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The structure and properties of the FRB multicountry model.Part I: Model description and simulation results

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Author Info

  • Hali J. Edison
  • Jaime R. Marquez
  • Ralph W. Tryon

Abstract

The FRB Multicountry Model (MCM) is a linked system of five quarterly national macroeconometric models of the United States, Canada, Germany, Japan, and the United Kingdom. The MCM emphasizes international linkages, and has equations for trade in goods and services, investment income flows, and exchange rates. This paper documents the current version of the MCM. The paper describes the theoretical structure of the model, and presents the empirical estimation results. The paper also describes a series of simulations of fiscal and monetary policy scenarios and external shocks. A complete listing of the model is given in an appendix.

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File URL: http://www.federalreserve.gov/pubs/ifdp/1986/293/default.htm
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File URL: http://www.federalreserve.gov/pubs/ifdp/1986/293/ifdp293.pdf
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Bibliographic Info

Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series International Finance Discussion Papers with number 293.

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Date of creation: 1986
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Handle: RePEc:fip:fedgif:293

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Related research

Keywords: Econometric models ; International economic relations;

References

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  1. Hooper, Peter & Morton, John, 1982. "Fluctuations in the dollar: A model of nominal and real exchange rate determination," Journal of International Money and Finance, Elsevier, vol. 1(1), pages 39-56, January.
  2. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
  3. Helliwell, John F. & Padmore, Tim, 1985. "Empirical studies of macroeconomic interdependence," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 21, pages 1107-1151 Elsevier.
  4. Hali J. Edison & Ralph Tryon, 1986. "An empirical analysis of policy coordination in the United States, Japan and Europe," International Finance Discussion Papers 286, Board of Governors of the Federal Reserve System (U.S.).
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Cited by:
  1. Henri Sterdyniak & Agnès Bénassy, 1992. "La détermination des taux de change dans les modèles multinationaux : l'état de l'art," Économie et Prévision, Programme National Persée, vol. 104(3), pages 39-71.

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