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.
Michal Andrle, Michael Kumhof, Douglas Laxton, and Dirk Muir
INTERNATIONAL MONETARY FUND
The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region DSGE model
developed by the Economic Modeling Division of the IMF for policy and scenario analysis.
This paper compares two versions of GIMF, GIMF with a conventional financial accelerator,
where bank balance sheets do not play a prominent role, and GIMF with both a financial
accelerator and a fully specified banking sector that can make lending losses, and that is
regulated according to Basel-III. We illustrate the comparative macroeconomic properties of
both models by presenting their responses to a wide range of fiscal, demand, supply and