A RMSM-X (Revised Minimum Standard Model) for Chile

Luis Servern

No 508, Policy Research Working Paper Series from The World Bank

Abstract: The RMSM-X model for Chile is one of a sequence of models that also includes, in increasing order of complexity, the RMSM-XX and MACOR models. The three models share the same budget accounts for an economy disaggregated into several sectors - such as private, public, financial, and foreign - and organized in a flow of funds framework. The RMSM-X model combines a simple behavioral structure with the basic accounting framework and can be solved recursively to obtain macroeconomically consistent projections for a set of endogenous variables. RMSM-XX will more completely specify the links among economic variables and will require a simultaneous solution procedure. MACOR will be a standard medium size macroeconomietric model that will introduce a more sophisticated behavioral structure into the basic accounting framework. The author also describes two possible solution procedures or closure rules for the model. They are the"normative"closure and the"positive"closure.

Keywords: Settlement of Investment Disputes; Financial Intermediation; Economic Theory&Research; Banks&Banking Reform; Environmental Economics&Policies (search for similar items in EconPapers)
Date: 1990-09-30
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