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Contents |
| I. |
Introduction |
|
| II |
Philosophy and Approach |
|
| III. |
How Has GEM Been Used? |
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| IV. |
Current Development Work |
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| V. |
The Road Ahead |
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| Issues for Discussion |
|
| References |
|
| Boxes |
| II-1. |
Estimating Parameter Values |
| III-1. |
GEM Simulations of the Benefits of Greater Euro
Area Competition |
| III-2. |
Using GEM to Analyze Monetary Policy Rules |
|
| Figures |
|
| II-1. |
Stylized View of Model Development |
| II-2. |
Simple GEM Structure |
| II-3. |
More Complicated GEM Structure |
| II-4. |
Dynamic Responses of GEM Compared to Large Forecasting
Models |
| II-5. |
Dynamic Responses of GEM Compared to a VAR |
| III-1. |
Dynamic Effects of More Competition-friendly Policies
in the Euro Area |
| III-2. |
Taylor Tradeoff in Monetary Policy Analysis |
| III-3. |
GEM: Impact of a Permanent 20 percent Increase
in Oil Prices After One Year |
| III-4. |
GEM: Impact of a Permanent and Temporary 20 Percent
Oil Price Hike After One Year |
| IV-1. |
Structural Fiscal Balances in the Major Economic
Regions |
| IV-2. |
The Sum of International Assets and Liabilities
in the G7 |
| IV-3. |
Capital Constraints for Emerging Markets |
|
| Tables |
| II-1. |
Stylized View of the Strengths and Weaknesses
of Successive Generations of Macro Models |
| III-1. |
GEM Estimates of the Long-Run Effects of More
Competition-friendly Policies in the Euro Area |
| III-2. |
MULTIMOD: Impact of a Permanent $5 a Barrel Increase
in Oil Prices After One Year |
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