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The South African NiGEM expansion

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Listed:
  • by Ed Cornforth
  • Urvish Patel
  • Xolani Sibande
  • Kgotso Morema
  • Konstantin Makrelov
  • Ian Hurst

Abstract

This paper presents a new macroeconometric model for South Africa that forms part of the global system of models based on the National Institute Global Econometric Model (NiGEM). NiGEM is used by many central banks as well as the Organisation for Economic Co-operation and Development. The NiGEM-SA model, which provides a more detailed representation of South Africas financial sector, is a new tool in the South African Reserve Banks (SARBs) suite of models. It will complement the SARBs other models and help with understanding the impact of global economic shocks and the cyclical impacts of climate-related shocks. This paper presents key features of NiGEM-SA and illustrates its properties through a series of simulations. The simulation results indicate that model responses are in line with estimates in the empirical literature.

Suggested Citation

  • by Ed Cornforth & Urvish Patel & Xolani Sibande & Kgotso Morema & Konstantin Makrelov & Ian Hurst, 2025. "The South African NiGEM expansion," Working Papers 11081, South African Reserve Bank.
    • Handle: RePEc:rbz:wpaper:11081
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    File URL: https://www.resbank.co.za/content/dam/sarb/publications/working-papers/2025/the-south-african-nigem-expansion.pdf
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