GEM; A New International Macroeconomic Model
Hamid Faruqee (),
Douglas Laxton (),
Philippe D Karam,
Alessandro Rebucci (),
Jaewoo Lee (),
Benjamin L Hunt and
No 239, IMF Occasional Papers from International Monetary Fund
Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed, how GEM differs from its predecessor model, and how the new features of the model can improve the IMF’s policy analysis. The paper is aimed at a general audience and avoids technical detail. It outlines the motivation, structure, strengths, and limitations of the model; examines three simulation exercises that have been completed; and discusses the future path of GEM.
Keywords: Economic models; inflation, monetary policy, aggregate demand, monetary fund, oil prices (search for similar items in EconPapers)
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