DSGE Modeling At the Fund
AbstractResearchers in policymaking institutions have expended significant effort to develop a new generation of macro models with more rigorous microfoundations. This paper provides a summary of the applications of two of these models. The Global Economy Model is a quarterly model that features a large assortment of nominal and real rigidities, which are necessary to create plausible short-run dynamics. However, because this model is based on a representative-agent paradigm, its Ricardian features make it unsuitable to study many fiscal policy issues. The Global Fiscal Model, which is an annual model that uses an overlappinggenerations structure, has been designed to analyze the longer-term consequences of alternative fiscal policies.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 07/200.
Date of creation: 01 Aug 2007
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-01-05 (All new papers)
- NEP-CBA-2008-01-05 (Central Banking)
- NEP-CMP-2008-01-05 (Computational Economics)
- NEP-DGE-2008-01-05 (Dynamic General Equilibrium)
- NEP-MAC-2008-01-05 (Macroeconomics)
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- Marcin Kolasa, 2008.
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National Bank of Poland Working Papers
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- Kolasa, Marcin, 2009. "Structural heterogeneity or asymmetric shocks? Poland and the euro area through the lens of a two-country DSGE model," Economic Modelling, Elsevier, vol. 26(6), pages 1245-1269, November.
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- Jared Laxton & Igor Ermolaev & Charles Freedman & Ondra Kamenik & Michel Juillard & Douglas Laxton & Ioan Carabenciov & Dmitry Korshunov, 2008. "A Small Quarterly Multi-Country Projection Model," IMF Working Papers 08/279, International Monetary Fund.
- Leif Lybecker Eskesen, 2009. "Countering the Cycle," IMF Working Papers 09/249, International Monetary Fund.
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