The Flexible System of Global Models – FSGM

Michal Andrle, Patrick Blagrave, Pedro Espaillat, Keiko Honjo, Benjamin Hunt, Mika Kortelainen, René Lalonde, Douglas Laxton, Eleonora Mavroeidi, Dirk Muir, Susanna Mursula and Stephen Snudden

No 2015/064, IMF Working Papers from International Monetary Fund

Abstract: The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on the G-20, the euro area, and emerging market economies, this paper outlines the theory under-pinning the model, and illustrates its macroeconomic properties by presenting its responses under a wide range of experiments, including monetary, financial, demand, supply, fiscal and international shocks.

Keywords: WP; interest rate; monetary policy; fiscal policy; dynamic stochastic general equilibrium models; macroeconomic interdependence; Phillips curve; nominal interest rate; price deflator; cost of capital; adjustment cost parameter; market clearing price; Consumption; Inflation; Oil prices; Exports; Imports; Global (search for similar items in EconPapers)
Pages: 66
Date: 2015-03-20
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Citations: View citations in EconPapers (31)

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