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Adding Latin America to the Global Projection Model

Author/Editor: Canales Kriljenko, Jorge Iván | Freedman, Charles | Garcia-Saltos, Roberto | Johnson, Marianne | Laxton, Douglas
Authorized for Distribution: April 1, 2009
Electronic Access: Free Full Text (PDF file size is 1,433KB)
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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: This is the fourth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this paper, we add Latin American economies to a previously estimated small quarterly projection model of the US, Euro Area, and Japanese economies. The model is estimated with Bayesian techniques, which provide a very efficient way of imposing restrictions to produce both plausible dynamics and sensible forecasting properties.
 
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Series: Working Paper No. 09/85
Subject(s): Economic models | Latin America | Monetary policy | Inflation targeting | Cross country analysis
Author's keyword(s): Macroeconomic Modeling | Bayesian Estimation | Monetary Policy
 
English  
    Published:   April 1, 2009        
            Format:   Paper
    Stock No:   WPIEA2009085   Pages:   48
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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