GEM: A New International Macroeconomic Model

Tamim Bayoumi, Hamid Faruqee, Douglas Laxton, Philippe Karam, Alessandro Rebucci (), Jaewoo Lee, Benjamin Hunt and Ivan Tchakarov

No 2004/010, IMF Occasional Papers from International Monetary Fund

Abstract: 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: OP; GEM simulation; GEM; macroeconomics literature; market; open economy; policy model; oil price hike; GEM refinement; Oil prices; Emerging and frontier financial markets; Consumption; Inflation; Global (search for similar items in EconPapers)
Pages: 34
Date: 2004-11-30
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