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GEM
A New International Macroeconomic Model
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Abstract

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 predecessor model, and how the new features of the model can improve the IMF’s policy analysis. The paper is aimed at a general audience and avoids technical detail. It outlines the motivation, structure, strengths, and limitations of the model; examines three simulation exercises that have been completed; and discusses the future path of GEM.

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Author:
Mr. Tamim Bayoumi
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Mr. Hamid Faruqee
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Mr. Douglas Laxton
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Mr. Philippe D Karam
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Mr. Alessandro Rebucci
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Mr. Jaewoo Lee
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Mr. Benjamin L Hunt
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Mr. Ivan Tchakarov
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Series:
Occasional Papers
Publisher:
International Monetary Fund
Language:
English
Publication Date:
30 Nov 2004
DOI:
https://doi.org/10.5089/9781589063754.084
ISBN:
9781589063754
ISSN:
0251-6365
Pages:
34
Keywords:
OP; GEM simulation; GEM; macroeconomics literature; market; open economy; policy model; oil price hike; GEM refinement; Oil prices; Emerging and frontier financial markets; Consumption; Inflation; Global
Legal-disclaimer:
The views expressed in this book are those of the authors and should not be reported as or attributed to the International Monetary Fund, its Executive Board, or the governments of any of its member countries.
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