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Adding China to the Global Projection Model
Author:
Patrick Blagrave
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,
Peter Elliott
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,
Mr. Roberto Garcia-Saltos
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Mr. Douglas Hostland
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Mr. Douglas Laxton
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Fan Zhang
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Series:
IMF Working Papers
Volume/Issue:
Volume 2013: Issue 256
Language:
English
Publication Date:
19 Dec 2013
DOI:
https://doi.org/10.5089/9781484317631.001
ISBN:
9781484317631
ISSN:
1018-5941
Pages:
33
Keywords:
WP; exchange rate; China; Global Macroeconomic Model; spillovers; response to the output gap; inflation dynamics; inflation process; disturbance term; reaction function; China block; demand shock; reserve-requirement ratio; process in the China block; core inflation; exchange-rate response; inflation equation; Inflation; Output gap; Exchange rates; Central bank policy rate; Oil prices; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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We extend the Global Projection Model (GPM) to include a separate block for China. China plays an important role in shaping global economic outcomes, given its sheer size and trade integration with other key economies, its demand for commodities, and its policies. Also, the Chinese economy has several unique features which differentiate it from the rest of emerging Asia. These features (the use of multiple monetary-policy instruments and a managed-floating exchange-rate policy) mean that a separate treatment of China allows for a better consideration of China, as well as how the rest of emerging Asia behaves.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund