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GEM
			: A New International Macroeconomic Model

GEM : A New International Macroeconomic Model »

Series: Occasional Papers

Author(s): Tamim Bayoumi , Hamid Faruqee , Douglas Laxton , Philippe Karam , Alessandro Rebucci , Jaewoo Lee , Benjamin Hunt , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2004

DOI: http://dx.doi.org/10.5089/9781589063754.084

ISBN: 9781589063754

Keywords: Economic models, inflation, monetary policy, aggregate demand, monetary fund, oil prices

Over the past two years, the IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). This paper explains why such a model is needed, how GEM differs from its pred...

Inflation in Tajikistan

Inflation in Tajikistan »

Source: Inflation in Tajikistan : Forecasting Analysis and Monetary Policy Challenges

Volume/Issue: 2010/17

Series: IMF Working Papers

Author(s): Svetlana Vtyurina , and Fahad Alturki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2010

ISBN: 9781451962178

Keywords: cointegration, error correction model, autoregressive moving average model, monetary fund,

This paper attempts to explain short- and long-term dynamics of-and forecast-inflation in Tajikistan using the Vector Error Correction Model (VECM) and Autoregressive Moving Average Model (ARMA). By analyzing diffe...

The ECB's Monetary Analysis Revisited

The ECB's Monetary Analysis Revisited »

Source: The ECB's Monetary Analysis Revisited

Volume/Issue: 2008/171

Series: IMF Working Papers

Author(s): Helge Berger , Thomas Harjes , and Emil Stavrev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2008

ISBN: 9781451870299

Keywords: ECB, monetary analysis, monetary pillar, New Keynesian model, DSGE model, P* model, Two-pillar Phillips curve, VAR model, generalized dynamic factor model, inflation

Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exc...

Disintermediation and Monetary Transmission in Canada

Disintermediation and Monetary Transmission in Canada »

Source: Disintermediation and Monetary Transmission in Canada

Volume/Issue: 2006/84

Series: IMF Working Papers

Author(s): Jorge Roldos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

ISBN: 9781451863444

Keywords: Transmission of monetary policy, new keynesian models, aggregate demand, monetary transmission, inflation, monetary shock, Multiple or Simultaneous Equation Models: Time-Series Models, Transmission Of Monetary Polcy, Instruments,

This paper studies changes in Canada's monetary policy transmission, associated with the important changes in financial structure experienced in the 1990's, using two methodologies. First, VAR models show a clear b...

The IMF Monetary Model At Forty

The IMF Monetary Model At Forty »

Source: The IMF Monetary Model At Forty

Volume/Issue: 1997/49

Series: IMF Working Papers

Author(s): J. Polak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1997

ISBN: 9781451846805

Keywords: monetary approach to the balance of payments, econometric models, IMF, monetary fund, inflation, money supply, monetary model

A model reflecting the monetary approach to the balance of payments was developed in the International Monetary Fund (IMF) in the 1950s. Its purpose was to integrate monetary, income, and balance of payments analys...

A Simple Multivariate Filter for Estimating Potential Output

A Simple Multivariate Filter for Estimating Potential Output »

Source: A Simple Multivariate Filter for Estimating Potential Output

Volume/Issue: 2015/79

Series: IMF Working Papers

Author(s): Patrick Blagrave , Roberto Garcia-Saltos , Douglas Laxton , and Fan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2015

ISBN: 9781475565133

Keywords: Macroeconomic Modeling, output, economy, Model Construction and Estimation, Monetary Policy (Targets, Instruments, and Effects),

Estimates of potential output are an important ingredient of structured forecasting and policy analysis. Using information on consensus forecasts, this paper extends the multivariate filter developed by Benes and o...

Deconstructing the Art of Central Banking

Deconstructing the Art of Central Banking »

Source: Deconstructing the Art of Central Banking

Volume/Issue: 2004/195

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Silvia Sgherri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2004

ISBN: 9781451859942

Keywords: rational expectation models, aggregate demand, monetary economics, macroeconomic stability, Rational Expectation Model,

This paper proposes a markedly different transmission mechanism from monetary policy to the macroeconomy, focusing on how policy changes nominal inertia in the Phillips curve. Using recent theoretical developments,...

Multivariate Filter Estimation of Potential Output for the Euro Area and the United States

Multivariate Filter Estimation of Potential Output for the Euro Area and the United States »

Source: Multivariate Filter Estimation of Potential Output for the Euro Area and the United States

Volume/Issue: 2015/253

Series: IMF Working Papers

Author(s): Ali Alichi , Olivier Bizimana , Silvia Domit , Emilio Fernández Corugedo , Douglas Laxton , Kadir Tanyeri , Hou Wang , and Fan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2015

ISBN: 9781513556222

Keywords: Macroeconomic Modeling, inflation, unemployment, gdp, productivity, Model Construction and Estimation, Monetary Policy (Targets, Instruments, and Effects),

The estimates of potential output and the output gap presented in this paper are not official IMF estimates. The programs and potential output estimates in this paper can be downloaded from www.douglaslaxton.org.Th...

The Monetary Approach to the Exchange Rate

The Monetary Approach to the Exchange Rate »

Source: The Monetary Approach to the Exchange Rate : Rational Expectations, Long-Run Equilibrium and Forecasting

Volume/Issue: 1992/34

Series: IMF Working Papers

Author(s): Ronald MacDonald , and Mark Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1992

ISBN: 9781451978803

Keywords: exchange rate, monetary model, monetary approach, monetary fund, dollar exchange rate

We re-examine the monetary approach to the exchange rate from a number of perspectives, using monthly data on the deutschemark-dollar exchange rate. Using the Campbell-Shiller technique for testing present value mo...

A Bayesian-Estimated Model of Inflation Targeting in South Africa

A Bayesian-Estimated Model of Inflation Targeting in South Africa »

Source: A Bayesian-Estimated Model of Inflation Targeting in South Africa

Volume/Issue: 2008/48

Series: IMF Working Papers

Author(s): Thomas Harjes , and Luca Ricci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

ISBN: 9781451869101

Keywords: monetary model, Bayesian estimation, monetary policy, real interest rate, monetary transmission,

This paper estimates a small dynamic macroeconomic model for the South African economy with Bayesian methods. The model is tailored to assessing the impact of domestic as well as external shocks on inflation within...