Repmod: A Smaller Sibling for Multimod

Guy Meredith

No 1999/008, IMF Working Papers from International Monetary Fund

Abstract: This paper describes a small macroeconomic model based on a representative industrial-country block of MULTIMOD, the IMF’s multi-country simulation model. REPMOD is designed to provide a more flexible and accessible tool for analysis by individual country desks than the full version of MULTIMOD. It also allows the construction of model-consistent baseline paths, in addition to conventional shock-minus-control experiments. After discussing the model’s general structure and properties, some distinctive aspects are illustrated via simulations that explore the implications of Japan’s liquidity trap.

Keywords: WP; liquidity trap; output gap; government spending; Phillips curve; macroeconomic models; simulations; GDP deflator; exchange rate targeting; import price inflation; liquidity-trap scenario; inflation rate; price term; import price equation; exchange rate depreciation; projection value; inflation expectation; potential GDP; output-inflation tradeoff; Inflation; Real interest rates; Short term interest rates; Real exchange rates; Deflation; Global; B. target Inflation shock; government spending shock; database generation; REPMOD equation; Japan's liquidity trap (search for similar items in EconPapers)
Pages: 37
Date: 1999-01-01
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