QUEST II. A Multi-Country Business Cycle and Growth Model



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The model is closed with respect to international trade. This means that trade relationships
for each country included in the model with the rest of the world are modelled and the
adding up constraint for world exports and imports is obeyed. Apart from the countries of
the European Union, the US and Japan, we distinguish the following remaining regions,
namely Central and Eastern Europe (CE), other OECD countries distinguished into
Australia (AU), Canada (CA), Norway (NO), Switzerland (CH),and the rest of the OECD
(RO), OPEC (OP), the tigers (TI), other industrialised countries (OI) and the rest of the
World (RW).

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1.

BL

Belgium-Luxembourg Economic Union (BLEU)      17. CA         Canada

2.

DK

Denmark

18. AU          Australia

3.

DE

FR of Germany

19. NO         Norway

4. GR   Greece

5. ES    Spain

6. FR    France

7. IR     Ireland

8. IT      Italy

9. NL    Netherlands

10. OS    Austria

11. PO   Portugal

12. SF    Finland

13. SW Sweden

14. UK   United Kingdom

15. US   United States of America

16. JA    Japan

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20. CH          Switzerland

21

RO

The rest of the OECD countries:

Iceland, New Zealand, Turkey

22

OP

OPEC:

Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia,
United Arab Emirates, Venezuela

23

CE

Central and Eastern European
Countries:

Albania, Bulgaria, CIS, Czech Republic,
Slovakia, Hungary, Poland, Romania

24

TI

The Asian newly industrializing
countries:

Hong Kong, Korea, Malaysia, Philippines,
Singapore, Taiwan

25

OI

Other newly industrialising countries:

Argentina, Brazil, Israel, South Africa,
Thailand, former Yugoslavia

26

RW

The rest of the world:

All countries not included elsewhere, including
trade not specified in terms of estimation

18



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