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GEM; A New International Macroeconomic Model

Author

Listed:
  • Tamim Bayoumi
  • Hamid Faruqee
  • Douglas Laxton
  • Philippe D Karam
  • Alessandro Rebucci
  • Jaewoo Lee
  • Benjamin L 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.

Suggested Citation

  • Tamim Bayoumi & Hamid Faruqee & Douglas Laxton & Philippe D Karam & Alessandro Rebucci & Jaewoo Lee & Benjamin L Hunt & Ivan Tchakarov, 2004. "GEM; A New International Macroeconomic Model," IMF Occasional Papers 239, International Monetary Fund.
  • Handle: RePEc:imf:imfocp:239
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=17556
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    References listed on IDEAS

    as
    1. Maurice Obstfeld, 2001. "International Macroeconomics: Beyond the Mundell-Fleming Model," NBER Working Papers 8369, National Bureau of Economic Research, Inc.
    2. Smets, Frank & Wouters, Raf, 2002. "An estimated stochastic dynamic general equilibrium model of the euro area," Working Paper Series 0171, European Central Bank.
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