The Flexible System of Global Models – FSGM


Michal Andrle ; Patrick Blagrave ; Pedro Espaillat ; Keiko Honjo ; Benjamin L Hunt ; Mika Kortelainen ; René Lalonde ; Douglas Laxton ; Eleonara Mavroeidi ; Dirk V Muir ; Susanna Mursula ; Stephen Snudden

Publication Date:

March 20, 2015

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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


The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on the G-20, the euro area, and emerging market economies, this paper outlines the theory under-pinning the model, and illustrates its macroeconomic properties by presenting its responses under a wide range of experiments, including monetary, financial, demand, supply, fiscal and international shocks.


Working Paper No. 2015/064



Publication Date:

March 20, 2015



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