IMF Working Papers

Some Simulation Properties of the Major Euro Area Economies in Multimod

ByDouglas Laxton, Benjamin L Hunt

February 1, 2003

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Douglas Laxton, and Benjamin L Hunt. "Some Simulation Properties of the Major Euro Area Economies in Multimod", IMF Working Papers 2003, 031 (2003), accessed 12/7/2025, https://doi.org/10.5089/9781451845044.001

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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 paper was prepared as part of a euro area macroeconomic model comparisons project. Four standard macroeconomic experiments are considered to illustrate the differences in dynamic adjustment properties of two versions of MULTIMOD, the IMF's multicountry macroeconomic model. One version of MULTIMOD that is examined contains separate country blocks for the three major economies in the euro area, Germany, France, and Italy. The second, more recent version, contains a single block describing the behavior of the whole euro area.

Subject: Consumption, Exports, Financial services, Inflation, International trade, National accounts, Prices, Real interest rates, Short term interest rates

Keywords: aggregate euro area model, aggregate Euro model, area interest rates increase, Consumption, core inflation, E. Euro area monetary policy impulse, euro, euro area country, Exports, Global, Inflation, Macroeconomic models, monetary policy, monetary policy impulse, monetary policy multiplier, monetary policy rule, monetary policy stance, nominal interest rate, only euro area interest rates increase, rate of inflation, Real interest rates, Short term interest rates, simulation properties, total factor productivity, WP

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