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DSGE Modeling at the Fund: Applications and Further Developments

Author/Editor: Botman, Dennis P. J. | Karam, Philippe D | Laxton, Douglas | Rose, David
Authorized for Distribution: August 1, 2007
Electronic Access: Free Full Text (PDF file size is 386KB)
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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: Researchers in policymaking institutions have expended significant effort to develop a new generation of macro models with more rigorous microfoundations. This paper provides a summary of the applications of two of these models. The Global Economy Model is a quarterly model that features a large assortment of nominal and real rigidities, which are necessary to create plausible short-run dynamics. However, because this model is based on a representative-agent paradigm, its Ricardian features make it unsuitable to study many fiscal policy issues. The Global Fiscal Model, which is an annual model that uses an overlappinggenerations structure, has been designed to analyze the longer-term consequences of alternative fiscal policies.
 
Series: Working Paper No. 07/200
Subject(s): Fiscal policy | Economic models | Monetary policy
Author's keyword(s): Model construction | open-economy macroeconomics | international policy transmission | monetary and fiscal policies
 
English  
    Published:   August 1, 2007        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2007200   Pages:   41
    Price:   US$18.00
       
     
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