OGRE Model

OGRE stands for Overlapping Generations and Retirement, and it is a medium-scale dynamic general equilibrium model solved by Matlab, Dynare and IRIS and developed by Daniel Baksa and me. In the age of population aging many countries face the risk of fiscal unsustainability. OGRE enables us to explore the macroeconomic impacts of demographic changes, pension and other fiscal policies, both in the short and long run which can facilitate economic policy decision making. The abbreviation reflects the dichotomy between a mathematically and computationally complicated framework ("ogre") and its suitability to address a plenty of real-world policy challenges ("Fiona").

OGRE 1.0 is available for Portugal and Spain and OGRE 2.0 for Lithuania. The latter is an extended version with a small open-economy setting.

Recently, the European Central Bank used OGRE for the March 2018 Economic Bulletin. There are several further applications work in progress: a European Central Bank Occasional Paper for Portugal and Slovakia, and another paper on monetary policy and aging.

OGRE was invited for presentation by quite a few institutions, such as the Deutsche Bundesbank, the National Bank of Slovakia, the Council for Budget Responsibility of Slovakia and the European Central Bank.

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

A one-pager is available here (last updated on September 14, 2018).