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QUEST III - The model

A sort of a compass having as background an old map

QUEST is the global macroeconomic model that the Directorate General for Economic and Financial Affairs (DG ECFIN) uses for macroeconomic policy analysis and research

QUEST is developed by DG ECFIN with support from the JRC. Download is available below.


QUEST III belongs to the class of New-Keynesian Dynamic Stochastic General Equilibrium (DSGE) models that are now widely used by international institutions and central banks. These models have rigorous microeconomic foundations derived from utility and profit optimisation and include frictions in goods, labour and financial markets. With empirically plausible estimation and calibration they are able to fit the main features of the macroeconomic time series. The JRC and DG ECFIN estimated the QUEST III model on euro area and US data, as well as for individual euro area member states, using Bayesian estimation methods.

Since 2015 the Joint Research Centre is also supporting DG COMP in the macroeconomic assessment of competition policy enforcement in the European Union using QUEST model based simulations. The analysis makes use of EU Competition Authority cartel and merger cases and simulates their macroeconomic impact.

Further info and references on QUEST model.


To find out more about the JRC's work on similar topics, explore the related JRC portfolios: