Adding Latin America to the Global Projection Model

Charles Freedman, Marianne Johnson, Canales Kriljenko, Jorge Iván, Roberto Garcia-Saltos () and Douglas Laxton

No 09/85, IMF Working Papers from International Monetary Fund

Abstract: This is the fourth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this paper, we add Latin American economies to a previously estimated small quarterly projection model of the US, Euro Area, and Japanese economies. The model is estimated with Bayesian techniques, which provide a very efficient way of imposing restrictions to produce both plausible dynamics and sensible forecasting properties.

Keywords: Economic models; Latin America; Monetary policy; Inflation targeting; Cross country analysis (search for similar items in EconPapers)
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Date: Written
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