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Monetary Policy in the OECD INTERLINK Model

Author

Listed:
  • Adrian Blundell-Wignall

    (OECD)

  • M. Rondoni

    (OECD)

  • Helmut Ziegelschmidt

    (OECD)

  • J. Morgan

    (OECD)

Abstract

The international financial linkage block of the OECD Secretariat's multi-country model, INTERLINK, is based on a portfolio balance model of exchange rate determination. International consistency is ensured by cross country restrictions on parameters imposed during estimation (1). However, in an earlier version of the model, the specification of the domestic financial sector for each country was too rudimentary for simulation analysis under alternative monetary policy assumptions. The main element missing from this version of the model was an explicit formulation of the money demand and supply process (2). This gap has been filled in the version of the model reported in this study, which opens the way for a more comprehensive set of alternative policy regimes under which the model can be run, notably: non-accommodating monetary policy; managed floating; fixed exchange rates; and floating with accommodating monetary policy. These will be elaborated upon in more detail below. In a ...

Suggested Citation

  • Adrian Blundell-Wignall & M. Rondoni & Helmut Ziegelschmidt & J. Morgan, 1984. "Monetary Policy in the OECD INTERLINK Model," OECD Economics Department Working Papers 16, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:16-en
    DOI: 10.1787/735345408701
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    Cited by:

    1. Agnès Bénassy & Henri Sterdyniak, 1992. "La détermination des taux de change dans les modèles multinationaux : l'état de l'art," Économie et Prévision, Programme National Persée, vol. 104(3), pages 39-71.

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