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A RMSM-X (Revised Minimum Standard Model) for Chile

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  • Servern, Luis

Abstract

The RMSM-X model for Chile is one of a sequence of models that also includes, in increasing order of complexity, the RMSM-XX and MACOR models. The three models share the same budget accounts for an economy disaggregated into several sectors - such as private, public, financial, and foreign - and organized in a flow of funds framework. The RMSM-X model combines a simple behavioral structure with the basic accounting framework and can be solved recursively to obtain macroeconomically consistent projections for a set of endogenous variables. RMSM-XX will more completely specify the links among economic variables and will require a simultaneous solution procedure. MACOR will be a standard medium size macroeconomietric model that will introduce a more sophisticated behavioral structure into the basic accounting framework. The author also describes two possible solution procedures or closure rules for the model. They are the"normative"closure and the"positive"closure.

Suggested Citation

  • Servern, Luis, 1990. "A RMSM-X (Revised Minimum Standard Model) for Chile," Policy Research Working Paper Series 508, The World Bank.
    • Handle: RePEc:wbk:wbrwps:508
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    References listed on IDEAS

    as
    1. Scheetz, Thomas, 1987. "Public sector expenditures and financial crisis in Chile," World Development, Elsevier, vol. 15(8), pages 1053-1075, August.
    2. Everaert, Luc & Garcia-Pinto, Fernando & Ventura, Jaume, 1990. "A RMSM-X model for Turkey," Policy Research Working Paper Series 486, The World Bank.
    Full references (including those not matched with items on IDEAS)

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