Banks in The Global Integrated Monetary and Fiscal Model

By Michal Andrle, Michael Kumhof, Douglas Laxton, Dirk V Muir

July 10, 2015

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Format: Chicago

Michal Andrle, Michael Kumhof, Douglas Laxton, and Dirk V Muir. Banks in The Global Integrated Monetary and Fiscal Model, (USA: International Monetary Fund, 2015) accessed September 18, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region DSGE model developed by the Economic Modeling Division of the IMF for policy and scenario analysis. This paper compares two versions of GIMF, GIMF with a conventional financial accelerator, where bank balance sheets do not play a prominent role, and GIMF with both a financial accelerator and a fully specified banking sector that can make lending losses, and that is regulated according to Basel-III. We illustrate the comparative macroeconomic properties of both models by presenting their responses to a wide range of fiscal, demand, supply and financial shocks.

Subject: Bank credit, Banking, Capital adequacy requirements, Consumption, Financial institutions, Financial services, Income, Loans, Money, National accounts, Real interest rates

Keywords: A lot of bank, Bank, Bank borrower, Bank credit, Bank equity, Borrower riskiness, Consumption, Cost of capital, Financial Accelerator, Global, Headline inflation, Income, Loan loss, Loans, Macro-Financial Linkages, Macroprudential Policy, Multi-Region DSGE Models, Real interest rates, Wholesale lending, WP

Publication Details

Pages:

49
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2015/150
Stock No:

WPIEA2015150
ISBN:

9781513532967
ISSN:

1018-5941

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