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ECB-Global: introducing ECB's global macroeconomic model for spillover analysis

Alistair Dieppe, Georgios Georgiadis, Martino Ricci, Ine Van Robays and Björn van Roye

No 2045, Working Paper Series from European Central Bank

Abstract: In a highly interlinked global economy a key question for policy makers is how foreign shocks and policies transmit to the domestic economy. We develop a semi-structural multi-country model with rich real and financial channels of international shock propagation for the euro area, the US, Japan, the UK, China, oil-exporting economies and the rest of the world: ECB-Global. We illustrate the usefulness of ECB-Global for policy analysis by presenting its predictions regarding the global spillovers from a US monetary policy tightening, a drop in oil prices and a growth slowdown in China. The impulse responses implied by ECB-Global are well in line with those generated by other global models, with international spillovers in ECB-Global generally on the high side given its rich real and financial spillover structure. JEL Classification: C51, E30, E50

Keywords: macro-modelling; monetary policy; multi-country models; spillovers (search for similar items in EconPapers)
Date: 2017-04
New Economics Papers: this item is included in nep-mac
Note: 95834
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

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