Expansion of Country Models

Edmund Cornforth and Patricia Sánchez Juanino ()

No 558, National Institute of Economic and Social Research (NIESR) Discussion Papers from National Institute of Economic and Social Research

Abstract: The National Institute Global Econometric Model (NIGEM) serves globally as a key macroeconomic instrument for economists and policymakers to understand the intricate economic dynamics across countries, with a specific focus on examining scenarios. Within NIGEM, countries can exhibit differences in specification, particularly regarding the labour market, government sector, and components of domestic demand. Models with a complete specification are defined as "full country models," while those with a more simplified specification are named "reduced country models". In this paper, we analyse how this differentiation impacts NIGEM outputs and identify the primary driving forces in each model type, using as examples the recent expansions of the Malaysian and Romanian models.

Keywords: modelling; macroeconomics (search for similar items in EconPapers)
JEL-codes: C51 E37 F47 (search for similar items in EconPapers)
Date: 2024-09
New Economics Papers: this item is included in nep-ipr, nep-sea and nep-tra
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Persistent link: https://EconPapers.repec.org/RePEc:nsr:niesrd:558

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