BoC-GEM: Modelling the World Economy

René Lalonde and Dirk Muir ()

Bank of Canada Review, 2009, vol. 2009, issue Summer, pages 43-53

Abstract: BoC-GEM, an adaptation of the Global Economy Model, initially developed at the International Monetary Fund and the New York Federal Reserve, is a very useful tool to tackle a broad range of issues pertinent to the current economic context, such as the recent movements in commodity prices and the adjustment of global imbalances. This article describes the structure and functioning of BoC-GEM and details some examples of recent application in the areas of monetary policy and issues in the real economy and questions of financial stability and describes ongoing research into introducing a financial sector into the model.

Date: 2009

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