Front Matter

Front Matter

Tamim Bayoumi, Hamid Faruqee, Douglas Laxton, Philippe Karam, Alessandro Rebucci, Jaewoo Lee, Benjamin Hunt, and Ivan Tchakarov
Published Date:
November 2004
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    © 2004 International Monetary Fund

    Production: IMF Multimedia Services Division

    Figures: Theodore F. Peters, Jr.

    Typesetting: Alicia Etchebarne-Bourdin

    Cataloging-in-Publication Data

    Bayoumi, Tamim A.

    GEM: a new international macroeconomic model/Tamim Bayoumi; with assistance from Douglas Laxton … [et al.]—Washington, D.C.: International Monetary Fund, 2004.

    p. cm.—(Occasional paper, 0251-6363); 239

    Includes bibliographical references.

    ISBN 1-58906-375-9

    1. Economic policy—Econometric models. 2. Macroeconomics—Econometric models. I. Laxton, Douglas. II. Occasional paper (International Monetary Fund); no. 239.

    HD87.B39 2004

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    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • —to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • –between years or months (e.g., 2003–04 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 2003/04) to indicate a fiscal (financial) year.

    “n.a.” means not applicable.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    This paper provides a nontechnical overview of the Global Economic Model (GEM), a new multicountry model based on strong microeconomic underpinnings developed in the Research Department of the International Monetary Fund.

    GEM was, above all, a collaborative effort. The idea came from then Economic Counsellor Kenneth Rogoff, and the main development was accomplished by Douglas Laxton of the IMF’s Research Department, and Paolo Pesenti, who came to the Fund on a six-month assignment from the Federal Reserve Bank of New York. They were ably assisted by Susanna Mursula, also of the Research Department. Without the energy and drive of these three individuals the project would not have got off the ground. Since then, many others have also made important contributions to different aspects of the project that range from providing useful comments and helping to build the toolbox to support GEM development to using or extending the model to address real world policy issues. Principal among them have been Stéphane Adjemian, Dennis Botman, Selim Elekdag, Hamid Faruqee, Benjamin Hunt, Tore Anders Husebo, Michel Juillard, Sarma Jayanthi, Philippe Karam, Heesun Kiem, Jaewoo Lee, Gian Maria Milesi-Ferretti, Alin Mirestean, Dirk Muir, Kjetil Olsen, Alessandro Rebucci, Luca Ricci, Oistein Roisland, Tommy Sveen, Ivan Tchakarov, and Ranjith Varma. In addition, the team has had valuable input from a range of distinguished visiting scholars including Paul Bergin, Fabio Canova, Lawrence Christiano, Giancarlo Corsetti, Michael Devereau, Chris Erceg, Jordi Galí, Fabio Ghironi, Chris Gust, Luca Guerrieri, Frank Schorfheide, Chrisopher Sims, and Raf Wouters. Useful comments have also been received at presentations at workshops both inside and outside the Fund, most notably by Jarle Bergo, Ralph Bryant, Richard Harrison, Klaus Schmidt-Hebbel, Dale Henderson, Tiff Macklem, David Reifschneider, Thomas Sargent, Frank Smets, and Michael Woodford. Finally, Victoria Ashiru, Alfred Go, and Laura Leon provided able assistance in producing this manuscript, and Esha Ray of the External Relations Department coordinated production of the publication.

    The contributions of all of these people have helped ensure this small pebble has been thrown into the sea of knowledge.

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