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The full licence terms are available from \u0013 HYPERLINK \"http://creativecommons.org/licenses/by/3.0/au/legalcode\" \u0014http://creativecommons.org/licenses/by/3.0/au/legalcode\u0015.\nUse of Treasury material under a \u0013 HYPERLINK \"http://creativecommons.org/licenses/by/3.0/au/deed.en\" \u0014Creative Commons BY Attribution 3.0 Australia\u0015 licence requires you to attribute the work (but not in any way that suggests that the Treasury endorses you or your use of the work).\nTreasury material used 'as supplied'\nProvided you have not modified or transformed Treasury material in any way including, for example, by changing the Treasury text; calculating percentage changes; graphing or charting data; or deriving new statistics from published Treasury statistics — then Treasury prefers the following attribution:\nSource: The Australian Government the Treasury\nDerivative material\nIf you have modified or transformed Treasury material, or derived new material from those of the Treasury in any way, then Treasury prefers the following attribution:\nBased on The Australian Government the Treasury data\nUse of the Coat of Arms\nThe terms under which the Coat of Arms can be used are set out on the Department of the Prime Minister and Cabinet website (see \u0013 HYPERLINK \"http://www.pmc.gov.au/government/commonwealth-coat-arms\" \u0014www.pmc.gov.au/government/commonwealth-coat-arms\u0015).\nOther uses\nEnquiries regarding this licence and any other use of this document are welcome at:\nManager\nMedia Unit\nThe Treasury\nLangton Crescent \u000bParkes ACT 2600\nEmail: \u0013 HYPERLINK \"mailto:media@treasury.gov.au\" \u0014media@treasury.gov.au\u0015\nThe Treasury Macroeconometric Model of Australia: Modelling Approach.\u000bJared Bullen, Benjamin Conigrave, Adam Elderfield, Cecilia Karmel, Larissa Lucas, Chris Murphy, Heather Ruberl, Nicholas Stoney and Hui Yao\u000b2021-09\u000b3 September 2021\nAbstract\nEconomy-wide models are an important tool used by fiscal authorities and central banks to support the provision of sound assessment of the economic outlook. The Treasury Macroeconometric Model of Australia (“EMMA”) is a framework to support macroeconomic forecasting, and counterfactual policy and scenario analysis at the Treasury. It has been developed, tested and used within Treasury since 2018.\nEMMA plays a central role in preparing the economic estimates which underpin Australian Government fiscal projections and scenario analysis which is used to assess the risks about those estimates. Macroeconomic forecasts and the scenario analysis from the model are also used to inform Treasury’s advice across a broad spectrum of policy areas to assist with both policy formulation and policy costing. The model is also used to develop capability in applied small open economy macroeconomics.\nThe focus of this paper is to outline the model’s structure and describe its place within the macroeconomic modelling literature. Further details on the model’s equations, empirical properties and dynamics will be published over time. A macroeconomic model is never finished. The model will continue to be developed to ensure that it remains a fit for purpose tool to analyse the evolving economic and policy environment. This paper outlines the first version of the model.\nJEL Classification Numbers: C32, C53, E10, E17, E27, E37, E47 \u000bKeywords: Australian economy, macroeconomic model.\nAcknowledgements\nThe Treasury Macroeconometric Mode","cbCaiuXFVqFsZzdf","https://ap.wps.com/l/cbCaiuXFVqFsZzdf","docx",347030,77,"English","# Abstract\n## Purpose and role of EMMA\n## Development and applications\n## Publication scope and future updates","[{\"question\":\"What is EMMA and what is it used for?\",\"answer\":\"EMMA is a Treasury framework for macroeconomic forecasting and for counterfactual policy and scenario analysis. It supports economic estimates and helps assess risks around fiscal projections.\"},{\"question\":\"How does the model contribute to Australian Government fiscal work?\",\"answer\":\"Forecasts and scenario analysis from EMMA underpin the economic estimates that support Australian Government fiscal projections. The outputs also help inform Treasury advice across a wide range of policy areas.\"},{\"question\":\"Has EMMA been in use already, or is this publication only a proposal?\",\"answer\":\"EMMA has been developed, tested and used within Treasury since 2018. This paper outlines the first version of the model and notes that further details will be published over time.\"}]","The Treasury Macroeconometric Model of Australia - Modelling Approach | DOCX",1788330855,27]