_2019/data/wp19e07.zip EViews and Python Custom, found in "Disclaimer.pdf" https://www.boj.or.jp/en/research/wps_rev/wps_2019/wp19e07.htm
Sweden Riksbank Ramses II Dynamic stochastic general equilibrium (DSGE) https://www.riksbank.se/contentassets/e01d64fc644b462cb345ba0f4c85cf24/ramsesii_dynarecode_occasionalpaperno12.zip Matlab/Octave + Dynare Same as for the website https://www.riksbank.se/sv/press-och-publicerat/publikationer/working-paper-series/occasional-paper-series/no.-12-ramses-ii--model-description/
UK HM Treasury and Office for Budget Responsibility OBR model Large-scale macro-econometric model https://obr.uk/download/obr-macroeconomic-model-code/ EViews Last paragraph of this page https://obr.uk/forecasts-in-depth/obr-macroeconomic-model/
USA Federal Reserve Bank of New York (FRBNY) Dynamic stochastic general equilibrium (DSGE) https://github.com/FRBNY-DSGE/DSGE.jl Julia BSD-3-Clause License Blog post
USA Federal Reserve Board FRB/US Large-scale, general equilibrium model https://www.federalreserve.gov/econres/us-models-package.htm EViews, Python Same as for the website Eviews version: https://www.federalreserve.gov/econres/us-models-about.htm
Python version: https://www.federalreserve.gov/econres/us-models-python.htm
USA Federal Reserve Board Estimated Dynamic Optimization (EDO) Model DSGE https://www.federalreserve.gov/econres/edo-model-package.htm Matlab/Octave + Dynare Same as for the website https://www.federalreserve.gov/econres/edo-models-about.htm

Other related resources

Below are other resources that are worth consulting for their wealth of model code. The table below lists policy models open sourced by entities not in the official sector. Other sources are listed after the table.

Jurisdiction Institution Model name Model type Link to code Programming language License About
General Policy Simulation Library OG-Core Large-scale overlapping generations model https://github.com/PSLmodels/OG-Core Python CC0 1.0 Universal Summary This core model can be run on its own. But more effective is to create a country-specific calibration that uses OG-Core as a dependency (e.g., OG-USA and OG-UK). OG-Core documentation is thorough and up-to-date.
UK Policy Simulation Library OG-UK Large-scale overlapping generations model https://github.com/PSLmodels/OG-UK Python CC0 1.0 Universal Summary This model is currently under development. Large-scale overlapping generations model of U.K. fiscal policy. It uses as a dependency the OG-Core model logic and interfaces with the OpenFisca-UK open-source microsimulation model. OG-UK documentation is also under development.
USA Policy Simulation Library OG-USA Large-scale overlapping generations model https://github.com/PSLmodels/OG-USA Python CC0 1.0 Universal Summary Large-scale overlapping generations model of U.S. fiscal policy. It uses as a dependency the OG-Core model. OG-USA is currently set up to inteface with the open-source Tax-Calculator microsimulation model. However, it has been used with other microsimulation models as well (e.g., Tax Policy Center microsimulation model). OG-USA documentation is thorough and up-to-date.

⭐️ https://www.macromodelbase.com

⭐️ https://github.com/JohannesPfeifer/DSGE_mod

⭐️ https://www.bankofengland.co.uk/ccbs/applied-bayesian-econometrics-for-central-bankers-updated-2017

⭐️ https://github.com/shade-econ/nber-workshop-2022