IMF Working Papers

IMF Working Papers
Journal
Publisher:
International Monetary Fund
ISSN:
1018-5941
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
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Policy and Spillover Analysis in the World Economy : A Panel Dynamic Stochastic General Equilibrium Approach

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Policy and Spillover Analysis in the World Economy : A Panel Dynamic Stochastic General Equilibrium Approach
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Volume/Issue:
2014/200
Series:
IMF Working Papers
Author(s):
Francis Vitek
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
October 2014
DOI:
http://dx.doi.org/10.5089/9781616355784.001
ISBN:
9781616355784
ISSN:
1018-5941
Page:
95
This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary and fiscal transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.
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