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Gem

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Author Info

  • Tamim Bayoumi
  • Hamid Faruqee
  • Douglas Laxton
  • Philippe D Karam
  • Alessandro Rebucci
  • Jaewoo Lee
  • Ben Hunt
  • Ivan Tchakarov

Abstract

Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed, how GEM differs from its predecessor model, and how the new features of the model can improve the IMF’s policy analysis. The paper is aimed at a general audience and avoids technical detail. It outlines the motivation, structure, strengths, and limitations of the model; examines three simulation exercises that have been completed; and discusses the future path of GEM.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 239.

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Length: 34
Date of creation: 30 Nov 2004
Date of revision:
Handle: RePEc:imf:imfocp:239

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Related research

Keywords: Economic models; inflation; monetary policy; aggregate demand; monetary fund; oil prices; open economy; exchange rate; monetary policy rules; intermediate goods; central bank; monetary union; closed economy; fiscal policy; monetary authorities; political economy; real wages; competition; asset markets; exchange rate regime; macroeconomics; tax cut; financial markets; increasing competition; dynamic effects; exchange rate regimes; economic cooperation; world economy; monetary models; real exchange rate; macroeconomic model; exchange rate pass; exchange rates; open economy macroeconomics; economy macroeconomics; bond; foreign borrowing; fiscal balances; monetary framework; open economies; monetary economics; output volatility; real interest rates; income distribution; monetary responses; real variables; rational expectations; wage-price; optimal monetary policy; terms of trade; trade reforms; real output; macroeconomic issues; international macroeconomics; tax cuts; financial assets; structural fiscal; discount rates; fiscal issues; tax increases; bonds; financial deregulation; european monetary union; monetary stance; monetary analysis; monetary authority; domestic financial markets; fiscal policies; national bank; domestic goods; balance of payments; trade policies; domestic price; trade flows; trade volumes; accession candidates; increasing product market competition; multilateral surveillance; elasticity of substitution; bilateral trade; price discrimination; trade deficit; domestic firms; monetary conditions; closed economies; accession countries; trade patterns; tradable goods; commodity prices; exporting countries; exchange rate overshooting; constant elasticity of substitution; exchange rate volatility; domestic exchange rate; country exchange rate; alternative exchange rate regimes; alternative exchange rate; imperfect competition; domestic prices; equilibrium model; real exchange rates; idiosyncratic shocks;

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References

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  1. Athanasios Orphanides, 2003. "Historical monetary policy analysis and the Taylor rule," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2003-36, Board of Governors of the Federal Reserve System (U.S.).
  2. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 84(6), pages 1161-76, December.
  3. Bernanke, Ben & Gertler, Mark, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Working Papers, C.V. Starr Center for Applied Economics, New York University 95-15, C.V. Starr Center for Applied Economics, New York University.
  4. Obstfeld, Maurice, 2001. "International Macroeconomics: Beyond the Mundell-Fleming Model," Center for International and Development Economics Research, Working Paper Series, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkele qt6796n8s0, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  5. Michel Juillard & Charles Freedman & Dmitry Korshunov & Douglas Laxton & Ondra Kamenik & Ioan Carabenciov & Igor Ermolaev & Jared Laxton, 2008. "A Small Quarterly Multi-Country Projection Model with Financial-Real Linkages and Oil Prices," IMF Working Papers 08/280, International Monetary Fund.
  6. Roberto Garcia-Saltos & Douglas Laxton & Michal Andrle & Haris Munandar & Charles Freedman & Danny Hermawan, 2009. "Adding Indonesia to the Global Projection Model," IMF Working Papers 09/253, International Monetary Fund.
  7. David Laidler, 2003. "The Price Level, Relative Prices, and Economic Stability: Aspects of the Inter-War Debate," UWO Department of Economics Working Papers, University of Western Ontario, Department of Economics 200310, University of Western Ontario, Department of Economics.
  8. International Monetary Fund, 2009. "Adding Latin America to the Global Projection Model," IMF Working Papers 09/85, International Monetary Fund.
  9. Douglas Laxton & Andrew Berg & Philippe D Karam, 2006. "Practical Model-Based Monetary Policy Analysis," IMF Working Papers 06/81, International Monetary Fund.
  10. Robert Koopman & William Powers & Zhi Wang & Shang-Jin Wei, 2010. "Give Credit Where Credit Is Due: Tracing Value Added in Global Production Chains," NBER Working Papers 16426, National Bureau of Economic Research, Inc.
  11. Freedman, Charles & Kumhof, Michael & Laxton, Douglas & Muir, Dirk & Mursula, Susanna, 2010. "Global effects of fiscal stimulus during the crisis," Journal of Monetary Economics, Elsevier, Elsevier, vol. 57(5), pages 506-526, July.
  12. Clinton, Kevin & Garcia-Saltos, Roberto & Johnson, Marianne & Kamenik, Ondrej & Laxton, Douglas, 2010. "International deflation risks under alternative macroeconomic policies," Journal of the Japanese and International Economies, Elsevier, vol. 24(2), pages 140-177, June.
  13. Douglas Laxton & Andrew Berg & Philippe D Karam, 2006. "A Practical Model-Based Approach to Monetary Policy Analysis: Overview," IMF Working Papers 06/80, International Monetary Fund.
  14. Smets, Frank & Wouters, Raf, 2002. "An estimated stochastic dynamic general equilibrium model of the euro area," Working Paper Series, European Central Bank 0171, European Central Bank.
  15. Tamim Bayoumi & Ola Melander, 2008. "Credit Matters," IMF Working Papers 08/169, International Monetary Fund.
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