{
  "title": "GEM: A New International Macroeconomic Model",
  "publication": "Occasional Papers, November 30, 2004",
  "sourceUrl": "https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/gem-a-new-international-macroeconomic-model-17556",
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  "summary": "Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM).",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM).\n- The 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.\n- The paper is aimed at a general audience and avoids technical detail.\n- 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."
    },
    {
      "heading": "Motivation and purpose",
      "content": "- Provide a multicountry macroeconomic modeling framework to improve IMF policy analysis.\n- Address limitations of the predecessor model by introducing new features that enhance realism and policy relevance.\n- Target a general audience to communicate model design and applications without technical detail."
    },
    {
      "heading": "Structure and key features",
      "content": "- A multicountry macroeconomic model named Global Economy Model (GEM).\n- Emphasizes features that distinguish it from the predecessor model (specific differences described in the paper).\n- Designed to support policy analysis through simulation exercises and scenario evaluation."
    },
    {
      "heading": "Simulation exercises",
      "content": "- The paper examines three simulation exercises that have been completed (details of each simulation are presented in the paper)."
    },
    {
      "heading": "Strengths and limitations",
      "content": "- Outlines the strengths of GEM in improving policy analysis relative to the predecessor.\n- Discusses limitations of the model and directions for future refinement and development."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Consumption, Emerging and frontier financial markets, Financial markets, Inflation, Labor, National accounts, Oil prices, Prices\n- 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\n\n---\n\n Content in this bundle\n\n- GEM: \nA New International\n Macroeconomic Model -- Occasional Paper 239\n  - GEM: \nA New International\n Macroeconomic Model -- Occasional Paper 239 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - GEM: \nA New International\n Macroeconomic Model -- Occasional Paper 239 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/gem-a-new-international-macroeconomic-model-17556"
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    "Authors: Tamim Bayoumi, Hamid Faruqee, Douglas Laxton, Philippe D Karam, Alessandro Rebucci, Jaewoo Lee, Benjamin L Hunt, Ivan Tchakarov",
    "Published: November 30, 2004",
    "Series: Occasional Papers",
    "DOI: https://doi.org/10.5089/9781589063754.084",
    "Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM).",
    "The 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.",
    "Provide a multicountry macroeconomic modeling framework to improve IMF policy analysis.",
    "Address limitations of the predecessor model by introducing new features that enhance realism and policy relevance.",
    "Target a general audience to communicate model design and applications without technical detail.",
    "A multicountry macroeconomic model named Global Economy Model (GEM).",
    "Emphasizes features that distinguish it from the predecessor model (specific differences described in the paper).",
    "Designed to support policy analysis through simulation exercises and scenario evaluation.",
    "The paper examines three simulation exercises that have been completed (details of each simulation are presented in the paper).",
    "Outlines the strengths of GEM in improving policy analysis relative to the predecessor.",
    "Discusses limitations of the model and directions for future refinement and development.",
    "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",
    "**GEM:"
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