Policy Analysis and Forecasting in the World Economy: A Panel Unobserved Components Approach
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Summary:
This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within and across economies. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment.
Series:
Working Paper No. 2012/149
Subject:
Balance of payments Central bank policy rate Current account balance Financial services Inflation Market interest rates National accounts Prices Return on investment
English
Publication Date:
June 1, 2012
ISBN/ISSN:
9781475504187/1018-5941
Stock No:
WPIEA2012149
Pages:
77
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