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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...

Back Matter

Back Matter »

Source: 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

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...

Front Matter

Front Matter »

Source: 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

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...

I Introduction

I Introduction »

Source: Managing the Oil Revenue Boom : The Role of Fiscal Institutions

Series: Occasional Papers

Author(s): Mauricio Villafuerte , Rolando Ossowski , Theo Thomas , and Paulo Medas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2008

ISBN: 9781589067189

Keywords: Financial institutions, Oil revenues, oil-producing countries, fiscal policy, oil prices, fiscal rules

Oil-producing countries have benefited from rising oil prices in recent years, with important implications for their external and fiscal balances. The average price of oil tripled from US$18 a barrel in 1999...

I Overview

I Overview »

Source: Yemen in the 1990s : From Unification to Economic Reform

Series: Occasional Papers

Author(s): Nada Choueiri , Klaus-Stefan Enders , Yuri Sobolev , Jan Walliser , and Sherwyn Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2002

ISBN: 9781589060425

Keywords: foreign exchange, exchange rate, crude oil, oil prices, petroleum products

The decade of the 1990s was surely one of the most dramatic periods in Yemen‧ s rich history. Unification of the two Yemens, rapid development of an oil sector, and a radically changed external...

I Overview

I Overview »

Source: 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

ISBN: 9781589063754

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

Over the last two years, IMF staff has been developing a new multicountry macroeconomic model called the Global Economy Model (GEM). An obvious question is why such a model is needed, given that...

II External Environment: Politics, Oil, and Debt

II External Environment: Politics, Oil, and Debt »

Source: Yemen in the 1990s : From Unification to Economic Reform

Series: Occasional Papers

Author(s): Nada Choueiri , Klaus-Stefan Enders , Yuri Sobolev , Jan Walliser , and Sherwyn Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2002

ISBN: 9781589060425

Keywords: foreign exchange, exchange rate, crude oil, oil prices, petroleum products

Economic developments in Yemen in the 1990s were driven largely by dramatic changes in the political sphere—in particular, by unification and civil war—and by external events, chief among which...

II Philosophy and Approach

II Philosophy and Approach »

Source: 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

ISBN: 9781589063754

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

Why a New Model? The development and rationale for GEM can be best explained through a brief description of the role of large macroeconomic policy models. Academic work in macroecono...

II The Recent Oil Boom

II The Recent Oil Boom »

Source: Managing the Oil Revenue Boom : The Role of Fiscal Institutions

Series: Occasional Papers

Author(s): Mauricio Villafuerte , Rolando Ossowski , Theo Thomas , and Paulo Medas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2008

ISBN: 9781589067189

Keywords: Financial institutions, Oil revenues, oil-producing countries, fiscal policy, oil prices, fiscal rules

This section provides an overview of the fiscal policy responses of oil-producing countries to the oil boom through 2005. 1 Although the analysis focuses on broad trends, the sign...

III How Has GEM Been Used?

III How Has GEM Been Used? »

Source: 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

ISBN: 9781589063754

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

GEM simulations have already been used to provide insights on a range of issues. In particular, they have been incorporated into the IMF staff’s analysis in the World Economic Outlook and other...