{
  "title": "Monetary Policy Analysis and Forecasting in the Group of Twenty: A Panel Unobserved Components Approach",
  "publication": "IMF Working Papers, June 1, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/monetary-policy-analysis-and-forecasting-in-the-group-of-twenty-a-panel-unobserved-23996",
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  "summary": "This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into twenty national economies along the lines of the Group of Twenty.",
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      "heading": "Summary",
      "content": "- This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into twenty national economies along the lines of the Group of Twenty.\n- The estimated model is structural and macroeconometric, featuring extensive linkages between the real and financial sectors, both within and across economies.\n- A variety of monetary policy analysis and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment."
    },
    {
      "heading": "Model features",
      "content": "- Panel unobserved components model covering twenty national economies (Group of Twenty).\n- Structural macroeconometric specification.\n- Extensive linkages between:\n  - Real sector variables.\n  - Financial sector variables.\n  - Cross-country linkages across the twenty economies.\n- Bayesian framework used for conditioning on judgment."
    },
    {
      "heading": "Applications and analytic use",
      "content": "- Demonstrates monetary policy analysis applications using the estimated model.\n- Demonstrates forecasting applications using the estimated model.\n- The Bayesian conditioning framework supports judgmental adjustments in analysis and forecasts."
    },
    {
      "heading": "Subject classifications and keywords",
      "content": "- Subject: Business cycles, Inflation, Long term interest rates, Output gap, Short term interest rates\n- Keywords: monetary policy, WP\n\n---\n\n Content in this bundle\n\n- wp10152\n  - wp10152 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp10152 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/monetary-policy-analysis-and-forecasting-in-the-group-of-twenty-a-panel-unobserved-23996"
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    "Authors: Francis Vitek",
    "Published: June 1, 2010",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781455201358.001",
    "This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into twenty national economies along the lines of the Group of Twenty.",
    "The estimated model is structural and macroeconometric, featuring extensive linkages between the real and financial sectors, both within and across economies.",
    "A variety of monetary policy analysis and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment.",
    "Panel unobserved components model covering twenty national economies (Group of Twenty).",
    "Structural macroeconometric specification.",
    "Extensive linkages between:",
    "Bayesian framework used for conditioning on judgment.",
    "Demonstrates monetary policy analysis applications using the estimated model.",
    "Demonstrates forecasting applications using the estimated model.",
    "The Bayesian conditioning framework supports judgmental adjustments in analysis and forecasts.",
    "Subject: Business cycles, Inflation, Long term interest rates, Output gap, Short term interest rates",
    "Keywords: monetary policy, WP",
    "**_wp10152**"
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