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The Flexible System of Global Models – FSGM


  • Michal Andrle
  • Patrick Blagrave
  • Pedro Espaillat
  • Keiko Honjo
  • Benjamin L Hunt
  • Mika Kortelainen
  • René Lalonde
  • Douglas Laxton
  • Eleonara Mavroeidi
  • Dirk V Muir
  • Susanna Mursula
  • Stephen Snudden


The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on the G-20, the euro area, and emerging market economies, this paper outlines the theory under-pinning the model, and illustrates its macroeconomic properties by presenting its responses under a wide range of experiments, including monetary, financial, demand, supply, fiscal and international shocks.

Suggested Citation

  • Michal Andrle & Patrick Blagrave & Pedro Espaillat & Keiko Honjo & Benjamin L Hunt & Mika Kortelainen & René Lalonde & Douglas Laxton & Eleonara Mavroeidi & Dirk V Muir & Susanna Mursula & Stephen Snu, 2015. "The Flexible System of Global Models – FSGM," IMF Working Papers 15/64, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:15/64

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    References listed on IDEAS

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    Cited by:

    1. International Monetary Fund, 2015. "Panama; Selected Issues," IMF Staff Country Reports 15/238, International Monetary Fund.
    2. Esther Perez Ruiz, 2016. "Outside the Band; Depreciation and Inflation Dynamics in Chile," IMF Working Papers 16/129, International Monetary Fund.
    3. Elif C Arbatli & Dennis P Botman & Kevin Clinton & Pietro Cova & Vitor Gaspar & Zoltan Jakab & Douglas Laxton & Constant A Lonkeng Ngouana & Joannes Mongardini & Hou Wang, 2016. "Reflating Japan; Time to Get Unconventional?," IMF Working Papers 16/157, International Monetary Fund.
    4. Waikei R Lam & Xiaoguang Liu & Alfred Schipke, 2015. "China’s Labor Market in the “New Normal”," IMF Working Papers 15/151, International Monetary Fund.
    5. Georgiadis, Georgios & Mösle, Saskia, 2019. "Introducing dominant currency pricing in the ECB’s global macroeconomic model," Working Paper Series 2321, European Central Bank.
    6. International Monetary Fund, 2016. "Singapore; Selected Issues," IMF Staff Country Reports 16/264, International Monetary Fund.
    7. International Monetary Fund, 2017. "Luxembourg; Financial Sector Assessment Program: Technical Note-Risk Analysis," IMF Staff Country Reports 17/261, International Monetary Fund.
    8. repec:eee:ecmode:v:72:y:2018:i:c:p:78-98 is not listed on IDEAS
    9. Allan Dizioli & Benjamin L Hunt & Wojciech Maliszewski, 2016. "Spillovers from the Maturing of China’s Economy," IMF Working Papers 16/212, International Monetary Fund.
    10. Rui Mano, 2016. "Quantifying the Spillovers from China Rebalancing Using a Multi-Sector Ricardian Trade Model," IMF Working Papers 16/219, International Monetary Fund.
    11. Robert Fay & Justin-Damien Guénette & Louis Morel, 2016. "The Global Benefits of Low Oil Prices: More Than Meets the Eye," Staff Analytical Notes 16-13, Bank of Canada.
    12. Jörg Decressin & Raphael A Espinoza & Ioannis Halikias & Michael Kumhof & Daniel Leigh & Prakash Loungani & Paulo A Medas & Susanna Mursula & Antonio Spilimbergo & TengTeng Xu, 2015. "Wage Moderation in Crises; Policy Considerations and Applications to the Euro Area," IMF Staff Discussion Notes 15/22, International Monetary Fund.
    13. Jochen Andritzky & Bernhard Kassner & Wolf Heinrich Reuter, 2019. "Propagation of changes in demand through international trade: A case study of China," The World Economy, Wiley Blackwell, vol. 42(4), pages 1259-1285, April.
    14. Allan Dizioli & Jaime Guajardo & Vladimir Klyuev & Rui Mano & Mehdi Raissi, 2016. "Spillovers from China’s Growth Slowdown and Rebalancing to the ASEAN-5 Economies," IMF Working Papers 16/170, International Monetary Fund.
    15. Naohisa Hirakata & Kazutoshi Kan & Akihiro Kanafuji & Yosuke Kido & Yui Kishaba & Tomonori Murakoshi & Takeshi Shinohara, 2019. "The Quarterly Japanese Economic Model (Q-JEM): 2019 version," Bank of Japan Working Paper Series 19-E-7, Bank of Japan.
    16. International Monetary Fund, 2017. "Finland; Financial Sector Assessment Program: Technical Note-Stress Testing the Banking System and Interconnectedness Analysis," IMF Staff Country Reports 17/6, International Monetary Fund.
    17. Arnold McIntyre & Ahmed El-Ashram & Marcio Ronci & Julien Reynaud & Natasha X Che & Ke Wang & Sebastian Acevedo Mejia & Mark Scott Lutz, 2016. "Caribbean Energy; Macro-Related Challenges," IMF Working Papers 16/53, International Monetary Fund.
    18. International Monetary Fund, 2016. "Ireland; Financial Sector Assessment Program: Technical Note-Stress Testing the Banking System," IMF Staff Country Reports 16/315, International Monetary Fund.
    19. Huidan Huidan Lin, 2016. "Risks of Stagnation in the Euro Area," IMF Working Papers 16/9, International Monetary Fund.
    20. Dieppe, Alistair & Georgiadis, Georgios & Ricci, Martino & Van Robays, Ine & van Roye, Björn, 2018. "ECB-Global: Introducing the ECB's global macroeconomic model for spillover analysis," Economic Modelling, Elsevier, vol. 72(C), pages 78-98.
    21. International Monetary Fund, 2016. "Japan; Selected Issues," IMF Staff Country Reports 16/268, International Monetary Fund.


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