GPM6: The Global Projection Model with 6 Regions

Ioan Carabenciov, Charles Freedman, Roberto Garcia-Saltos (), Douglas Laxton, Ondrej Kamenik and Petar Manchev

No 2013/087, IMF Working Papers from International Monetary Fund

Abstract: This is the sixth of a series of papers that are being written as part of a project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this paper, we add three more regions and make a number of other changes to a previously estimated small quarterly projection model of the US, euro area, and Japanese economies. The model is estimated with Bayesian techniques, which provide a very efficient way of imposing restrictions to produce both plausible dynamics and sensible forecasting properties.

Keywords: WP; exchange rate; Macroeconomic Modeling; Bayesian Estimation; Monetary Policy; output gap equation; demand shock; gap variable; rate of inflation; nominal interest rate; inflation equation; Real exchange rates; Output gap; Real interest rates; Central bank policy rate; Inflation; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 79
Date: 2013-04-10
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Citations: View citations in EconPapers (44)

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