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.

The European Central Bank relied on OGRE in their March 2018 Economic Bulletin. In 2020 a European Central Bank Working Paper was released in which we examined the fiscal and macroeconomic impact of pension reform reversals in Germany and Slovakia - our findings were summarized in a VoxEU post as well. In 2023 during the 2023 Article IV visit to the Republic of Korea OGRE was used to prepare an annex on pension reforms and aging.

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 for the Bank of Lithuania, the Spanish Independent Authority for Fiscal Responsibility and the International Monetary Fund.

Website last updated on January 15, 2024. A brief description on OGRE - last updated on June 22, 2020 - is available here.