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QUEST

Macroeconomic model QUEST

Economymacroeconomic modelDSGE model

Quality & Transparency

Quality

Model uncertainties

Models are by definition affected by uncertainties (in input data, input parameters, scenario definitions, etc.). Have the model uncertainties been quantified? Are uncertainties accounted for in your simulations?

yes
Possible

    Sensitivity analysis

    Sensitivity analysis helps identifying the uncertain inputs mostly responsible for the uncertainty in the model responses. Has the model undergone sensitivity analysis?

    yes
    Very often model versions are subject to sensitivity analysis.

      Have model results been published in peer-reviewed articles?

      yes
      There are many publications of the model in peer-reviewed journals.

        Has the model formally undergone scientific review by a panel of international experts?

        Please note that this does not refer to the cases when model results were validated by stakeholders.

        no

          Model validation

          Has model validation been done? Have model predictions been confronted with observed data (ex-post)?

          yes
          k-periods ahead behavior of the model variables is compared with historical observations.

            Transparency

            To what extent do input data come from publicly available sources?

            This may include sources accessible upon subscription and/or payment

            Entirely based on publicly available sources

            Is the full model database as such available to external users?

            Whether or not it implies a specific procedure or a fee

            no
            Taken from public sources.

              Have model results been presented in publicly available reports?

              Note this excludes IA reports.

              yes

              Have output datasets been made publicly available?

              Note this could also imply a specific procedure or a fee.

              no

                Is there any user friendly interface presenting model results that is accessible to the public?

                For instance: Dashboard, interactive interfaces...

                no

                  Has the model been documented in a publicly available dedicated report or a manual?

                  Note this excludes IA reports.

                  yes
                  Model structure is typically documented in scientific publications (e.g. Ratto et.al 2009, Burgert et al. 2020).

                  Is there a dedicated public website where information about the model is provided?

                  yes

                  Is the model code open-source?

                  no

                  Can the code be accessed upon request?

                  no