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The McKibbin-Sachs Global Model: Theory and Specifications

Warwick McKibbin () and Jeffrey D. Sachs

No 3100, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper presents the theoretical underpinnings of the MSG2 simulation model of the world economy. The MSG2 model is a dynamic general equilibrium model of the world economy which pays particular attention to the relation between stocks and flows and intertemporal constraints. The formation of expectations also plays an important role in the model. In the version presented here the world is divided into the U.S., Japan, Germany, the rest of the EMS, and the rest of the OECD, non-oil developing countries and OPEC.

Date: 1989-09
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Published as Brookings discussion paper #78, August 1989

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