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A Simple Macrofiscal Model for Policy Analysis: An Application to Cambodia
Author: Daniel Baksa, Mr. Ales Bulir, and Dyna Heng
Series:
IMF Working Papers
Volume/Issue:
Volume 2020: Issue 202
Language:
English
Publication Date:
25 Sep 2020
DOI:
https://doi.org/10.5089/9781513556857.001
ISBN:
9781513556857
ISSN:
1018-5941
Pages:
37
Keywords:
WP; nominal exchange rate; potential GDP; country risk; aggregate supply; reaction function; business cycle; transmission mechanism; exchange rate regime; central bank; Real exchange rates; Exchange rates; Real interest rates; Return on investment; Output gap; Global; Fiscal Policy; Cambodia; Fiscal Multiplier; NBC monetary policy option
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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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The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. Our canonical model is adapted to Cambodia and we demonstrate its application with an illustrative scenario of macroeconomic effects of the Covid-19 pandemic. Complemented with near-term forecasting tools and expert judgment, the dynamics of the model helps to inform policymakers about medium-term transmission channels and thus guide policy advice.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund