OpenSourcedMacroModels Save
A best-efforts collection of open-sourced macroeconomic models run by central banks and other official sector agencies (ie, ministries of economy)
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.
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
- Repository of multiple macroeconomic models designed to enable systematic model comparison.
- The site contains an online comparison tool, in which you can choose amongst many different models (all well-categorised for ease of reference) and compare their outcome in terms of impulse response functions, etc for given shocks.
⭐️ https://github.com/JohannesPfeifer/DSGE_mod
- Repository of multiple academic macroeconomic models
⭐️ https://www.bankofengland.co.uk/ccbs/applied-bayesian-econometrics-for-central-bankers-updated-2017
- Material demonstrating very clearly Bayesian econometric tools that are often employed for macroeconomic models, namely:
- Bayesian vector autorregressions (VAR),
- VAR with time-varying parameters, and
- dynamic factor models
⭐️ https://github.com/shade-econ/nber-workshop-2022
- NBER Spring 2022 heterogeneous-agent macro workshop
- Jupyter notebooks in Python, very clear to follow and learn from
- Tutorials range from setting up models to estimating them using data
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