OpenSourcedMacroModels

Objective

The goal of this repository is to collect in one place the open-sourcd 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.

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
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
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
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	Same as for the website	https://www.federalreserve.gov/econres/us-models-about.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.

⭐️ 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