GEM: A New International Macroeconomic Model
November 30, 2004
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Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed, how GEM differs from its predecessor model, and how the new features of the model can improve the IMF’s policy analysis. The paper is aimed at a general audience and avoids technical detail. It outlines the motivation, structure, strengths, and limitations of the model; examines three simulation exercises that have been completed; and discusses the future path of GEM.
Subject: Consumption, Emerging and frontier financial markets, Financial markets, Inflation, Labor, National accounts, Oil prices, Prices
Keywords: Consumption, Emerging and frontier financial markets, GEM, GEM refinement, GEM simulation, Global, Inflation, macroeconomics literature, market, oil price hike, Oil prices, OP, open economy, policy model
Pages:
34
Volume:
2004
DOI:
Issue:
010
Series:
Occasional Paper No. 2004/010
Stock No:
S239EA
ISBN:
9781589063754
ISSN:
0251-6365
