OGRE Model

OGRE stands for Overlapping Generations and Retirement. It is a medium-scale dynamic general equilibrium model solved by Matlab, Dynare, and IRIS, and was jointly developed with Daniel Baksa. In the age of aging, when many countries also face the risk of fiscal unsustainability, OGRE enables us to explore the macroeconomic and fiscal impacts of demographic changes, pension reforms, and fiscal policies, both in the short and long run. The abbreviation also reflects the dichotomy between a mathematically and computationally complicated framework ("ogre"), and the beauty to be able to address plenty of real-world policy challenges ("Fiona").

OGRE 1.0 is available for Portugal and Spain, and OGRE 2.0 for Lithuania. OGRE 2.0 is an extended small open-economy version of the original model.

Recently, the European Central Bank released the March 2018 Economic Bulletin which was partly based on OGRE. There are several other ongoing works, such as an upcoming European Central Bank Working Paper on pension reform reversals in Spain, Portugal, Germany, and Slovakia, and an International Monetary Fund / Bank of Lithuania Working Paper on aging and (optimal) monetary policies.

OGRE has been invited for presentation by numerous institutions, including the Deutsche Bundesbank, the National Bank of Slovakia, the Council for Budget Responsibility of Slovakia, and the European Central Bank.

Furthermore, by invitation, training has been provided to Bank of Lithuania staff, the Spanish Independent Authority for Fiscal Responsibility, and the International Monetary Fund.

A one-pager is available here (last updated on April 9, 2019).