The Flexible System of Global Models

The Flexible System of Global Models – FSGM

ByMichal 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

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

Summary

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.

Subject: Consumption, Exports, Imports, Inflation, International trade, National accounts, Oil prices, Prices

Keywords: adjustment cost parameter, Consumption, cost of capital, dynamic stochastic general equilibrium models, Exports, fiscal policy, Global, Imports, Inflation, interest rate, macroeconomic interdependence, market clearing price, monetary policy, nominal interest rate, Oil prices, Phillips curve, price deflator, WP

Pages:
66
Volume:
2015
DOI:
https://doi.org/10.5089/9781475518665.001
Issue:
064
Series:
Working Paper No. 2015/064
Stock No:
WPIEA2015064
ISBN:
9781475518665
ISSN:
1018-5941

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