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German Unification

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Author Info

  • Joseph E. Gagnon
  • Paul R. Masson
  • Warwick J. McKibbin

Abstract

This study reviews early simulations of the effects of German unification using three different rational-expectations multi-country models. Despite significant differences in their structures and in the implementations of the unification shock, the models delivered a number of common results that proved reasonably accurate guides to the direction and magnitude of the effects of unification on key macroeconomic variables. Unification was expected to give rise to an increase in German aggregate demand that would put upward pressure on output, inflation, and the exchange rate, and downward pressure on the current account balance. The model simulations also highlighted contractionary effects of high German interest rates on EMS countries.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 96/43.

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Length: 38
Date of creation: 01 May 1996
Date of revision:
Handle: RePEc:imf:imfwpa:96/43

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Cited by:
  1. McKibbin, Warwick J. & Wilcoxen, Peter J., 2013. "A Global Approach to Energy and the Environment," Handbook of Computable General Equilibrium Modeling, Elsevier.
  2. Beck, Martin & Winker, Peter, 2004. "Modeling spillovers and feedback of international trade in a disequilibrium framework," Economic Modelling, Elsevier, vol. 21(3), pages 445-470, May.

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