Some Simulation Properties of the Major Euro Area Economies in Multimod

Douglas Laxton and Benjamin Hunt

No 2003/031, IMF Working Papers from International Monetary Fund

Abstract: This paper was prepared as part of a euro area macroeconomic model comparisons project. Four standard macroeconomic experiments are considered to illustrate the differences in dynamic adjustment properties of two versions of MULTIMOD, the IMF's multicountry macroeconomic model. One version of MULTIMOD that is examined contains separate country blocks for the three major economies in the euro area, Germany, France, and Italy. The second, more recent version, contains a single block describing the behavior of the whole euro area.

Keywords: WP; core inflation; euro; nominal interest rate; monetary policy; Macroeconomic models; simulation properties; area interest rates increase; total factor productivity; monetary policy rule; euro area country; aggregate Euro model; rate of inflation; monetary policy stance; only euro area interest rates increase; aggregate euro area model; monetary policy impulse; E. Euro area monetary policy impulse; monetary policy multiplier; Short term interest rates; Inflation; Consumption; Real interest rates; Exports; Global (search for similar items in EconPapers)
Pages: 31
Date: 2003-02-01
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Citations: View citations in EconPapers (6)

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Journal Article: Some simulation properties of the major euro area economies in MULTIMOD (2004)
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